CHICAGO, May 30, 2022 /PRNewswire/ — According to the new market research report “Cryogenic Pump Market by Orientation, Design (Submersible, Non-Submersible), Type, Cryogen (Nitrogen, Argon, Oxygen, LNG, Helium, Hydrogen), End User (Energy & Power, Chemicals, Metallurgy, Healthcare & Pharmaceuticals) & Region – Global forecast to 2027″, published by MarketsandMarkets™, the Cryogenic Pump Market is projected to reach USD 1.5 billion by 2027 from an estimated market size of USD 1.2 billion in 2022, at a CAGR of 4.6% during the forecast period. The rise in demand for cryogenic pumps from the energy & power industry, especially the oil & gas sector, is the primary driver of market growth. On the contrary, the volatility in raw material prices and interference from gray market players restrain the growth of the market.
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Nitrogen: The largest segment of the Cryogenic Pump Market, by equipment
The Cryogenic Pump Market, by cryogen, is segmented into nitrogen, argon, oxygen, LNG, helium, hydrogen, and other cryogens. Other cryogens include nitrous oxide, ethylene, and carbon dioxide. The nitrogen segment is expected to hold the largest size of the market for Cryogenic Pump Market. The high market share of the nitrogen segment can be attributed to the high demand for liquified nitrogen from the energy & power and electronics industries.
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