The Global Cryogenic Submerged Motor Pumps Market Is Anticipated To Grow At A CAGR Of 3.5% During The Forecast Period

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.

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As the global fleet of natural gas vehicles (NGVs) grows, there has been a significant upsurge in the production of natural gas. For instance, in 2019, the US natural gas production grew by 9.8 billion cubic feet per day which is accounted for around 10% growth as compared to the previous year. This in turn, has boosted the export of the natural gas through both pipelines and as liquefied natural gas (LNG) which has caused a major upswing in the transportation of these gases. In 2019, the US exported a total of 12.8 billion cubic feet of natural gas per day, recording a 22% hike as compared to previous year. This has boosted demand for cryogenic submerged motor pumps, as these pumps play a vital role in the transportation of natural gas.

However, the coronavirus pandemic is creating a hindrance in the market growth. China, the largest importer of natural gas is witnessing a major decrease in consumption and transfer of LNG due to COVID-19 pandemic. The result is limiting the adoption of cryogenic submerged motor pumps in the nations and other regions.

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.

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“Adoption of cryogenic submerged motor pumps will be impacted and witness a downfall in the short term due to economic uncertainty created during the COVID-19 pandemic. In the long run, the market is poised to regain traction to create significant opportunities for both incumbent companies and new entrants,” says the Fact.MR analyst

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.

Product

• Centrifugal Pumps
• Reciprocating Pumps

End Use

• Power Generation
• Oil & Gas
• Automotive
• Mining
• Others

Application

• LNG
• LPG
• Industrial Gases

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Key Country-wise Inclusions

• US Cryogenic Submerged Motor Pumps Market
  • Canada Cryogenic Submerged Motor Pumps Market Sales
  • Germany Cryogenic Submerged Motor Pumps Market Production
  • UK Cryogenic Submerged Motor Pumps Market Industry
  • France Cryogenic Submerged Motor Pumps Market
  • Spain Cryogenic Submerged Motor Pumps Market Supply-Demand
  • Italy Cryogenic Submerged Motor Pumps Market Outlook
  • Russia & CIS Market Analysis
  • China Cryogenic Submerged Motor Pumps Market Intelligence
  • India Cryogenic Submerged Motor Pumps Market Demand Assessment
  • Japan Cryogenic Submerged Motor Pumps Market Supply Assessment
  • ASEAN Cryogenic Submerged Motor Pumps Market Scenario
  • Brazil Cryogenic Submerged Motor Pumps Market Sales Analysis
  • Mexico Cryogenic Submerged Motor Pumps Market Sales Intelligence

Crucial insights in the Cryogenic Submerged Motor Pumps Market research:

• Underlying macro- and microeconomic factors impacting the growth of the Cryogenic Submerged Motor Pumps Market Basic overview of the Cryogenic Submerged Motor Pumps Market including market definition, classification, and applications.
• Scrutinization of each Cryogenic Submerged Motor Pumps Market player based on mergers & acquisitions, R&D projects, and product launches.
• Adoption trend of Cryogenic Submerged Motor Pumps Market across various industries.
• Important regions and countries offering lucrative opportunities to Cryogenic Submerged Motor Pumps Market stakeholders.

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