Cryogenic Pump Market Increasing Demand, Growth Analysis and Future Outlook by 2031
Cryogenic Pump Market Increasing Demand, Growth Analysis and Future Outlook by 2031
Blog Article
Cryogenic pump market is anticipated to grow at a CAGR of 9.1% during the forecast period (2024-2031). The increase in demand for cryogenic pumps across multiple end-use industries, including power generation and healthcare is one of the prime factors that drives the growth of the global market. Moreover, complex industrial processes incorporate the use of liquid gases, thus fueling the demand for cryogenic pumps at a rapid pace. In addition, an increase in demand for energy and power is expected to drive the overall demand for LNG, thus arrangements to handle its transportation boosts the cryogenic pump market growth.
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Globally, sophisticated cryogenic pumps are emerging because of developments in materials science and engineering. Modern pumps are evolving to become more reliable, strong, and efficient. They are easy for operators to use because of their sophisticated seals, computerized control systems, and other safety features. These improvements in technology not only prolong the life of the pumps but also save running costs. As a result, cryogenic pumps are used in different industries, including petrochemicals and aerospace. Moreover, according to the report presented by the Aerospace Industries Association (AIA), the aerospace and defense sector exports increased by 4.4% in 2022, reaching a total value of $104.8 billion.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Cryogenic Pump Market Report Segment
By Type
- Centrifugal Pumps
- Positive Displacement Pumps
- Kinetic Pumps
- Entrapment Pumps
By Gas
- Nitrogen
- Hydrogen
- Helium
- LNG
By End-Use Industry
- Healthcare Industry
- Energy & Power Generation Industry
- Electricals & Electronics Industry
- Metallurgy Industry
- Chemicals
Global Cryogenic Pump Market Report Segment by Region
North America
- United States
- copyright
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global cryogenic pump market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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