With the increase in industrialisation and power demand, the use of cryogenic equipment is on the rise as it can be used in several high end and non-cyclical applications. That’s according to Research and Markets, which also cites the increase in the exploration and production of conventional and shale reserves as driving demand.
This concurs with a report from MarketsandMarkets, which projects the global cryogenic equipment market to grow from an estimated $16bn in 2016 to just over $22.4bn by 2021, a compound annual growth rate (CAGR) of 6.7% in this timeframe.
For cryogenic pumps in particular, the global market is projected to witness high growth on account of rising power generation from renewables. Research and Markets projects the cryogenic pump market to reach $1.96bn by 2021, at a CAGR of 3.2% from 2016 through to 2021, attributed to increasing demand for LNG from sectors such as power generation, as well as demand for medical gases in healthcare facilities. Among the various applications for which cryogenic pumps are employed, the energy and power segment is expected to be the largest market.
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