IMARC Group, a leading market research company, has recently releases a report titled “Cryogenic Pump Market Trends: Industry Insights By Growth, Size, Share and Report 2023-2028.” The study provides a detailed analysis of the industry, including the cryogenic pump market industry growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Cryogenic Pump Market?
The global cryogenic pump market size reached US$ 690.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 994.52 Million by 2028, exhibiting a growth rate (CAGR) of 6.12% during 2023-2028.
What is a Cryogenic Pump?
A cryogenic pump is a sophisticated mechanical device engineered to handle cryogenic fluids like liquid nitrogen, liquid helium, and liquid oxygen. Its operation relies on the principle of thermal expansion, capitalizing on the significant volume change that occurs when cryogenic fluids transition from a liquid to a gas state. Specifically designed to function at extremely low temperatures, these pumps ensure the preservation and controlled transfer of cryogenic fluids.
To achieve this, cryogenic pumps are equipped with advanced insulation materials and techniques, effectively minimizing heat transfer from the surrounding environment. By maintaining the fluids at low temperatures, these pumps play a crucial role in various industrial processes. For instance, they are integral in liquefying gases for efficient transportation and storage. Furthermore, their usage facilitates the development of cutting-edge electronics by enabling the precise handling of cryogenic materials, contributing significantly to industrial efficiency and innovation.
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What are the growth prospects and trends in the cryogenic pump industry?
Currently, the cryogenic pump market is experiencing significant growth due to several key factors. One of the primary drivers is the increasing demand for cryogenic pumps in laboratory and research settings. These pumps play a crucial role in cooling and maintaining the necessary temperatures for experiments in fields such as physics, chemistry, and material science.
Additionally, the market is being propelled by the expanding use of cryogenic pumps in medical imaging devices, notably magnetic resonance imaging (MRI) machines. These machines rely on liquid helium for cooling superconducting magnets, making cryogenic pumps essential for their operation.
Furthermore, the market is benefiting from the growing integration of cryogenic pumps in aerospace applications, particularly in rockets and spacecraft. Cryogenic pumps enable the efficient transfer of cryogenic propellants like liquid hydrogen and oxygen, which is vital for fueling and propulsion in space exploration, thus contributing to a positive market outlook.
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
• Centrifugal Pumps
• Positive Displacement Pump
Breakup by End-Use Industry:
• Energy and Power Generation Industry
• Healthcare Industry
• Electricals and Electronics Industry
• Metallurgy Industry
• Chemicals
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Some of the Top Key players in the Cryogenic Pump Market
Atlas Copco
Cryostar SAS (Linde plc)
Ebara Corporation
Fives (Novafives S.A.S.)
Flowserve Corporation
Nikkiso Co. Ltd
PHPK Technologies Inc.
Ruhrpumpen Group (Corporación EG)
Sulzer Ltd.
Sumitomo Heavy Industries Ltd
Weir Group PLC.
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