The Asia Pacific cryogenic pump market accounted for US$ 695.5 Mn in 2018 and is expected to grow at a CAGR of 6.4% over the forecast period 2019–2027, to account for US$ 1,202.5 Mn in 2027.
The increasing demands for liquefied natural gas, positive economic outlook, and increasing industrialization are propelling the growth of the cryogenic pump market. Moreover, the increase in adoption of renewable energy sources is boosting the cryogenic pump market growth significantly. With increasing focus of various countries on reducing carbon emissions and pollution, the demand for clean energy fuels and renewables is growing at an unprecedented rate. With favorable government policies worldwide and falling costs of clean energy sources, the natural gas capacity is set to surge during the forecast period. As per the World Energy Outlook 2018 report, the demand for natural gas would reach ~100 billion m3 by 2040. The major part of this demand is expected to come from China mainly due to efforts taken by the Chinese government to improve air quality; moreover, APAC countries would capture more than 50% of overall demand. The increasing demand for natural gas as a clean energy fuel source is projected to fuel the cryogenic pump market worldwide in the coming years, with APAC being the key generator of this demand growth to 2040.
The cryogenic pump market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is anticipated to change during the coming years. In addition to this, various initiatives are undertaken by governmental bodies to accelerate the cryogenic pump market further. Various governments in the Asia Pacific region are taking initiatives to boost the industrial development in the region. China is already the manufacturing capital of the world and it is leading in a large number of industries. The Chinese government is very keen to maintain its stronghold and competitiveness through initiatives such as Industry 4.0, and Made in China 2025. In terms of industrial production, China and India are already leading in various industry sectors and the number of strategies to boost manufacturing sector is constantly rising in these countries. For instance, the “Make in India” initiative by Indian government for boosting the manufacturing sector and “Skill India” initiative to prepare skilled labor force for future industries. All these factors are anticipated to drive the demand of cryogenic pumps in this region.
The cryogenic pump market by type is segmented into centrifugal pump and positive displacement pump. Typically, there are two variants of cryogenic pumps based on the cooling methods that include centrifugal and positive displacement (or reciprocating) cryogenic pump having their own set of advantages and disadvantages. During the forecast period of 2019 to 2027, the centrifugal pump segment is anticipated to be the largest contributor in the Asia Pacific cryogenic pump market. However, positive displacement is projected to be the fastest growing type over the forecast period.
The overall cryogenic pump market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the cryogenic pump market. It also provides an overview and forecast for the cryogenic pump market based on all the segmentation provided with respect to the Asia Pacific region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the cryogenic pump market. Some of the players present in cryogenic pump market are Atlas Copco AB, Elliott Group, Flowserve Corporation, Fives, Linde AG, NIKKISO CO., LTD., PHPK Technologies, Ruhrpumpen Group, SEHWA TECH, INC., and Sumitomo Heavy Industries, Ltd. among others.