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Drivers:

• The Industrial Gases and LNG-related Business is accelerating globally of its efforts to transition to a carbon-free society.
• Due to the tightening of environmental laws in the oceans, orders for LNG-powered tankers and carriers are increasing significantly.
• The rising demand for smartphones and electric vehicles has increased cryogenic pumps sales in the electronic component manufacturing businesses.
• Stricter government policies and regulations in each country to promote the transition to carbon-free societies has increased the need for clean gases.
• Due to technological innovation, there is an expansion in demand for specialized cryogenic pumps in fields such as semiconductors.
• Increasing demand for liquified medical gases such as Oxygen, Nitrogen, Argon, Helium, and others.

Cryogenic Pump:

A Cryogenic pump or cryopump is defined as a vacuum pump that captures the gas by surfaces cooled to temperatures below 120 K. Cryogenic pumps are essential tools to power up several processes involving pure and mixed industrial gases.

Cryogenic pumps are designed to pump coolants and cryogenic liquids. They are designed to endure and function at sub-zero temperatures. Cryogenic pumps are hermetically sealed to prevent heat leakage from the motor or contamination of the cryogenic fluid by process fluids.

Cryogenic pumps can be welded or attached to dewars and cryostats, among other cryogenic equipment.

A dewar is a specifically insulated container used to store liquefied gases such as liquid nitrogen, which is used as a cryogenic cooling. A cryostat is a device that keeps the coolant at a constant temperature.

The cryogenics pumps are classified into Centrifugal pumps and Positive displacement reciprocating Pumps based on their operation type.

General Applications:

Cryogenic pumps are utilized in applications that require the transportation of low-temperature liquids. Liquid natural gas (LNG), liquid nitrogen, liquid helium, and liquid oxygen are all produced and transported using cryogenic pumps.

Cryogenic pumps are used in vehicles that use liquefied natural gas or in the liquid hydrogen propellant system in a rocket. They are also used in metal processing plants and applications where very pure substances must be produced or extracted. This makes them useful in the semiconductor industry, electron microscopy, and mass spectrometry. Moreover, they are sometimes used to pump speciality heat transfer fluids that operate at extremely low temperatures.

Applications of cryogenic centrifugal pump:

• LNG peak-shaving at power plants
• Bunkering operations – ship-to-ship and barge-to-ship
• Low-pressure marine fuel systems
• Liquid storage transfer
• Pipeline feed
• Floating Storage Regasification Unit (FSRU) loading/off-loading
• Railcar tender car loading and unloading.

Applications of cryogenic Reciprocating pump:

• Heavy-duty Cylinder filling
• Cylinder-filling applications (liquid Nitrogen, liquid Oxygen, liquid argon) 
• Carbon dioxide (CO2) and Nitrogen Oxide (N2O) filling stations 
• Liquefied natural gas (LNG) applications (e.g., Fuel Gas Supply System (FGSS) and LNG filling stations) 
• High-pressure pumping systems
• Medium-duty Storage filling

Restraints:

• Rising prices of natural gas.
• Ongoing crisis with the shortage of semiconductors has affected the electronic industry.

Recent Developments:

• On January 21, 2021, Fives Group was awarded a contract by a Chinese EPC Engineering, procurement, and construction (EPC) Company to supply 13 cryogenic centrifugal pumps for a new Air Separation Unit (ASU) project with an oxygen production capacity of over 2,000 tons per day. 
• On November 10, 2021, Ebara Corporation’s Elliot Group completed its new USD 60 million state-of-the-art cryogenic pumps testing facility in Jeannette, Pennsylvania. 

Opportunities:

• Providing solutions to fuel equipment with cryogenic clean energy such as LNG – Middle East, North Africa, Americas, Europe, and Asia.
• High growth potential globally in the medical industry for MRI applications and medical gases. 
• Increased demand for cryogenic pumps in the electronics industry as more data centres are established – Asia and the United States. 

Cryogenic centrifugal pump market for LNG Application:

LNG Bunkering:

Marine Fuel: As stronger environmental laws are implemented at local and international levels to decrease emissions; many marine vessel owners are exploring utilizing cleaner alternative bunker fuels to comply.

Starting from January 2020, the International Maritime Organization (IMO) established a new global sulfur content restriction of 0.50 percent in ship fuel. Implementing a sulfur content cap on marine bunker fuel has accelerated the transition to LNG-fueled ships by requiring the installation of new machinery (or conversion where practicable) and the building of associated infrastructure.

