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 BOTAŞ 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.
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.
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.
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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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.
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:
Hunan Neptune Pump Co., Ltd.
Shinko IND., Ltd.
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:
Oil & Gas
South Asia & Oceania
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.
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