According to a new market report published by Credence Research Inc “Cryopumps Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2024. The global cryopumps market stood at USD 1.50 Bn in 2015 and is anticipated to reach USD 2.03 Bn by 2024, at a CAGR of 3.4% during the forecast period of 2016 to 2024.Cryogenic pumps are designed to move coolants and cryogenic liquids. They are built to withstand and operate in extremely cold temperatures. Cryogenic pumps feature hermetically sealed designs to minimize heat leakage from the motor or contamination by process fluids into the cryogenic fluid.
Cryogenic pumps for use in extremely cold environments are usually constructed with a vacuum housing to provide a barrier between the motor and the cryogenic fluid. Cryogenic pumps are used to circulate coolant in a variety of applications, including cooling high temperature superconducting cables or magnets, for cooling synchrotron beamline crystals, and as pumps in prototype slush hydrogen applications. The major factor driving the cryogenic pumps market is the increasing application across multiple industries. Moreover, as more and more complex industrial processes evolve which incorporates the usage of liquid gases, demand for cryogenic pumps is bound to increase. The rapidly growing demand for energy and power is expected to drive more demand for LNG and thus, ways to handle its transportation, further fuelling more revenues to the global cryogenic pumps market. Rising demand for medical gases is expected to assist the demand for cryogenic pumps in the future. According to market experts, as the demand for liquid gases will increase across various industries, application of cryogenic pump will also become inevitable.
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In 2015, the centrifugal pumps held the largest share in the cryopumps market by pump functionality. The major factors driving the centrifugal pumps market include its design simplicity, high efficiency, wide range of capacity and head, smooth flow rate and ease of operation and maintenance. Factors such as rapid investments in the power generation will aid in the growth of centrifugal pump market during the forecast period. Positive displacement pumps are anticipated to grow at the highest growth rate during the forecast period as it is best for dosing and injection pumps, suitable for high pressure.
In 2015, refrigerated cooled cryopumps held the largest share in the cryopumps market and is expected to hold the leadership position throughout the forecast period as they are easy to apply and allow for an easy and complete automation of the pumping process. Moreover, easy handling and high speed of cryoproscess is the major advantage of refrigerated cooled cryopumps.
Asia-Pacific region accounted for the highest market share in 2015, followed by Europe and North America. At country-level, Qatar and India are anticipated to show high growth potential in 2016 – 2017. The key factors assisting its growth are increasing investments in Qatar’s infrastructure sector and rising focus towards renewable-based electricity generation in India. According to market experts, Asia-Pacific region is a hub of major LNG importers such as China, India, and Japan along with some of the key importers of natural gas.