The global cryogenic pump market size is expected to reach USD 1.79 billion by 2030, according to a new study by Polaris Market Research. The report “Cryogenic Pump Market Share, Size, Trends, Industry Analysis Report, By Type (Kinetic, Positive Displacement, Entrapment); By Application (Hydrogen, Nitrogen, LNG, Helium, Others); By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
An increase in gas-based power generation, rising investments in the energy and power sector, and growing demand for LNG fuel in domestic applications will likely drive the market during the forecast period. A cryogenic pump is a submersible motor pump operated at low temperatures to exchange or transfer cryogenic fluids.
It works via condensation or freezing gases, oil, and water vapors out of the atmosphere into a vacuum chamber or user’s system. In addition, the increasing significance of solar power generation and the development of infrastructure for solar PV production may open up huge opportunities in the future.
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Generation of power from renewable sources of energy is a growing trend across the globe, and governments & consumers are more inclined towards a greener and eco-friendly energy source. Solar power is widely preferred due to increased efficiency, lower investment costs due to technological advancements, and increased per capita disposable incomes in several emerging economies.
However, regions with huge capacities of solar power are still facing scarcity of electricity due to the intermittent nature of solar power plants. Solar energy fluctuates with weather and daily cycle. Thus, to provide electricity during night and during bad climatic conditions, natural gas is preferred at solar power plants, as it is relatively less hazardous to the environment when compared to other fossil fuels such as coal.
Greater demand for power generation and the electricals & electronics industry is anticipated to fuel the overall demand, owing to a rise in preference towards eco-friendly energy solutions and an increase in the need for cost-effective means of liquefaction of gases. However, high initial prices and lack of awareness among consumers are anticipated to hamper the market growth shortly.
Conversely, a rise in investments in R&D activities to produce innovative and cost-effective cryogenic pump solutions is expected to provide potential growth opportunities for the market.
Cryogenic Pump Market Report Highlights
Polaris Market Research has segmented the cryogenic pump market report based on type, application, end-use industry, and region:
Cryogenic Pump, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Cryogenic Pump, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Cryogenic Pump, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Cryogenic Pump, Regional Outlook (Revenue - USD Billion, 2018 - 2030)