The Business Research Company has recently updated its global market reports with the latest market sizing information for the year 2023 and extended forecasts up to 2032.

As indicated in The Business Research Company’s Cryogenic Pump Global Market Report 2023, substantial growth is anticipated in the cryogenic pump market during the forecast period.

Key insights from the cryogenic pump market forecast include:

1. Market Size

The global cryogenic pump market size expanded from $2.14 billion in 2022 to $2.26 billion in 2023, exhibiting a compound annual growth rate (CAGR) of 5.8%. Forecasts predict that the cryogenic pump market size will advance to $2.82 billion in 2027, with a CAGR of 5.7%.

2. Major Driver

The surge in electricity generation from renewable resources is projected to drive the cryogenic pump market’s future growth. For example, in 2020, the International Energy Agency reported a 3% rise in renewable energy utilization due to a 7% increase in electricity generation from renewable sources. This trend is steering the cryogenic pump market’s expansion.

View More On The Cryogenic Pump Market Report 2023 – https://www.thebusinessresearchcompany.com/report/cryogenic-pump-global-market-report

3. Key Trend

Technological innovation stands as a prominent trend gaining traction in the cryogenic pump market. Leading companies in the cryogenic pump market are focusing on developing novel technological solutions to fortify their positions. In December 2021, Edwards Vacuum, a UK-based company and cryogenic pump provider, introduced the CTI-Cryogenics On-Board IS 320F XVS, a cryopump for semiconductor applications. This product boasts intelligent self-adjusting technology, a variable speed motor and control system, and cryogenic heat load compensation. These features ensure stable vacuum performance, process quality, and uptime by offering real-time system information for optimal array temperature management.

4. Major Players

Prominent players in the cryogenic pump market include Ebara Corporation, Fives Group SAS, Nikkiso Co., Ltd., PHPK Technologies, Ruhrpumpen Group, SHI Cryogenics Group, Trillium Flow Technologies, Sumitomo Heavy Industries Ltd., Barber-Nichols, CryoVation LLC., CS&P Technologies LP, KRYTEM Cryogenic Systems, SEHWA TECH INC., Vanzetti Engineering S.p.A., and Xinxiang Chengde Energy Technology Equipment Co., Ltd.

5. Top Market Segments

The global cryogenic pump market is segmented –
1) By Type: Positive Displacement Pump, Centrifugal Pump
2) By Cryogen Type: Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Other Cryogen Type
3) By Orientation: Horizontal, Vertical
4) By End-User: Oil And Gas, Metallurgy, Power Generation, Chemical And Petro Chemical, Marine, Other End-Users

Request A Sample Of The Global Cryogenic Pump Market Report 2023:
https://www.thebusinessresearchcompany.com/sample.aspx?id=7486&type=smp

The Cryogenic Pump Global Market Report 2023  provides an in-depth analysis of cryogenic pump market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the cryogenic pump market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Gas Treatment Global Market Report 2023
Gas Mixtures Global Market Report 2023
Gas Separation Membrane Global Market Report 2023

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