Cryogenic pumps are widely used for powering up several processes with pure and mixed industrial gases. The cryopump absorbs and condenses gas molecules on its surface for storing all the gas molecules in the pump. It does not include anything in a vacuum chamber as it does not use oil. The speed of the cryogenic pump is high along with the other supreme features such as the capability to obtain an ultrahigh vacuum by exhausting all the gases.
A dynamic pump gives kinetic energy to the flowing fluid, accelerates the fluid's speed as it passes through the impeller, and then converts this increased speed into pressure. Such pumps more specifically utilize the centrifugal force for pumping the fluid. They are comprised of an impeller, diffuser, and casing.
The cryogenic pump market generated revenue amounting to $1,407.6 million in 2021, and it is expected to hit $1,860.1 million revenue by 2030. Moreover, cryogenic boost pumps are especially made to pump liquid nitrogen in order to increase intake pressure in order to deliver cryogenic cold ends, avoid cavitation, and increase the lifespan of the nitrogen pumping unit. It ensures the reliability of the field-proven components together with extraordinary concepts such as replaceable sleeves and double-lip seals. These features ensure the maintenance of the field without any requirement of special tools, with reduced repair costs and minimized downtime.
The extraction, processing, and delivery of oil and gas resources is not as easy as it may sound. It requires a lot of pumps and associated equipment to facilitate all the above-mentioned processes. Whether the conventional or unconventional reservoirs located in the onshore or offshore geological formations rely on pumps. Cryogenic pumps are utilized to transport fluids that need to cool, remove slurry, drilling mud control, separation of components, improve pressure, and other functions.
Moreover, cryogenic pumps are widely used in the healthcare sector, it includes healthcare facilities such as hospitals, nursing homes, and clinics. The cryogenic gases facilitate the preservation of body fluids such as cells, plasma, and blood. In addition, the manufacturing of pharmaceutical products including gel, tablets, capsules, and ointments also require cryogenic pumps due to their high resistivity and capability of operating at extreme temperatures.
Similarly, the chemicals and petrochemicals sector also uses cryogenic pumps for oxidation process, sulfur recovery, coal gasification, cool reactors, and regenerator catalysis. The worldwide expansion of the chemicals and petrochemicals sector leads to increase demand for cryogenic pumps due to infrastructural improvements with surging investments.
The top companies of cryogenic pumps are focusing on expanding themselves to improve their portfolio. For instance, Cyostar acquired an order of 15NeoVP vertical pumps for installation in China’s air separation unit in January 2022. Similarly, Nikkiso Co. Ltd planned to set up a new facility to enhance the cryogenic pump production with increased efficiency and capability in April 2021.
Therefore, the increased demand for cryogenic pumps is led by their various industrial applications and expansion of industries.