Cryogenic Submerged Motor Pumps Market
Cryogenic Submerged Motor Pumps Market Forecast by Product (Centrifugal Pumps and Reciprocating Pumps), End Use (Power Generation, Oil & Gas, Automotive, Mining and Others), Application (LNG, LPG and Industrial Gases) and Region- 2022 to 2032
Global Cryogenic Submerged Motor Pumps Market Outlook (2022-2032)
The global cryogenic submerged motor pumps market is expected to accumulate a market revenue of US$ 1,762.4 Mn in 2022, and is projected to register a CAGR of 3.5% by garnering a market value of US$ 2,476.8 Mn in the forecast period 2022-2032.
Market Size Value in 2022
US$ 1,762.4 Mn
Project Market Forecast Value in 2032
US$ 2,476.8 Mn
Global Growth Rate (2022-2032)
Market Share of Europe
Key Companies Profiled
Growing natural gas transportation along with gas based energy plants across the globe are primarily driving the cryogenic submerged motor pumps market growth.
Demand Analysis of Cryogenic Submerged Motor Pumps from 2017 to 2021 Vs Market Projections for 2022 to 2032
As per Fact.MR’s report, from 2017 to 2021, the global sales of cryogenic submerged motor pumps surpassed US$ 1,762.4 Mn. High application scope of cryogenic gases into marine industry has contributed significantly to the market growth.
During the COVID-19 pandemic, prospects declined significantly, as oil & gas exploration and distribution activities were drastically hampered amid the imposition of lockdowns. Cessation of drilling projects and logistical disruptions led to shortage of supply of natural gas, prompting reduced usage of these pumps. However, as restrictions began easing, exploration activities resumed, prompting a resurgence in market demand.
Additionally, high pump efficiency, easy maintenance, and reliable pump performance with reduced internal leakage are working to the advantage of end users and subsequently raising the share of manufacturers’ bottom lines. Thus, the global sales of cryogenic submerged motor pumps are expected to exceed US$ 2,476.8 Mn by registering a CAGR of 3.5% in the assessment period 2022-2032
Is Expansion of Business Operations Key Growth Strategy of Manufacturers?
The cryogenic submerged motor pumps market is highly consolidated in nature. Leading players are aiming at expansion of their business operations to strengthen their position in the market.
For instance, In December 2019, Nikkiso Co., Ltd started handling ACD pumps products manufactured by the US subsidiary Cryogenic Industries Group at the European subsidiaries LEWA and Geveke in order to strengthen sales and aftermarket service in Europe.
Services offered by the company include pump repair, oxygen cleaning, pump exchange program, dedicated inventory, product training, and 24/7 customer support.
How has COVID-19 Impacted the Global Cryogenic Submerged Motor Pumps Market?
The global outbreak of coronavirus has caused a devastating impact on the global economy. The cryogenic submerged motor pumps market has also been witnessing major downfall due to uncertainty in end use industries. Key players in end use industries are either cancelling or postponing investments due to economic volatility which may cause global cryogenic submerged motor pumps market to witness sluggish growth.
According to a report from ‘The Guardian’, investments worth US$ 80 billion are being delayed in the LNG industry due to the COVID-19 pandemic. For instance, in May 2020, Sempara Energy, an energy infrastructure company, announced that it has postponed its plan to build a LNG export terminal in Texas, US until 2021. Such downtrend in the end use industries is poised to hinder adoption of cryogenic submerged motor pumps globally.
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Investment in LNG Bunkering Facilities Bolstering Demand for Cryogenic Submerged Motor Pumps in Europe?
Europe has accounted for a majority share of the global cryogenic submerged motor pumps market during the historical period. This is attributed to massive investment in the expansion of LNG bunkering facilities in U.K. Also, increased NGV parc and subsequent rise in the need for cryogenic submerged pumps for the natural gas fuel stations have boosted the growth prospects of the market.
However, economic slowdown and dramatic downfall in gas consumption in Europe in the last quarter due to coronavirus pandemic are poised to cause dormancy in the cryogenic submerged motor pumps market. As per the Fact.MR’s report, Europe is projected to witness a moderate CAGR of 2.7% to create absolute $ opportunity worth US$ 169.9 Mn during the forecast period.
Gas Based Energy Plants Driving Demand for Cryogenic Submerged Motor Pumps in Asia Pacific?
Major countries in Asia Pacific such as India and China are focusing on reducing their carbon emission. As the population in both countries has increased, it is causing life-threatening problems to the people of the country. Moreover, governments of these countries are taking strict actions for reducing the carbon footprint in the region.
This, in turn, has increased the dependency on energy created by gas. Thus, gas-based energy plants have increased in the region. This has led to a growing demand for cryogenic submerged motor pumps in Asia Pacific. Thus, Asia Pacific is expected to hold more than 40% market share for cryogenic submerged motor pumps.
Use of LNG in Surging Demand for Cryogenic Submerged Motor Pumps in Oil & Gas Industry?
Use of cryogenic submerged motor pumps in oil & gas industry is expected to account for majority of the market share. This is attributed to the increased use of LNG and other natural gases, especially in marine industry.
According to Fact.MR’s report, adoption by the oil & gas industry is poised to grow at a CAGR of 3.1% during the forecast period. However, current downfall in global oil & gas industry in line with worsening pandemic crisis has caused latency in the global cryogenic submerged motor pumps market.
Increased Use of LNG in end user Industries Surging Demand for Cryogenic Submerged Motor Pumps?
Increasing use of liquefied natural gas (LNG) in automotive and marine industry has created significant opportunities for cryogenic submerged motor pump manufacturers, as these pumps are widely used in transportation, loading, and unloading of LNG.
Increased investment in LNG bunker stations across the globe has created huge demand for cryogenic submerged motor pumps. In addition, governments of several countries are encouraging leading LNG market players to invest in their region.
For instance, In July 2018, Japanese government granted subsidy for a LNG bunkering project. The project was launched to conduct a study on LNG bunkering services for ships on the basis of ship-to-ship (STS) transfer model in Tokyo Bay by three companies i.e. Uyeno, Sumitomo, and Yokohama-Kawasaki International Port (YKIP) by signing a MoU.
Such efforts and initiatives are poised to create substantial demand for cryogenic submerged motor pumps. However, halted business operations in LNG industry due to lockdowns triggered by COVID-19 pandemic have caused havoc in the market. Prior to the pandemic, application of cryogenic submerged motor pumps in LNG transportation was projected to grow at a CAGR of 3.8% during the forecast period.
An Adaptive Approach to Modern-day Research Needs
- In April 2021, Vanzetti Engineering launched VT 3 reciprocating pump. The pump is designed and manufactured in compliance with marine classification standard. Furthermore, the pump is available in triple configuration.
Key Segments Covered in Cryogenic Submerged Motor Pumps Report
- Centrifugal Cryogenic Submerged Motor Pumps
- Reciprocating Cryogenic Submerged Motor Pumps
By End Use
- Cryogenic Submerged Motor Pumps for Power Generation
- Cryogenic Submerged Motor Pumps for Oil & Gas
- Cryogenic Submerged Motor Pumps for Automotive Industry
- Cryogenic Submerged Motor Pumps for Mining
- Cryogenic Submerged Motor f Pumps or Other End Uses
- LNG-based Cryogenic Submerged Motor Pumps
- LPG-based Cryogenic Submerged Motor Pumps
- Industrial Gases-based Cryogenic Submerged Motor Pumps
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