Cryogenic Pump Global Market Report 2022: Ukraine-Russia War Impact
NEW YORK, Dec. 1, 2022 /PRNewswire/ --
Major players in the cryogenic pump market are Ebara Corporation, Fives Group SAS, Nikkiso Co., Ltd., PHPK Technologies, Ruhrpumpen Group, SHI Cryogenics Group , Trillium Flow Technologies , Sumitomo Heavy Industries Ltd., Barber-Nichols , CryoVation LLC., CS&P Technologies LP, KRYTEM Cryogenic Systems , SEHWA TECH INC., Vanzetti Engineering S.p.A. , and Xinxiang Chengde Energy Technology Equipment Co., Ltd.
Read the full report: https://www.reportlinker.com/p06368713/?utm_source=PRN
The global cryogenic pump market is expected to grow from $2.04 billion in 2021 to $2.13 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The cryogenic pump market is expected to grow to $2.63 billion in 2026 at a CAGR of 5.4%.
The cryogenic pump market consists of sales of the cryogenic pump by entities (organizations, sole traders, and partnerships) that are used to handle, transport, and transfer cryogenic fluids.The cryogenic pump refers to a vacuum pump that captures gases and vapours by causing them to condensate on a cold surface.
These are critical tools for powering up a variety of operations that use pure and mixed industrial gases.Â
The main types of cryogenic pumps are positive displacement pumps and centrifugal pumps.The positive displacement pump refers to a mechanical device that displaces liquid by repeatedly enclosing a fixed volume and moving it mechanically through the system in a cyclic pumping action.
The gas types are nitrogen, oxygen, argon, liquefied natural gas, and other gas types. The orientations are horizontal and vertical. Oil and gas end-users, metallurgy, power generation, chemicals and petrochemicals, marine, and other end-users
Asia-Pacific was the largest region in the cryogenic pump market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this cryogenic pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rise in electricity generation from renewable resources is expected to propel the growth of the cryogenic pump market going forward.Electricity generation from renewable resources refers to clean energy that is collected from renewable resources such as biomass energy, hydropower, geothermal power, wind energy, and solar energy.
Cryogenic pumps are used to generate renewable electricity by the depressurization of high-pressure gases using power production equipment, resulting in the generation of electricity.For instance, in 2020, according to the International Energy Agency, a France-based global energy system intergovernmental organisation, renewable energy use increased by 3% in the year 2020 due to a 7% growth in electricity generation from renewable sources.
Therefore, the rise in electricity generation from renewable resources is driving the cryogenic pump market.
Technological innovation is the key trend gaining popularity in the cryogenic pump market.Major companies operating in the cryogenic pump market are focused on developing new technological solutions to strengthen their position.
For instance, in December 2021, Edwards Vacuum, a UK-based company and provider of cryogenic pumps, launched a new cryopump for semiconductor applications, the CTI-Cryogenics On-Board IS 320F XVS.This product has unique features such as intelligent self-adjusting technology, variable speed motor and control system, and cryogenic heat load compensation that are designed to provide stable, consistent vacuum performance between regenerations.
It is a sophisticated system control that ensures better process quality, vacuum consistency, and uptime while also delivering real-time system information for optimal array temperature management.
In April 2019, Elliott Group, a US-based manufacturer of industrial turbomachinery, merged with EBARA International Corporation for an undisclosed amount.This merger was aimed at manufacturing and selling cryogenic pumps and expanders under the Cryodynamics brand for the liquified gas industry into the Elliott Group.
EBARA International Corporation is a US-based company that manufactures cryogenic pumps.
The countries covered in the cryogenic pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The cryogenic pumps market research report is one of a series of new reports that provides cryogenic pumps market statistics, including cryogenic pumps industry global market size, regional shares, competitors with a cryogenic pumps market share, detailed cryogenic pumps market segments, market trends and opportunities, and any further data you may need to thrive in the cryogenic pumps industry. This cryogenic pump market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06368713/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article