Market Leaders - Cryogenic Pump Market
The global cryogenic pump market is projected to reach USD 1.5 billion by 2027 from an estimated market size of USD 1.2 billion in 2022, at a CAGR of 4.6% during the forecast period. The rise in demand for cryogenic pumps from the energy & power industry, especially the oil & gas sector, is the primary driver of market growth. On the contrary, the volatility in raw material prices and interference from gray market players restrain the growth of the market.
The Asia Pacific region is estimated to be the largest market for the Cryogenic pump market, followed by Europe. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the North American cryogenic pump market is expected to be driven by increasing E&P activities concerned with clean energy revolution.
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The cryogenic pump market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global cryogenic pump market include Atlas Copco AB (Sweden), EBARA CORPORATION (Japan), SHI Cryogenics Group (Japan), Nikkiso Co., Ltd. (Japan) And Fives Group (France).
Atlas Copco AB is a leading global manufacturer and provider of flow control equipment, catering to various end-user industries. The company operates through four business segments, namely, Compressor Technique, Vacuum Technique, Industrial Technique, and Power Technique. The company offers cryogenic pumps through its product brands such as Ulvac Cryogenics Inc. and Leybold, revenues of which are consolidated under the Vacuum Technique business segment. In addition to cryogenic pumps, this business segment provides vacuum products, exhaust management systems, valves, and other related products that cater to a wide range of industrial segments, including chemical process industries, food packaging, and paper handling. In 2021, the Vacuum Technique business segment accounted for ~26.3% of the company’s total revenue. Atlas Copco AB manages a consolidation of over 40 brands and provides its products through them. Furthermore, the company has established its operational presence in over 70 countries and has delivered projects and products and solutions to customers in over 180 countries worldwide.
EBARA CORPORATION is a leading global manufacturer and provider of industrial machinery. The company specializes in providing products and solutions to the water management, energy production, and environmental sectors. EBARA CORPORATION operates its business through the following business segments: Pumps Business, Precision Machinery Business, Compressor and Turbines Business, Environmental Plants Business, Chiller Business, and Other Businesses. The Pumps Business segment, which accounted for 32.5% of the company’s total revenue in 2021, provides cryogenic pumps under the subsidiary company, Elliott Group. The Elliott Group also manufactures and provides compressors, steam turbines, steam turbine generator sets, power recovery expanders, control systems, and other cryodynamic products. The products provided by this subsidiary cater to various applications in the oil & gas, petrochemicals, power generation, refining, and LNG sectors. EBARA Corporation has 86 subsidiaries and 8 affiliate companies in Asia Pacific, Europe, the Middle East, and Africa. The company has established a network of sales and after-sales service offices and research, development, and manufacturing facilities in over 60 locations globally.
Related Reports:
Cryogenic Pump Market by Orientation, Design (Submersible, Non-Submersible), Type, Cryogen (Nitrogen, Argon, Oxygen, LNG, Helium, Hydrogen), End User (Energy & Power, Chemicals, Metallurgy, Healthcare & Pharmaceuticals) & Region - Global forecast to 2027
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