Cryogenic Submerged Motor Pumps Market Insights
The global cryogenic submerged motor pumps market is anticipated to grow at a CAGR of 3.5% and create an absolute $ opportunity of more than US$ 714.4 million during the forecast period (20202030). It is projected to be valued at more than US$ 2,476.8 million by 2030-end, according to new study by Fact.MR. Growing natural gas transportation activities across the globe is primarily driving the cryogenic submerged motor pumps market growth.
High application scope of cryogenic gases into marine industry has contributed significantly to the market growth. 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. However, the coronavirus pandemic has caused unprecedented impact on the cryogenic submerged motor pumps market. Manufacturers are facing critical challenges, due to imposition of nationwide lockdown in most of the countries. As a result, the market is poised to witness sluggish growth in the next couple of fiscal quarters.
Cryogenic Submerged Motor Pumps Market Analysis by End Use
Use of cryogenic submerged motor pumps in oil & gas industry is expected account for majority of the market share. This is attributed to 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 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.
In addition to a significant slump in sales, the global automotive industry has been impacted devastatingly by the outbreak of COVID-19. Cryogenic submerged motor pumps are widely used in the automotive LNG fuel stations for refuelling. However, the pandemic has impacted the investments in automotive refuelling stations which pose as a serious threat to the global cryogenic submerged motor pumps market.
Cryogenic Submerged Motor Pumps Market Analysis by Application
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.
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Cryogenic Submerged Motor Pumps Market Analysis by Region
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 the region. 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 million during the forecast period.
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Expansion of Business Operations Remains Key Growth Strategy
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. Some of the leading players in the global cryogenic submerged motor pumps market are 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.
COVID-19’s Impact on the Global Cryogenic Submerged Motor Pumps Market
The global outbreak of coronavirus has caused 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 during the financial quarters of 2020. 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.
“The economic uncertainty in the end use industries caused due to the COVID-19 pandemic will lead to latency in the global cryogenic submerged motor pumps market in the short run. However, the market will regain momentum as factories reopen and the world regains stability”.
Global Cryogenic Submerged Motor Pumps Market: Scope of the Report:
The recent global cryogenic submerged motor pumps market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global cryogenic submerged motor pumps market. A detailed segmental analysis, based on product, end use, application and regions, has been provided in the report.
Regional analysis in terms of supply chain, business execution and market value provides an in-depth perspective about the future scope of the global cryogenic submerged motor pumps market. In addition, a separate section on market structure has been provided. The section provides a detailed analysis of key market players and their strategies for expansion in the cryogenic submerged motor pumps market.
Cryogenic Submerged Motor Pumps Market - Scope of the Report
Fact.MR recently published a study on the global market for cryogenic submerged motor pumps. The study provides a detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the cryogenic submerged motor pumps market structure. The market study presents exclusive information about how the cryogenic submerged motor pumps market will grow during the forecast period of 2020-2030.
Key indicators of the market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain and supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in the Fact. MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the cryogenic submerged motor pumps market in the forecast period.
The study is relevant for stakeholders in the cryogenic submerged motor pumps market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to sustain in the market. Stakeholders in the cryogenic submerged motor pumps market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro- and microeconomic factors that are impacting developments in the cryogenic submerged motor pumps market. It also offers actionable insights based on future trends in the cryogenic submerged motor pumps market. Furthermore, small businesses and new entrants in the cryogenic submerged motor pumps market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of the Cryogenic Submerged Motor Pumps Market
Fact.MR’s study on the cryogenic submerged motor pumps market offers information divided into three key segments—product, end use, and application across six regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Key Questions Answered in the Fact.MR’s Cryogenic Submerged Motor Pumps Market Report
- Which regions will continue to remain the most profitable markets for cryogenic submerged motor pumps market players?
- Which factors will induce a change in the demand for cryogenic submerged motor pumps during the assessment period?
- How will changing trends impact the cryogenic submerged motor pumps market?
- How can market players capture the low-hanging opportunities in the cryogenic submerged motor pumps market in developed regions?
- Which companies are leading the cryogenic submerged motor pumps market?
- What are the winning strategies of stakeholders in the cryogenic submerged motor pumps market to upscale their position in this landscape?
Cryogenic Submerged Motor Pumps Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the cryogenic submerged motor pumps market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the cryogenic submerged motor pumps market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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