Market Size of Cryogenic Pump Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cryogenic Pump Market Analysis
The cryogenic pump market is expected to register a CAGR of more than 6.5% during the forecast period 2022-2027. With the COVID-19 outbreak in Q1 2020, the market registered slower growth in investments and shutting down of facilities by smaller organizations with relatively weak financial positions, thus, reducing the total industrial manufacturing capacity. Factors such as an increase in gas-based power generation, increasing investments in the energy and power sector, and rising demand for LNG fuel in domestic applications are likely to drive the cryogenic pump market during the forecast period. However, cost constraints and lack of expertise in handling these devices across developing regions are anticipated to be major restraining factors in the growth of the cryogenic pumps market.
The positive displacement cryogenic pumps segment is expected to witness significant demand during the forecast period, owing to its adoption in various end-use industries and its advantages when compared to dynamic pumps.
Growing focus on solar power generation and 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.
Asia-Pacific is expected to dominate the market, with a majority of the demand coming from countries such as China and India.
