CAGR of 3.79% during the forecast period i.e. 2018-2027.

Cryogenic Pumps are applied to condense vapors and gases on cold surfaces in order to trap them. The freezing of the gases are largely dependent on their own boiling and freezing points relative to the temperature of the cryogenic pump. Cryogenic pumps can be used for cryotrapping wherein the residence time of molecules are increased on a cold surface without actual supercooling. Due to this feature cryogenic pumps are also known as water pump, cryotrap or cold trap. The cooling of cryopumps are done either by built-in cryocoolers or with the help of compressed gases such as helium, hydrogen or use dry ice and liquid nitrogen.

North America is panned to observe substantial cryogenic pumps market growth due to rising cryogenic pumps usage in power generation. North America is anticipated to be followed by Asia-pacific in terms of consumption due to expanding cryogenic pumps requirements in healthcare and food industries. Europe is expected to drive demand and positively impact Cryogenic Pumps Market growth over the forecast period owing to increasing cryogenic pumps application in combined refrigerator/liquid cryogen pump, ITER cryopumps for thermonuclear fusion process and others over the forecast period.

In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006.

Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.

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On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:

As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation. 

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Growing Applications in Various types of Pumps

Currently the global cryogenic pumps market is observing vibrant growth on account of increasing demand of cryopreservation in the market. Advance in healthcare industry in the past few years and growing medical explorations is projected to drive cryogenic pumps market besides the wide range of functions of cryopumping in an immense range of cryogenic pumps such as bath cryopumps, refrigerator-cooled cryopumps, and supercritical helium-cooled cryopumps during the forecast period.

Increasing End-User Industries Application

The rising demand for cryogenic pumps for various processes in pharmaceutical, food, metallurgy and healthcare industries are expected to drive the market rapid over the forecast period. Application of cryogenic pumps lies in the cooling of magnets in superconductors, nitrogen for cooling crystals in synchrotron beamlines, sub-cooled nitrogen in cables for high temperature superconductors, argon for use in detectors on superconductors, and hydrogen in rocket propellant densification systems in electrical and electronic industries.

However, the cost constraints as well as lack of expertise in handling these devices across the developing regions is anticipated to serve as a major restraining factor in the growth of cryogenic pumps market.

The report titled “Global Cryogenic Pumps Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global Cryogenic Pumps market in terms of market segmentation by type, by cryogenic gas, by end-user industryand by regions.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the global Cryogenic Pumps market which includes company profiling ofSumitomo Heavy Industries Ltd., Fives S.A., Brooks Automation Inc., Ebara Corporation, Linde Group, Nikkiso Co. Ltd., PHPK Technologies Inc., Flowserve Corporation, Global Tech India Pvt. Ltd. andTechnex Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.

On the whole, the report depicts detailed overview of the global Cryogenic Pumpsmarket that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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