Market Research Future (MRFR) projects the global cryogenic pump market size to grow at a CAGR of 4.02% from 2020 to 2027 (forecast period).
The primary forces responsible for the growth of the cryogenic pump market trends include an increase in gas-based power generation and increase in demand for power and energy industry in practically all regions. The need for cryogenic pumps has increased in tandem with the rising demand for cryogenic pumps. With rising power sector demand, the need for LNG-based generation of power, and the growth of oil tankers for transportation are a few more variables that act as drivers in the industry's development.
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Fluctuation in Crude Oil Prices and Hazardous Emissions
The pump has a drive shaft, an I terminate static tube for support, and a stainless-steel outer pressure containment tube. However, replacing these with glass or epoxy composites instead of stainless steel would boost the efficiency of the pumps. Furthermore, governments have established rigorous rules for harmful games from steel companies, which tend to hamper cryogenic pump market revenue. Changes in crude oil prices, which have a direct impact on the cryogenic pump industry, are other factors limiting worldwide market size.
The regulatory Implications development market has been severely impacted by the regulatory implications imposed by regulatory agencies and governments to reduce hazardous greenhouse gas emissions. These gases tend to deplete the critical zone layer, resulting in a variety of health and other issues. These emissions are caused by the production of steel. Stringent steel industry standards have a direct impact on the growth of the cryogenic pump market share.
This is due to the fact that all of its essential components are made of stainless steel, and if the steel production industry suffers, the pricing for these pumps rises, and the growth rate slows significantly. While these restrictions are vital, industries should consider other options to reduce hazardous emissions.
The Global Market to Stabilized Amid COVID-19 Pandemic
COVID-19 has an impact on various industries and businesses, limiting consumers' ability to consume. The global economic downturn triggered by the COVID-19 pandemic is having extensive and long-term impacts on investments in the energy sector. According to an Economic Times investigation, the breakout of COVID-19 in March 2020 is predicted to have reduced investments in the oil and gas industry by USD 30 billion and slowed the delivery of offshore installations. Due to the pandemic, supplies of oil platforms and other equipment from yards have been delayed for at least three to six months.
There are 28 floating production, storage, and offloading vessels (FPSOs) under development, with 22 of them being built in China, South Korea, and Singapore, posing a challenge to hydrocarbon storage, production, and processing. The pandemic is anticipated to have an influence on LNG demand, which is used in power production, boilers, road transportation, mining and industrial, rail and ships, and heating and cooking, among other applications. For example, China purchased 14.6 million tons of LNG in the first quarter of 2020, a 5% decrease from the previous year. As a result, the growing demand for sustainable energy sources, as well as the widespread use of LNG, has raised the demand for these pumps.
The delay in the expansion of LNG projects caused by COVID-19 has also had an influence on the use of these pumps. For example, Qatar has delayed by six months the first phase of its North Field expansion project, which comprises the creation of four new LNG trains and eight wellhead platforms, from which 80 new wells will be drilled, with the project now set to begin in 2025. Qatar plans to raise output from 77 million tons per year to 110 million tons per year by 2025 and 126 million tons per year by 2027, making it the world's largest producer. As a result, anticipated measures to leverage LNG demand will drive up demand for these pumps in the future years.
Based on the Type, Positive Displacement Segment to Grow at the Highest CAGR
The positive displacement segment is expected to grow at a high CAGR during the forecast period. The feature that has been making it popular is the constant flow at variable pressures and viscosity.
Based on the End-User, Oil and Gas Segment to Dominate the Global Market
Oil and gas are dominating the market with their widespread use in refining, LNG transportation, refueling, and many more. Also, the development in the petrochemical industry is one reason for the growth of the segment.
APAC to Dominate the Global Market
The Asia Pacific area dominates the cryogenic pump market due to increased demand in end-user industries such as metallurgy, chemicals, and many more. Countries such as India, Malaysia, China, and others have played important roles in the rise. Furthermore, the cryogenic pump market value is expected to increase at the quickest rate in the future years. The region's rapid expansion can be due to rising energy demands and a greater emphasis on renewable energy sources. One of the key elements impacting its expansion in most of the region's countries is urbanization.
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The major players of global cryogenic pump market include Ebara Corporation (Japan), Technex Limited (India), Flowserve Corporation (US), Ruhrpumpen Inc. (Mexico), Sumitomo Heavy Industries (Japan), PHPK Technologies Inc. (US), Fives S.A. (France), Nikkiso Cryo Inc. (US), Brooks Automation (US), Cryostar SAS (France) and Cryoquip Australia.
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