The global cryopumps market is projected to grow at a CAGR of 2.47% during the forecast period to reach US$1.282 billion by 2026, from US$1.081 billion in 2019. A cryopump is a vacuum pump having the capability to trap gases and vapors, via means of condensation on a cold surface. These pumps are an essential tool to power up processes that involve industrial gases, in pure or mixed forms. The prime reason supporting the market growth during the forecasted period is booming growth in the energy and power industry, coupled with other industry verticals. Moreover, technological advancement and increased investment in the market by major market players are also expected to support the market growth during the forecasted period.
Robust growth in Energy and Power Industry is expected to drive exponential demand for cryopumps during the forecasted period.
Based on the end-user industry, the global cryopump market is segmented into metallurgy, electronics, energy and power, and others. The energy and power industry is calculated to hold a significant share in the cryopump market and drive demand at an exponential rate during the forecasted period. Robust growth in the segment is projected to support the market growth. Energy and Power is a booming industry with rising demand and high investment by both government and private individuals. Moreover, the rise in renewable energy projects is expected to create substantial growth prospects for the market. The global installed capacity of renewable energy has increased from 4,197 terawatt-hours in 2010 to 7,444 tera-watt hours in 2020.
Furthermore, several upcoming projects in 2021 are expected to widen the market scope, providing stable growth. Wudongde Hydropower Station in China, for instance, is a US$15.4 billion project which is scheduled to be completed by December 2021. Inga 3 in the Democratic Republic of Congo, a US$14 billion project announced by the government in December 2019 can increase the country's capacity to generate hydro energy by 11,000 MW and will be a significant contributor. Other major upcoming projects include Keeyask Hydropower Station in Canada, Hornsea Project 2 in the UK, Ghana Wave Power Project in Ghana, and Leh and Kargil Solar Power Plant in India, Mohhamed bin Rashid al-Maktoum Solar Park in Dubai, Triton Knoll, UK, and Gujarat Solar Power Park, India. These upcoming multi-billion-dollar renewable energy projects are expected to increase the respective country’s renewable energy production and demand for cryopumps in the field.
Asia Pacific, Middle East, and Africa regions are expected to hold a dominating share of the market and are calculated to grow at the fastest rate during the study period.
Based on geography, the global cryopump market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific region. The Middle East and Africa cryopump market is predicted to grow at a significant rate owing to rising renewable energy projects. Similarly, in the Asia Pacific region, the booming growth of energy, especially renewable energy projects are predicted to provide robust growth potentials. Furthermore, in the Asia Pacific region, mushrooming growth of the electronics manufacturing industry is expected to create a promising and lucrative market for the cryopumps industry. India, China, Vietnam, and South Korea are emerging as electronics manufacturing hubs and are attracting significant investment.
The coronavirus pandemic moderately impacted the market. Owing to nationwide lockdown and halt in operations, construction and reconstruction projects were delayed, which reduced the demand for cryopumps. A halt in production across electronic and other industries also impacted the market growth. However, with economic recovery and the sanction of new projects in 2021, demand is anticipated to revive at a significant rate.
|Market size value in 2019||US$1.081 billion|
|Market size value in 2026||US$1.282 billion|
|Growth Rate||CAGR of 2.47% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Functionality, Gas Type, Type, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||SHI Cryogenic group, PHPK Technologies, Atlas Copco AB, Sumitomo Heavy Industries, Ltd., Ebara International Corporation, Cryostar, Nikkiso Cryo Inc., Vanzetti Engineering S.p.A.|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What is the size of the global cryopumps market?
A1. Cryopumps Market was valued at US$1.081 billion in 2019.
Q2. What are the growth prospects for the cryopumps market?
A2. The cryopumps market is projected to grow at a CAGR of 2.47% during the forecast period.
Q3. What will be the cryopumps market size by 2026?
A3. The global cryopumps market is projected to reach a total market size of US$1.282 billion by 2026.
Q4. What factors are anticipated to drive the cryopumps market growth?
A4. The prime reason supporting the cryopumps market growth during the forecasted period is booming growth in the energy and power industry, coupled with other industry verticals.
Q5. Which region holds the maximum market share of the cryopumps market?
A5. Asia Pacific, Middle East, and Africa regions are expected to hold a dominating share of the cryopumps market.
SHI Cryogenic group
Atlas Copco AB
Sumitomo Heavy Industries, Ltd.
Ebara International Corporation
Nikkiso Cryo Inc.
Vanzetti Engineering S.p.A.
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