Increasing focus on gas-based generation and growing demand for medical gases are expected to drive the cryogenic pump market, according to a report on Cryogenic Pumps by the Research and Markets group.
Cryogenic pumps are employed to create, withstand, and operate in temperatures which are in the range of -120°C or below. They are used for refrigeration by using cryogenic gases such as nitrogen, helium, and argon among others. By end-user, the energy and power segment is expected to lead the market during the forecast period (2016 to 2021).
The cryogenic pump market is expected to reach $1.96bn by 2021, at a CAGR of 3.28% from 2016 to 2021. The growth of this market is attributed to increasing demand for LNG from sectors such as power generation and domestic & commercial fuel and demand for medical gases in healthcare facilities Moreover, the global cryogenic pump market is projected to witness high growth on account of rising power generation from renewables, which would result in reduction of carbon emissions.
Among various applications for which cryogenic pumps are employed, the energy and power segment is expected to be the largest market. Cryogenic pumps are generally used to handle, transfer, and supply liquefied gases such as oxygen, nitrogen, LNG, and argon, among others. Increasing deployment of cryogenic pumps in the energy and power industry is likely to drive the cryogenic pump market in the energy and power application market.
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