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Cryopumps Market By Pump Functionality (Centrifugal Pump, Positive Displacement Pump), By Pump Type (Bath Cryopumps, Refrigerator-Cooled Cryopumps, Supercritical Helium-Cooled Cryopumps) - Growth, Future Prospects And Competitive Analysis, 2016 - 2024

A cryopump works on the principle of closed-cycle refrigeration, where it freezes water vapor, oil, and other gases out of the atmosphere within the user's vacuum chamber or system. The cryopump freezes water and gases, which are then frozen onto the various arrays located inside the cryopump. There are several applications of cryopumps, such as the transportation and transfer of cryogenic fluids such as hydrogen, oxygen, nitrogen, argon, and liquefied hydrocarbons. According to market experts, as the demand for liquid gases increases across various industries, the application of cryopumps will also become inevitable. During the forecast period, the global demand for cryopumps is anticipated to expand at a noticeable CAGR.

The complexities and automation developing in liquid gas handling plants, as well as the increasing demand for LNG from sectors such as power generation and domestic and commercial fuel, are key factors assisting the market's growth. Along with reviving the steel industry across the globe, it is also anticipated to drive demand for cryopumps, as cryogenic gases are indispensably used to create durable steel structures. In line with cryogenic gases, LNG is anticipated to be the fastest-growing market segment during the forecast period. Its growth is attributed to the increasing application of LNG for power generation in the energy and power industries and the high usage of oil tankers for transportation in the shipbuilding industry.

The global cryopumps market is classified into the following categories:

Pump Capabilities

  • Centrifugal Pump
  • Positive Displacement Pump

Type of Pump

  • Bath Cryopumps
  • Refrigerator-cooled cryopumps
  • supercritical helium-cooled cryopumps

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

Cryopumps, also called cryogenic pumps, are designed to move coolants and cryogenic liquids. They are built to withstand and operate in extremely cold temperatures. Cryogenic pumps feature hermetically sealed designs to minimize heat leakage from the motor or contamination of the cryogenic fluid by process fluids. Cryogenic pumps are used to circulate coolant in a variety of applications, including cooling high-temperature superconducting cables or magnets, cooling synchrotron beamline crystals, and as pumps in prototype slush hydrogen applications. In 2015, refrigerated cooled cryopumps held the largest share in the cryopumps market and were expected to hold the leadership position throughout the forecast period as they are easy to apply and allow for easy and complete automation of the pumping process. Most modern cryopumps today are cooled by closed-loop mechanical refrigerators that use helium as a working fluid.

As the refrigeration power for the regenerative try processes is limited, they are used as small cryopumps. Earlier, the pumping speed for helium was very low. However, this disadvantage has been overcome, and excellent progress has been made in extending the available temperature range at the second stage to lower temperatures by integration of new rare-earth regenerator materials into the cold heads, providing up to 2 W at 4 K. The refrigerator-cooled pumps are easy to apply and allow for easy and complete automation of the pumping process, as storage or transfer systems for liquid cryogens are no longer needed. Refrigerated-cooled cryopumps held the largest market in 2015 and are anticipated to grow at the highest growth rate during the forecast period due to their pumping speed and accessibility.

In 2015, Asia Pacific accounted for the largest revenue share of 36.7% in the overall cryopumps market, followed by Europe and North America. Japan, China, India, South Korea, and Taiwan are the top 5 importers of LNG in the global market. This is the primary reason behind the dominance of Asia Pacific in the global cryopumps market. In addition, increasing investment in renewable energy generation plants is a major factor influencing demand for cryopumps. Moreover, continuous steady growth in the chemical, oil, and gas industries and the cold chain industry in China, India, and Southeast Asian countries is also boosting the demand for cryogenic gases and cryopumps.

The majority of growth is expected in China, India, and Southeast Asia countries due to increasing industrialization and rising demand for industrial gases in these countries. Asia Pacific has a huge potential market for cryopumps and is expected to witness the fastest growth through the forecast period. From its current share of 38.5% in 2015, the Asia Pacific market is expected to grow to 38.5% by 2024.

Frequently Asked Questions:

The market for Cryopumps Market is expected to reach USD 2.03 Bn By 2024.

The Cryopumps Market is expected to see significant CAGR growth over the coming years, at 3.4%.

The report is forecasted from 2016-2024.

The base year of this report is 2015.

Brooks Automation Inc., Fives S.A., PHPK Technologies Inc., Sumitomo Heavy Industries Ltd. are some of the major players in the global market.

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Godaddy
Published Date:  Apr 2017
Category:  Automation & Process Control
Report ID:   58394
Report Format:   PDF
Pages:   120
Rating:    4.7 (70)
Delivery Time: 24 Hours to 48 Hours   
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