- Application of Cryogenic Submerged Motor Pumps in Oil & Gas Industry to Capture Major Demand Pie
- The Fact.MR market study on the cryogenic submerged motor pumps Market provides deep dive into key developments in the cryogenic submerged motor pumps market. The report offers comprehensive analysis of leading segments in terms of by product type, by end use and application.
NEW YORK, Feb. 14, 2022 /PRNewswire/ -- The global cryogenic submerged motor pumps market is expected to accumulate a market valuation of US$ 1,762.4 Mn in 2022 and is projected to register a market size CAGR of 3.5% by garnering a market valuation of US$ 2,476.8 Mn in the forecast period 2022-2032.
During the COVID-19 pandemic, prospects declined significantly, as oil & gas exploration and distribution activities were drastically hampered due to the imposition of lockdowns. Cessation of drilling projects and logistical disruptions led to a shortage of supply of natural gas, prompting reduced usage of these pumps. However, as restrictions began easing, exploration activities resumed, prompting a resurgence in demand of sales and growth in the market.
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 canceling or postponing investments due to economic volatility which may cause the global cryogenic submerged motor pumps market to witness sluggish growth and sales in the market
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The market for cryogenic submerged motor pumps is extremely consolidated. Leading players are striving to expand their business activities in order to increase their market position.
In order to increase sales and aftermarket servicing in Europe, Nikkiso Co., Ltd began processing ACD pumps manufactured by the US subsidiary Cryogenic Industries Group at the European subsidiaries LEWA and Geveke in December 2019.
Pump maintenance, oxygen cleaning, a pump exchange program, specialized inventory, product training, and 24/7 customer assistance are among the company's services.
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) | 3.5% |
Market Share of Europe | 2.7% |
Key Takeaways:
- Europe is projected to witness a moderate market size of CAGR 2.7% to create a market value of an absolute $ opportunity worth US$ 169.9 Mn during the forecast period.
- The Asia Pacific is expected to hold more than 40% of the market share for cryogenic submerged motor pumps.
- By end-user, cryogenic submerged motor pumps for oil & gas segment is that the adoption by the oil & gas industry is poised to grow market size at a CAGR of 3.1% during the forecast period.
- By application, the application of cryogenic submerged motor pumps in LNG transportation was projected to grow at a CAGR of 3.8% during the forecast period.
Growth Drivers:
- Increasing natural gas transportation coupled with gas based energy plants worldwide are the primary factors affecting the cryogenic submerged motor pumps market growth.
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Competitive Landscape:
The competitive landscape of the cryogenic submerged motor pumps Market focuses on increasing use of liquefied natural gas (LNG) in the automotive and marine industry has created significant opportunities for cryogenic submerged motor pump manufacturers.
- In April 2021, Vanzetti Engineering launched VT 3 reciprocating pump. The pump is designed and manufactured in compliance with marine classification standards. Furthermore, the pump is available in the triple configuration.
Key Companies Profiled by Fact.MR
- Ebara Corporation
- Vanzetti Engineering
- Hunan Neptune Pump Co., Ltd
- Shinko IND., Ltd.
- Cryostar
- CYY Energy
- HuzhouBrightwayCryogenic Equipment Co., Ltd
More valuable insights on the Cryogenic Submerged Motor Pumps Market:
Fact.MR, in its report, offers a market analysis of the global cryogenic submerged motor pumps Market the forecast period through 2022 and beyond. This survey reveals the growth of sports in the cryogenic submerged motor pumps Market with detailed segmentation as follows:
- By Product
- 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
- By Application
- LNG-based Cryogenic Submerged Motor Pumps
- LPG-based Cryogenic Submerged Motor Pumps
- Industrial Gases-based Cryogenic Submerged Motor Pumps
Key Questions covered in the Cryogenic Submerged Motor Pumps Report
How much is the cryogenic submerged motor pumps industry worth?
At what rate will the cryogenic submerged motor pumps industry grow from 2022-2032?
How much is the cryogenic submerged motor pumps market like to be valued by 2032?
What are the key trends driving cryogenic submerged motor pumps market sales?
Who are the prominent cryogenic submerged motor pumps market players?
Which type of end user is expected to hold the highest share for sales?
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