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NEW YORK , July 1, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, the global cryogenic pump market is set to surpass $1,860.1 million by 2030 from $1,407.6 million in 2021, advancing at a compound annual growth rate of 3.1% between 2021 and 2030. The expansion of the market is driven by a rise in the investment in the power generation industry, along with a preference for producing electricity from renewable resources and natural gas, to reduce the carbon footprint.

Dynamic Pumps Witnessing Wide Usage

Dynamic pumps hold an around 79.4% revenue share in the cryogenic pump market, because of their low maintenance cost, high efficiency, and longer life. Thus, the rise in the demand for such pumps from the energy & power, healthcare, and shipbuilding sectors would aid in the market expansion. Further, sales of these pumps increased during the COVID-19 epidemic due to the significant need for medical oxygen across the world.

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Nitrogen Category Will Experience Fastest Market Growth

The usage of cryopumps using nitrogen will increase at a CAGR of around 3% in the years to come. This will mostly be due to the frequent usage of nitrogen gas during maintenance, as well as while preparing for shutdown and startup at petrochemical and refinery plants. As a result, cryogenic pumps are increasingly being used to capture nitrogen gas and its vapor from the surface in several sectors, including oil & gas, healthcare, and metallurgy.

Browse detailed report on Global Cryogenic Pump Market Analysis, Growth and Demand Forecast Report 2030

Oil & Gas Sector Is Greatest End User

The major end user in the cryogenic pump market is the oil & gas sector. This is attributed to the increase in natural gas output brought on by the special chemical, petrochemical, refining, and fertilizer sectors' growing need for this fuel.

Moreover, the CAGR of the healthcare sector is predicted to be the highest in the market. This will be largely due to the rapid development of vaccines and rising investments in this field by both government and private entities. Moreover, cryogenic gases are widely utilized in healthcare institutions to preserve bodily fluids, including blood, cells, and plasma.

Cryogenic Pump Market Report Coverage

Infusion Pumps Market Size, Share, Growth Drivers, and Business Opportunities

Europe Water Pump Market Size, Share, Growth Drivers, and Business Opportunities

Domestic Pump Market Size, Share, Growth Drivers, and Business Opportunities

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