Tag Archives: Cryogenic Pump Market

The Cryogenic Pump Market Hits USD 6.03 Billion in 2027; Increasing Demand for Efficient Energy Storage Technologies to Drive Market Growth: Fortune Business Insights ™ | Instant News

Pune, 21 July 2020 (GLOBE NEWSWIRE) – Global cryogenic pump market the size is projected to reach USD 6.03 billion in 2027, showing a CAGR of 7.5% over the forecast period. The increasing demand for renewable energy is expected to trigger the adoption of this pump, Fortune Business Insights ™ said in its report, entitled “Market Size of Cryogenic Pump, Share & COVID-19 Impact Analysis, by Type (Positive Displacement Pump and Displacement Pump), by Cryogen Type (Nitrogen, Oxygen, Argon, Liquid Natural Gas (LNG), etc.), By End Users (Oil & Gas, Metallurgy, Power Plants, Chemistry & Petrochemicals, Marine, and Others), and Regional Forecast, 2020-2027

The latest data from the International Renewable Energy Agency (IRENA) shows that in 2018, additional global capacity from renewable energy will increase by 171 GW, reflecting annual growth of 7.9% from the 2017 level. In addition, renewable energy accounts for nearly 67% of capacity New power plants, added in 2018, are pioneered by developing countries in Asia. However, storing excess power has become an ongoing problem in the energy industry. Cryogenic pumps provide an efficient solution for this. Research by the University of Birmingham found that cryogenic storage systems can be easily scaled according to the flow of electricity from renewable energy by manipulating the size of the melting unit. The total energy can be captured and stored in bigger or smaller containers as needed.

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The COVID-19 pandemic has greatly influenced industry and business throughout the world. Lockouts, social distance, and fear of infection have stopped economic activity, disrupted supply chain networks and reduced global demand for goods and services. The government and private sector entities are making various efforts to reduce the damage caused by this pandemic, but uncertainty is widespread. However, collective strength and unity will help us overcome these difficult times. At Fortune Business Insights, we continually strive to provide comprehensive research on various markets to equip your business with the intelligence needed to emerge victorious on the other side of this crisis.

To find out more about the short-term and long-term effects of COVID-19 on this market,

please visit: https://www.fortunebusinessinsights.com/industry-reports/cryogenic-pump-market-100824

The report found that global market value is at USD 3.49 billion in 2019 and also share the following:

  • Detailed analysis of market forces, trends and restraints;
  • Microscopic examination of various market segments;
  • Thorough research on regional developments and prospects that affect the market; and
  • An in-depth study of the main market players and their main strategies.

Market Drivers

The emergence of “Cold Economy” to Support Market Growth

Concerns about energy security in various countries have caused a jump in trade in Liquefied Natural Gas (LNG) worldwide. However, cold energy stored in refrigerated LNG is usually wasted during the re-gasification process. Recycling this cold waste, according to the University of Birmingham, could give birth to a multibillion-dollar market by 2025, resulting in the formation of a “cold economy”. Realizing its enormous potential, countries have taken steps to commercialize this cold waste. For example, the UK is researching and developing next generation energy technology with the potential to exploit cold waste LNG – a cryogenic expansion engine powered by nitrogen or liquid air, producing cold and also energy; and liquid air energy storage systems that can store a large amount of electricity surplus and ensure network stability. In this developing scenario, cryogenic pumps will find a unique place in the energy industry and drive global market growth.

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Regional Insight

Developing Investment in Renewable Energy to Feed Market Growth in the Asia Pacific

Asia Pacific is expected to dominate the market share of cryogenic pumps during the forecast period due to the increasing intensity of investment in renewable energy sources. India and China have made some of the biggest capacity additions in renewable energy in recent years. In China, LNG imports rose 41% in 2019 and the country is making extraordinary progress in cryogenic technology.

In North America and the Middle East & Africa, the application of this pump widening for industrial operations is increasing the market. Markets in Europe, on the other hand, are driven by the growth of the petrochemical and oil & gas industries, especially in France, Italy and Spain.

Competitive Landscape

Strong Government Support for Innovative Projects to Promote Competition

The growth of the cryogenic pump market is characterized by increased government support for new businesses in the energy & electricity sector. The company is exploring ways to expand and diversify their operations and strengthen their position in the market through innovative innovations.

Industrial development:

  • March 2020: The China-based Yantai LNG Group received permission from the National Development and Reform Commission to build an LNG terminal in Shandong province. The facility will also be connected to a national pipeline that stretches 530 km, which will be built next to the terminal.
  • December 2019: The US-based Elliott Group inaugurated the site for a new cryogenic pump testing facility in Pennsylvania, which will be completed within the next 18 months. The plant will be dedicated to increasing R&D activities and assistance in supplying superior cryogenic pumps for the company’s global clients.

List of Leading Companies Operating in the Cryogenic Pump Market are:

  • Vanzetti Engineering (Italy)
  • SEFCO (Switzerland)
  • Phpk Technologies (United States)
  • INOXCVA (India)
  • Flowserve Corporation (United States)
  • Fives (France)
  • Ebara Corporation (Japan)
  • Nikkiso Co., Ltd (Japan)
  • Sehwa Tech, Inc. (Japan)
  • Ruhrpumpen Global (United States)
  • Cryostar (France)
  • Brooks Automation (United States)
  • Sulzer (Switzerland)
  • Weir Group PLC (Scotland)
  • Sumitomo Heavy Industries, Ltd. (Japan)

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Cryogenic Pump Market Research report: https://www.fortunebusinessinsights.com/checkout-page/100824

Table of Contents Details

  • introduction
    • Research Scope
    • The market segmentation
    • Research methodology
    • Definition and Assumptions
  • Business plan summary
  • Market Dynamics
    • Market Movers
    • Market Restraints
    • Market opportunity
  • Key Insights
    • Major Trends Emerging – For Large Countries
    • Latest Technological Progress
    • Landscape Regulations
    • Industry SWOT Analysis
    • Porter Five Forces Analysis
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on the Cryogenic Pump Market
    • Steps taken by the Government to Overcome Impacts
    • Key Developments in Industry in Response to COVID-19
    • Potential Opportunities and Challenges due to the COVID-19 Plague
  • Global Cryogenic Pump Market Analysis (USD Billion), Insights and Forecast, 2016-2027
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Type
      • Positive Displacement Pump
      • Centrifugal pump
    • Market Analysis, Insights and Forecast – According to Cryogen Types
      • Nitrogen
      • Oxygen
      • Argon
      • Liquefied Natural Gas (LNG)
      • Others
    • Market Analysis, Insights and Forecast – By End Users
      • Gas oil
      • Metallurgy
      • Power plants
      • Chemical & Petrochemical
      • The sea
      • Others
    • Market Analysis, Insights and Forecasts – by Region
      • North America
      • Latin America
      • Europe
      • Asia Pacific
      • Middle East and Africa

Advanced TOC … !!!

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