Market Size of Asia-Pacific Cryogenic Pump Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.01 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Cryogenic Pump Market Analysis
The Asia-Pacific cryogenic pump market is expected to register a CAGR of more than 5.01% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. It has now reached pre-pandemic levels.
- Over the long term, the major driving factors of the market are expected to be the increase in gas-based power generation, increasing investments in the energy and power sector, and rising demand for LNG fuel in domestic applications.
- On the flip side, cost constraints and a lack of expertise in handling these devices across major countries are anticipated to restrain the growth of the market.
- Growing focus on solar power generation and the development of solar PV manufacturing infrastructure can create immense opportunities over the coming years because cryogenic pumps are majorly used in the manufacturing of solar panels.
- India is likely to witness significant growth in the Asia-Pacific cryogenic pump market during the forecast period.
