DUBLIN–(BUSINESS WIRE)–The “Global Cryopumps Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global cryopumps market is projected to grow at a CAGR of 2.47% during the forecast period to reach US$1.282 billion by 2026, from US$1.081 billion in 2019.
Robust growth in Energy and Power Industry is expected to drive exponential demand for cryopumps during the forecasted period.
Based on the end-user industry, the global cryopump market is segmented into metallurgy, electronics, energy and power, and others. The energy and power industry is calculated to hold a significant share in the cryopump market and drive demand at an exponential rate during the forecasted period. Robust growth in the segment is projected to support the market growth. Energy and Power is a booming industry with rising demand and high investment by both government and private individuals. Moreover, the rise in renewable energy projects is expected to create substantial growth prospects for the market. The global installed capacity of renewable energy has increased from 4,197 terawatt-hours in 2010 to 7,444 terawatt-hours in 2020.
Furthermore, several upcoming projects in 2021 are expected to widen the market scope, providing stable growth. Wudongde Hydropower Station in China, for instance, is a US$15.4 billion project which is scheduled to be completed by December 2021. Inga 3 in the Democratic Republic of Congo, a US$14 billion project announced by the government in December 2019 can increase the country’s capacity to generate hydro energy by 11,000 MW and will be a significant contributor.
Asia Pacific, Middle East, and Africa regions are expected to hold a dominating share of the market and are calculated to grow at the fastest rate during the study period.
Based on geography, the global cryopump market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific region. The Middle East and Africa cryopump market is predicted to grow at a significant rate owing to rising renewable energy projects. Similarly, in the Asia Pacific region, the booming growth of energy, especially renewable energy projects are predicted to provide robust growth potentials. Furthermore, in the Asia Pacific region, mushrooming growth of the electronics manufacturing industry is expected to create a promising and lucrative market for the cryopumps industry. India, China, Vietnam, and South Korea are emerging as electronics manufacturing hubs and are attracting significant investment.
The coronavirus pandemic moderately impacted the market. Owing to nationwide lockdown and halt in operations, construction and reconstruction projects were delayed, which reduced the demand for cryopumps. A halt in production across electronic and other industries also impacted the market growth. However, with economic recovery and the sanction of new projects in 2021, demand is anticipated to revive at a significant rate.
- May 2021, Expansion. Cryostar invested Euro15 million in new testing and assembly building with ITECO, aiming to fulfill sustainable development goals along with improving its testing center. The building estimated to be completed by the summer of 2022, will be an eco-friendly, energy-efficient green building, having a green roof, solar panels, and geothermal heating system. It is expected that the new testing center will contribute significantly towards customer satisfaction.
- April 2021, Production Enhancement, Nikkiso Cryo Inc., USA, part of Nikkis Co. Ltd., Japan, announced enhancement of their Las Vegas facility to increase the production of Cryopumps to a significant level, maintaining efficiency. The company inaugurated 15,000 square feet of office in the region for the purpose. The need for this facility emerged owing to NCI’s continued growth and robust demand for cryogenic pumps, practically in the LNG market.
Key Market Segments
- Positive Displacement Pumps
- Centrifugal Pumps
By Gas Type
- Introduced Gas
- Refrigerator-cooled Cryopump
- Bath Cryopump
- Supercritical Helium-cooled Cryopump
By End-User Industry
- Energy & Power
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- SHI Cryogenic group
- PHPK Technologies
- Atlas Copco AB
- Sumitomo Heavy Industries, Ltd.
- Ebara International Corporation
- Nikkiso Cryo Inc.
- Vanzetti Engineering S.p.A.
For more information about this report visit https://www.researchandmarkets.com/r/uko9bi
Laura Wood, Senior Press Manager
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