The cryogenic pump market in the Asia Pacific is expected to grow from US$ 695.5 Mn in 2018 to US$ 1,202.5 Mn by the year 2027, with a CAGR of 6.4% from the year 2019 to 2027.
Driving factors such as the increasing industrialization, positive economic growth, and increasing demands for liquefied natural gas are boosting the growth of the cryogenic pump market. Further, the increase in the adoption of renewable energy sources is anticipated to facilitate significant growth opportunities for the cryogenic pump market. The emerging smart cities and infrastructural development across developing countries such as India and China have been creating excessive opportunities in the market. The implementation of green industrialization and the use of renewable energy has been promoted by developed countries. In this era of modernization, the effective use of energy has been rising for efficiency and productivity. Smart cites technologies has gained momentum around the globe and set for rapid transformation. It also includes intelligent transport systems, smart waste management, and robust information technology that will improve the quality of living, employment opportunities and urban services. Thereby, cryogenic pump would be gaining potential.
The cryogenic pump market by gas is segmented into nitrogen, oxygen, LNG, argon, and others. Other in the segment include gases such as Hydrogen, CO2, Acetylene, helium, and others. Among these, oxygen held the largest market share in 2018 and is projected to maintain its dominance during the forecast period. The increasing usage of oxygen in varied applications including healthcare, aerospace, automotive & transportation, chemicals, energy, glass, healthcare, metal production, pharmaceutical & biotechnology, pulp & paper, water & wastewater treatment, refineries, welding & metal fabrication, and others has steered its increasing demand in the Asia Pacific market.
China dominated the cryogenic pump market in 2018 and is expected to dominate the market with the highest share in the Asia Pacific region through the forecast period. China is one of the major countries which has significant market share in the electronics and semiconductor industry. The manufacturers in this country are highly focusing on strengthening their capabilities in the fields of materials, components, and equipment. Here, government support plays a major role in boosting the Chinese electronics and semiconductor industry. Moreover, China is one step ahead of South Korea with respect to fabless manufacturing. China has a giant number of semiconductor firms that are involved in the design of semiconductor products. The semiconductor market in the country is driven by high demand observed among the users for consumer electronics. Thus, the industry is supporting the growth of the cryogenic pump market in the country. The figure given below highlights the revenue share of the rest of Asia Pacific in the cryogenic pump market in the forecast period:
Exhibit: Rest of Asia Pacific Cryogenic pump Market Revenue and Forecast to 2027 (US$ Mn)
ASIA PACIFIC CRYOGENIC PUMP MARKET SEGMENTATION
By Type
By Gas
By Industry Vertical
By Country
Cryogenic pump Market - Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 695.5 Million |
| Market Size by 2027 | US$ 1,202.5 Million |
| CAGR (2019 - 2027) | 6.4% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Type
|
|
Regions and Countries Covered
|
|
| Asia-Pacific | China, India, Japan, Australia, Rest of Asia-Pacific |
| Market leaders and key company profiles |
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The Asia Pacific Cryogenic Pump Market is valued at US$ 695.5 Million in 2018, it is projected to reach US$ 1,202.5 Million by 2027.
As per our report Asia Pacific Cryogenic Pump Market, the market size is valued at US$ 695.5 Million in 2018, projecting it to reach US$ 1,202.5 Million by 2027. This translates to a CAGR of approximately 6.4% during the forecast period.
The Asia Pacific Cryogenic Pump Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Cryogenic Pump Market report:
The Asia Pacific Cryogenic Pump Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Cryogenic Pump Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Cryogenic Pump Market value chain can benefit from the information contained in a comprehensive market report.
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