- Cryogenic Submerged Motor Pumps Market to Top US$ 2.5 Bn Driven by Increasing Demand for Natural Gas
- In its new study, Fact.MR offers a holistic overview of the pricing analysis and trends of the global cryogenic submerged motor pumps market. In addition, it highlights detailed information about major growth opportunities, drivers, and restraints across the leading segments including product, end-use, and application across major regions.
NEW YORK, Dec. 14, 2021 /PRNewswire/ -- The global cryogenic submerged motor pumps market size is projected to reach US$ 2.5 Bn, exhibiting growth at 3.5% CAGR between 2020 and 2030, estimates Fact.MR. The market is set to be driven by the increasing natural gas transportation activities worldwide.
Cryogenic submerged motor pumps help in transporting liquefied gases, such as LPG and LNG. These have numerous beneficial properties, such as high pump efficiency and automatic axial thrust balance mechanism.
As per Fact.MR, rapid development of LNG bunker stations is expected to create new growth opportunities for key players in the global market. Besides, the rising number of agreements signed between several key companies to co-develop novel LNG bunkering services is also projected to boost the market.
For instance, in September 2021, Sumitomo Corporation, Arkas Bunkering, and BOTAS signed an agreement to make Turkey a major hub for LNG supplies. The agreement would also help to keep up with the new norms from the International Maritime Organization (IMO) for reducing emission rates of marine fuels.
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"Increasing usage of cryogenic gases in the marine industry is anticipated to propel the growth in this market. Besides, reduced internal leakage, reliable performance, easy maintenance, and high efficiency of cryogenic submerged motor pumps will also aid the growth in the market," says a Fact.MR analyst.
Key Takeaways:
- Based on end-use, the oil & gas segment is anticipated to exhibit growth at 3.1% CAGR through 2030 owing to the higher usage of LNG and other natural gases.
- In terms of application, the LNG segment is likely to showcase growth at 3.8% CAGR stoked by favorable government investments in the development of LNG bunker stations.
- Based on product, the centrifugal pumps segment is expected to dominate in terms of market share on the back of its increasing usage in the steel and mining industries.
- By region, Europe is anticipated to grow at a moderate pace with 2.7% CAGR and create absolute $ opportunity worth US$ 169.9 Mn in the near future.
Growth Drivers:
- Increasing number of subsidies provided by the governments of various countries to invest in LNG bunkering projects is expected to propel the growth in this market.
- High demand for natural gases from the marine industry across the globe is anticipated to drive the growth in the market.
- Rising need for cryogenic submerged motor pumps for the usage in natural gas fuel stations is likely to accelerate the market.
Restraints:
- Increasing usage of low-cost epoxy or glass composites to make intermediate static support tubes and drive shafts of these pumps, instead of steel may limit the growth.
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Competitive Landscape
Key players present in the global cryogenic submerged motor pumps market are focusing on expanding their businesses to strengthen their global footprints. Meanwhile, some of the other players are engaging in new product and service launches, such as pump exchange, oxygen cleaning, and pump repair to expand their customer bases.
For instance,
- April 2021: Nikkiso Cryo Inc., a renowned supplier of cryogenic submerged electric motor pumps headquartered in the U.S., announced the development of a new facility to surge the production capacity of cryogenic pumps. The facility will be able to reduce turn-around time and provide better services to customers.
- December 2019: Nikkiso Co., Ltd. declared that it started handling the ACD pump products manufactured by Cryogenic Industries Group. It has gained access to the facilities of the company's European subsidiaries, namely, Geveke and LEWA. It would help the company to strengthen aftermarket sales and service in the region.
- April 2019: Elliott Group, a manufacturer and designer of turbo-machinery based in the U.S., merged with Nevada-based Ebara International Corporation. This merger is expected to help the company to gain access to the latter's customer base, product lines, and markets.
Key Players in the Cryogenic Submerged Motor Pumps Market Include:
- Ebara Corporation
- Vanzetti Engineering
- Hunan Neptune Pump Co., Ltd.
- Shinko IND., Ltd.
- Cryostar
- CYY Energy
- Huzhou Brightway Cryogenic Equipment Co., Ltd.
- Beijing Long March Tianmin Hi-Tech Co., Ltd.
More Valuable Insights on Cryogenic Submerged Motor Pumps Market
Fact.MR provides an unbiased analysis of the cryogenic submerged motor pumps market, presenting historical demand data (2009-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global cryogenic submerged motor pumps market with a detailed segmentation on the basis of:
Product
- Centrifugal Pumps
- Reciprocating Pumps
End-Use
- Power Generation
- Oil & Gas
- Automotive
- Mining
- Others
Application
- LNG
- LPG
- Industrial Gases
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Key Questions Covered in Cryogenic Submerged Motor Pumps Market Report
- The report offers insight into the cryogenic submerged motor pumps market demand outlook for 2020-2030.
- The market study also highlights projected sales growth for cryogenic submerged motor pumps market between 2020 and 2030.
- Cryogenic submerged motor pumps market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Cryogenic submerged motor pumps market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
Explore Fact.MR's Coverage on the Industrial Goods Domain -
Reciprocating Pumps Market Forecast - The market for reciprocating pumps is expected to rise significantly. The global need for oil and gas, particularly in the petrochemical industry, is influencing the expansion of the reciprocating pumps market. Growing demand for oil and gas is opening up new markets for a variety of industrial commodities, including reciprocating pumps. Current trends, such as the gradually increasing usage of smart pumping systems, have an impact on reciprocating pump sales.
Oil and Gas Pumps Market Report- As the need for oil and gas rises, so does the demand for equipment like oil and gas pumps. End-users in the oil and gas sectors want efficient oil and gas pumps to ensure smooth operation and compliance with strict emission regulations. Centrifugal pumps are widely used by oil and gas end customers due to their cheap product and maintenance costs, as well as their superior load and pressure handling capabilities. Centrifugal pumps are in high demand in the upstream oil and gas industry as part of multiphase pumping applications.
Canned Motor Pumps Market Insights - The global canned motor pumps market is expected to develop slowly as the market recovers, according to Fact.MR. At the same time, those manufacturers who have been able to increase production face a disturbed supply chain. As a result, the global canned motor pump industry has been severely hit, posing a potential threat of dormancy in the near future. As the impact of COVID-19 diminishes, the market is expected to recover and open up major prospects in the long run.
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