Portland, OR, June 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cryogenic pump market generated $610.0 million in 2020, and is estimated to generate $854.0 million by 2030, witnessing a CAGR of 3.4%from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
Surge in demand for cryogenic pumps across various end-use industries, including healthcare and power generation drives the growth of the global cryogenic pump market. Furthermore, increase in demand for energy and power is predicted to boost the overall demand for LNG, thus driving the cryogenic pump market growth. However, fluctuations in steel manufacturing hinder the market growth. Additionally, an increase in the use of cryogenic pumps to obtain the regenerated energy from an engine's exhaust gases, as well as a rise in the demand for efficient medical gas transportation, is likely to complement market expansion during the forecast period.
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Covid-19 Scenario:
- Due to the high peak of Covid-19, cryogenic pump manufacturing was temporarily halted, negatively impacting cryogenic pump sales.
- Covid-19 hampered different industrial activities and disrupted the supply chain, affecting all industries. Due to a lack of workers, most businesses have ceased operations. Furthermore, due to the influence of COVID-19, the worldwide cryogenic pump industry is sluggishly declining.
- Furthermore, import and export activities were severely hampered, thereby impacting industries that use cryogenic pumps, thus affecting the global cryogenic pump market share.
The report offers detailed segmentation of the global cryogenic pump market based on type, application, end-use industry, and region.
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Based on type, the kinetic pumps segment held the highest market share in 2020, accounting for nearly half of the total share, and is projected to maintain its leadership status during the forecast period. However, the positive displacement pumps segment is estimated to grow at the fastest CAGR of 3.6% from 2021 to 2030.
Based on application, the LNG segment accounted for the largest share in 2020, contributing to nearly two-fifths of the global cryogenic pump market, and is expected to maintain its lead position during the forecast period. However, the hydrogen segment is projected to portray the highest CAGR of 3.7% from 2021 to 2030.
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Based on region, North America contributed the highest share in 2020, accounting for nearly two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the largest CAGR of 3.7% during the forecast period.
Leading players of the global cryogenic pump market discussed in the research include Atlas Copco AB, Cryostar, Ebara Corporation, Fives, SHI Cryogenics Group, Flowserve Corporation, Nikkiso Co., Ltd., Gemmecotti Srl, Ruhrpumpen, and Trillium Flow Technologies.
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