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Driven by the increase in natural gas demand, the cryogenic submersible pump market will reach 2.5 billion US dollars
In its new research, Fact.MR provides a comprehensive overview of pricing analysis and trends in the global cryogenic submersible motor pump market. In addition, it also highlights detailed information on major growth opportunities, driving factors and constraints in major regions, including products, end-uses and applications in major regions.
New York, December 14, 2021/PRNewswire/-According to Fact.MR estimates, the global cryogenic submersible motor pump market is expected to reach US$2.5 billion, and it will grow at a compound annual growth rate of 3.5% from 2020 to 2030 . The market will be driven by the increasing global gas transportation activities.
Cryogenic submersible motor pumps help transport liquefied gases, such as LPG and LNG. They have many beneficial features, such as high pump efficiency and automatic axial thrust balancing mechanism.
According to Fact.MR, the rapid development of LNG filling stations is expected to create new growth opportunities for major players in the global market. In addition, the number of agreements signed between several major companies to jointly develop new LNG bunkering services continues to increase, which is also expected to boost the market.
For example, in September 2021, Sumitomo Corporation, Arkas Bunkering and BOTAŞ signed an agreement to make Turkey a major hub for LNG supply. The agreement will also help keep up with the new regulations of the International Maritime Organization (IMO) on reducing marine fuel emissions.
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"It is expected that the increased use of cryogenic gases in the shipbuilding industry will drive the growth of this market. In addition, the reduced internal leakage, reliable performance, easy maintenance and high efficiency of cryogenic submersible motor pumps will also contribute to the growth of the market," Fact.MR The analyst said.
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Major players in the global cryogenic submersible motor pump market are focusing on expanding their business to strengthen their global influence. At the same time, some other players are launching new products and services, such as pump replacement, oxygen cleaning and pump repairs, to expand their customer base.
The main players in the cryogenic submersible motor pump market include:
More valuable insights on the cryogenic submersible motor pump market
Fact.MR conducted a fair analysis of the cryogenic submersible motor pump market, providing historical demand data (2009-2019) and forecast statistics for the period 2020-2030. The study revealed convincing insights into the global cryogenic submersible motor pump market, and detailed breakdowns based on the following:
Cryogenic submersible motor pump market report covers key issues
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Reciprocating pump market forecast-The reciprocating pump market is expected to grow significantly. The global demand for oil and natural gas, especially the petrochemical industry, is affecting the expansion of the reciprocating pump market. The increasing demand for oil and natural gas has opened up new markets for various industrial commodities including reciprocating pumps. Current trends, such as the gradual increase in the use of smart pump systems, have had an impact on the sales of reciprocating pumps.
Oil and Gas Pump Market Report-As the demand for oil and gas increases, so does the demand for equipment such as oil and gas pumps. End users in the oil and gas industry require efficient oil and gas pumps to ensure smooth operation and compliance with strict emission regulations. Centrifugal pumps are widely used by oil and gas terminal customers because of their low product and maintenance costs, as well as superior load and pressure handling capabilities. As part of the application of multiphase pumps, centrifugal pumps are in great demand in the upstream oil and gas industry.
Canned motor pump market insight-According to Fact.MR, as the market recovers, the global canned motor pump market is expected to develop slowly. At the same time, those manufacturers that can increase production are facing chaos in the supply chain. Therefore, the global canned motor pump industry has been hit hard, posing a potential threat of dormancy in the near future. As the impact of COVID-19 diminishes, in the long run, the market is expected to recover and open up major prospects.
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