- Press Release -

Fact.MR predicts the global sales of cryogenic submerged motor pumps to exceed US$ 2476.8 Mn by registering a CAGR of 3.5% in the forecast period 2022-2032. Governments across the globe are focusing on reducing carbon emissions. Thus, dependency on gas based natural plants has increased. This, in turn, has increased the demand for cryogenic submerged motor pumps.

Historically, from 2017 to 2021, the global sales of cryogenic submerged motor pumps surpassed US$ 1,762.4 Mn by the end of the aforementioned period. The onset of the COVID-19 pandemic disrupted supply and demand across various end user industries. Thus, the demand for cryogenic submerged motor pumps dipped in the initial quarter of the pandemic. However, as the world gains back normalcy, the sales of cryogenic submerged motor pumps are expected to retrieve.

Furthermore, different geographic regions are investing in renewable energy resources. This, in turn, has led governments investing in cryogenic submerged motor pumps. Moreover, the efficiency of these pumps and their corrosion resistant properties are accelerating the usage of the same across various end user industries.

Key Takeaways from the Market Study

• By end user, oil and gas expected to register a CAGR of 3.1% for cryogenic submerged motor pumps market.
• LNG expected to register a CAGR of 3.8% for cryogenic submerged motor pumps market.
• Cryogenic submerged motor pumps industry expected to register a CAGR of 2.7% throughout Europe.
• Cryogenic submerged motor pumps industry expected to possess nearly 40% market share throughout Asia Pacific.

“As governments across the globe are focusing on using renewable energy resources, the number of gas based energy plants have increased. This, in turn, is increasing the demand for cryogenic submerged motor pumps.” says a Fact.MR analyst

Competitive Landscape

• HuzhouBrightwayCryogenic Equipment Co., Ltd, a key player, provides medium cryogenic submerged motor pumps. The company is focusing on offering optional configuration for different motor pumps.
• Ebara Corporation, Vanzetti Engineering, Hunan Neptune Pump Co., Ltd., Shinko IND., Ltd., Cryostar, CYY Energy, HuzhouBrightwayCryogenic Equipment Co., Ltd, and Beijing Long March Tianmin Hi-Tech Co., Ltd are prominent cryogenic submerged motor pumps market players.

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global cryogenic submerged motor pumps market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.

The study indulges essential insights on the market on the basis of product (centrifugal pumps and reciprocating pumps), end use (power generation, oil & gas, automotive, mining and others) and application (LNG, LPG and industrial gases) across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa).

About the Industrial Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Shubham Patidar

Fact.MR

Consultant - Industrial Goods and Automotive

E-mail: Shubham@factmr.com