There are several ways to fuel LNG to ships, with terminal tank-to-ship, truck-to-ship, and ship-to-ship (STS) transfers being the most prevalent. In general, STS transfers from bunkering vessels can refuel gas-powered ships more swiftly and efficiently than side truck-to-ship LNG transfers.

The global operating LNG bunkering vessel fleet has grown to 22 units as of early 2021, of which nearly 70 percent of LNG bunkering vessels are based in Europe.

Most of the operational bunkering vessels were added in the last few years, with nine added between 2017 and 2018 and another seven added between 2019 and 2020. The standard capacity of LNG bunkering vessels has expanded over time, from 1,000 cubic meters to around 20,000 meters in LNG fuel capacity in recent newbuilds.

However, in other world regions, such as Asia and North America, the market is seeing continuous development.

Many markets in the Asia-Pacific, including Singapore, Japan, and South Korea, are planning to build LNG bunkering infrastructure, indicating a rise in LNG demand as a marine fuel in the region. The United States is anticipated to become a major player in the LNG bunkering business.

LNG Regasification Terminals:

As global LNG trade grows, more regasification capacity is expected to be added in both established regions and new import markets. Globally, the top 5 spots for the largest importers of LNG remain to be in Asia-Pacific with Japan (74.43 MT), China (68.91 MT), South Korea (40.81 MT), India (26.63 MT), and Chinese Taipei (17.76 MT).

The Asia-Pacific market continues to see rapid expansion in demand. In 2020, China, Chinese Taipei, India, and Myanmar increased their regasification capacity significantly. Despite the effects of geopolitics on demand and supply, worldwide LNG trade increased for the second year in a row in 2020, reaching 356.1 MT.

In 2020, Asia, notably China, saw many new regasification projects approved and begin construction, indicating a high market demand for LNG in the region. These projects give rise to cryogenic pumps market in the LNG sector.

Top 5 Countries for Importing and Exporting LNG in 2020:

Cryogenic Reciprocating pump market for filling:

LNG fuelling Stations:

LNG is the most common type of natural gas used as a transportation fuel for long-distance heavy-duty vehicles. This rapid increase in fuel consumption can be attributed to strong government initiatives in Asia and Europe to shift away from diesel-powered vehicles and toward alternatives to address deteriorating air quality.

Since the introduction of LNG as an alternative fuel for heavy-duty vehicles in the early 2010s, China has become the world's largest market for LNG as a road fuel. In recent years, heavy-duty vehicles have grown as LNG-powered buses and trucks are a better alternative to diesel for the environment considering the difficulties in electrifying heavy-duty vehicles.

LNG station development activity increased dramatically in 2013 and is expected to continue in LNG-focused markets such as China, Italy, and Argentina.

Europe is expected to expand its LNG infrastructure to support the growth of natural gas as an automotive fuel, particularly for heavy-duty vehicles, as part of the European Union's Green Deal plan to achieve carbon neutrality by 2050. Accounting for 40% of all LNG refueling stations, Italy and Spain currently have Europe's largest LNG refueling network.

Liquid-to-gas cylinder filling station:

In the Liquid-to-gas cylinder filling station, liquefied air gases such as liquid oxygen (LOX), liquid nitrogen (LIN), and liquid argon (LAR) can be filled into cylinders as a gas using cryogenic equipment. A cryogenic pump pressurizes the liquefied gas from the cryogenic storage tank into the vaporizer, turning it from liquid to gas.

The gas is further distributed to the cylinder filling ramp. The gas control panel is installed between the vaporizer and filling ramp and monitors the pressure and temperature of the gas. The signals from the pump, pressure transmitter, and temperature probe of the gas control panel are processed by the electric cabinet, which controls the pump's output.

The Liquid-to-gas cylinder filling station can be found in various applications such as food industry, welding, hospitals, pharmaceuticals, and others.

Blackridge Research's Global Cryogenic Pump Market report provides insights into the current global and regional Global market demand scenario and its outlook.

This study offers a detailed analysis of various factors instrumental in affecting the Global Cryogenic Pump market's growth. The study also comprehensively analyses the market based on configuration (Centrifugal Pump and positive displacement reciprocating pump) and on geography (North America, Europe, Asia-Pacific, and the Rest of the world).

This report also includes the latest market trends, drivers and restraints, present and future opportunities, new projects, the global impact of geopolitics on the Global Cryogenic Pump market, and significant developments.

Further, the report will also provide Global Cryogenic Pump market size, demand forecast, and key competitors in the market.