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.
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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.
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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.
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,
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- 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.
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