Cryopump Market: By Type (Dynamic Pump, Positive Displacement Pump), By Gas (Nitrogen, Oxygen, Argon, LNG-Based, Others), By End-User (Energy & Power, Chemicals, Metallurgy and Mining, Healthcare, Others) and Geography

Cryopump Market Dynamics

One of the main factors anticipated to drive the Cryogenic Pump Market during the forecast period is an increase in demand for cryogenic pumps across a variety of end-use sectors, including power generation and healthcare. Furthermore, complicated industrial processes require liquid gases, driving up demand for cryogenic pumps. The oil industry is a significant consumer of cryogenic gases. In oil and gas refining and other downstream processes, industrial gases such as nitrogen, hydrogen, oxygen, and carbon dioxide are used for chemical synthesis. Furthermore, nitrogen and carbon dioxide serve as suitable injection fluids for enhanced oil recovery (EOR) and are commonly utilized in oil field procedures such as gas cycling, reservoir pressure maintenance, and gas lift. A rise in demand for energy and power is predicted to drive up total demand for LNG, boosting the cryogenic pump industry. Another factor expected to contribute to market expansion in the near future is an increase in the use of cryogenic pumps to extract regenerated energy from engine exhaust gases, as well as an increase in demand for efficient medical gas transportation.

China, the world's largest steel producer and exporter, has seen volatility in processed metal pricing, affecting a wide range of businesses. Cryogenic pumps require high-quality raw materials, such as stainless steel. The rising cost of raw materials has resulted in fierce competition among prominent cryogenic pump manufacturers. In addition, the surge in cryogenic pump prices has also resulted in an increasing demand for small-scale manufacturers in the unorganized market, particularly in China and India. As a result, volatility in metal prices has become a market restriction.