The cryogenic submerged motor pumps market is estimated to be valued at US$ 1,762.4 million in 2020 and add value worth US$ 714.4 million during the forecast period. Pre-COVID-19 forecast of the cryogenic submerged motor pumps market pegged at a CAGR of 3.5% for the period of 2020-2030. However, the market is expected to face a downtrend in 2020 till the COVID-19 subsides.
The production of natural gas has significantly increased as the world’s fleet of natural gas vehicles (NGVs) expands. For instance, the US produced 9.8 billion cubic feet per day more natural gas in 2019, which represents an increase of about 10% above 2018. The export of natural gas through pipelines and as liquefied natural gas (LNG) has increased as a result, significantly increasing the transportation of these gases. The US exported 12.8 billion cubic feet of natural gas daily in total in 2019, a 22% increase over the previous year. As a result, the need for cryogenic submerged motor pumps has increased.
The coronavirus epidemic is, however, impeding market expansion. Due to the COVID-19 epidemic, China, the world’s largest natural gas importer, is seeing a significant decline in LNG consumption and transfer. As a result, countries and other areas are less likely to employ cryogenic submerged motor pumps.
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Key Takeaways of the Cryogenic Submerged Motor Pumps Market Study
- The global cryogenic submerged motor pumps market is expected to grow at a volume CAGR of 3.2% during the forecast period and expand 1.4X by 2030.
- Centrifugal pumps continue to hold maximum value share and are projected to create an absolute $ opportunity of US$ 625 million during the forecast period.
- Oil & gas emerge as key end-use industry and is expected to grow at a value CAGR of 3.1% through 2030. However, the segment is expected to lose 164 BPS from its market share by the end of the forecast period.
- LNG remains a key application area of cryogenic submerged motor pumps and is expected to account for a majority share of the total market value. This category is projected to create absolute $ opportunity of more than US$ 415 million during the forecast period.
- Europe continues to hold maximum share of the global market value. However, the regional market is expected to lose 205 BPS from its market value share by the end of forecast period.
Key Segments of the Cryogenic Submerged Motor Pumps Market
Fact.MR’s study on the cryogenic submerged motor pumps market offers information divided into three key segments-product, end-use, and application across six regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Centrifugal Pumps
- Reciprocating Pumps
- Power Generation
- Oil & Gas
- Industrial Gases
- North America
- Latin America
- East Asia
- South Asia & Oceania
Manufacturers Focus on Business Expansion to Drive Growth
The global cryogenic submerged motor pumps market is highly competitive in nature. Key players are focusing on expanding their business operations through merger & acquisitions. For instance,
- In April 2019, Elliot Group completed mergers with Ebara Corporation. The merged entity became one of the four business units with Elliott Group. Elliott Group is a wholly owned subsidiary of Ebara Corporation.
- In April 2017, Nikkiso Co., Ltd acquired 100% shares of ACD LLC, Cosmodyne LLC, Cryoquip LLC, and Cryogenic Industries AG. The total cost of acquisition was US$ 437 million.
More Valuable Insights on the Cryogenic Submerged Motor Pumps Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global Cryogenic Submerged Motor Pumps market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the Cryogenic Submerged Motor Pumps market on the basis of product (centrifugal pumps & reciprocating pumps), end use (power generation, oil & gas, automotive, mining & others), and application (LNG, LPG and industrial gases) across six major regions.
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