Global Cryogenic Pump Market size was valued at US$ XX Mn in 2019 and the total revenue is expected to grow at 3.28% through 2020 to 2026, reaching US$ XX Mn by 2026. The report has covered region wise market trends with competitive landscape.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Cryogenic Pumps Market Dynamics
Growing investments from the industrial sector to support market dynamics and increasing investments in metallurgy, healthcare, electronics, food & beverage in the emerging economies are likely to boost the demand for cryogenic pumps over the forecast period. e.g., in 2019, China was ranked the world's second-largest FDI recipient after the United States and before Singapore. However, the decline in steel production in the world and decreasing capital expenditure in the semiconductor manufacturing industry may hamper the market growth at a global level. Growing focus on solar power generation and increasing infrastructure spending, which provides beneficial growth opportunities in the cryogenics pump market during the forecast period. Technological advancements in turbomolecular pumps and downturn in Oil & Gas industry are the major challenges in the market growth in the near future.
Global Cryogenic Pumps Market Segment Analysis
The LNG segment has led the global cryogenic market in 2019
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Based on cryogen type, the LNG segment has led the global cryogenic market in 2019 and is expected to reach US$ XX Mn by 2026 thanks to its wide range of application areas like transportation, fueling, storage, processing, and others. The increasing use of LNG for power generation in the energy and power industry and the rising usage of oil tankers for transportation in the shipbuilding industry are fuelling the segment growth in the market. The nitrogen segment is expected to grow at a CAGR of XX% during the forecast period owing to the growing demand from various applications in food & beverage, healthcare, oil & gas, metallurgy, and chemical industries.
Global Cryogenic Pumps Market Regional Insight
Asia Pacific held the dominant market share of XX% in 2019
Geographically, Asia Pacific held the dominant market share of XX% in 2019 and is expected to reach US$ XX Mn by the end of 2026, with a CAGR of XX%. This growth is attributed to the increasing power demand because of the development of industrial infrastructure. The demand for shipping and storing liquefied natural gas (LNG) is increasing from energy-famished economies such as China, Japan, India, and other Asian countries are driving the market growth in the coming years. High investments in the infrastructure sector and a rising focus towards renewable-based electricity generation in the region, are expected to create growth opportunities for the global cryogenic pumps market expansion over the forecasted period. China, India, Japan, and South Korea are the leading contributors to the regional market growth.
North America held the second-largest market share of XX% in 2019 and is expected to hold the reach US$ XX Mn by 2026. This is attributed to the high adoption of technologically advanced products, coupled with rising demand for these pumps in the healthcare industry.
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Global Cryogenic Pumps Market, by Region:
• Asia Pacific
• North America
• South America
• Middle East Africa
Global Cryogenic Pumps Market, Major Players:
• Nikkiso Co., Ltd
• Sumitomo Heavy Industries, Ltd.
• Ebara Corporation
• The Weir Group PLC
• Fives S.A.
• Technex Limited
• Flowserve Corporation
• Brooks Automation Inc.
• Phpk Technologies Inc.
• Sehwa Tech, Inc.
• Vanzetti Engineering
• Ruhrpumpen Inc.
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