Demand of Cryogenic Submerged Motor Pumps for LNG Handling to Grow by 3.8% through 2031: Fact.MR
Investment in LNG Infrastructure Pushing Cryogenic Submerged Motor Pumps Sales in China, Japan
DUBAI--(Korea Newswire) October 13, 2021 -- The sales of cryogenic submerged motor pumps are estimated to surpass US$ 2.4 Bn by the end of 2030. Increasing application of cryogenic gases across marine and automobile sectors in China and Japan is set to boost demand for cryogenic submerged motor pumps. Fact.MR has forecast the market to register a CAGR of 3.5% over the forecast period from 2020 to 2030.
Rapid growth in the production and exploration of natural gas will create scope for expansion in China. The market also will gain from the surging application of liquefied natural gas (LNG) across a multitude of fields such as power generation, manufacturing, and pharmaceuticals among others.
Cryogenic submerged motor pumps are used for transportation, loading, and unloading of LNG. Increasing investment in LNG bunker stations will create the scope of a sale for these pumps in China. Recently, China's state-controlled CNOOC has signed an agreement with Guangdong Shipping Group and China State Shipbuilding (CSSC) to provide LNG as bunker fuel for fifty carriers that shipping firms in China will design and built.
In 2021, China also launched its first maiden LNG bunker vessel in Dalian to service ships passing waters of East China. These developments in the LNG sector will create impressive scope for the application of cryogenic submerged motor pumps.
Spurred by rising concerns pertaining to environmental health, LNG is extensively used as a petrol and diesel alternative. According to a report by the International Gas Union (IGU), in 2018, the demand for liquefied natural gas was reported over 24 million metric tons in China, with industrial application accounting for 46% of the overall demand. This also is indicative of the high scope for expansion of the market in China in the coming years.
“Increasing investment in industrial and power generation sectors for storage, regasification, and transportation of cryogenic gases such as nitrogen, oxygen, and liquefied natural gas across China and Japan will bode well for the market in the Asia Pacific,” says a Fact.MR analyst.
Japan’s Initiatives to Develop Liquefied Natural Gas Bunkers to Remain at Epicenter of Market Growth
Governments of several nations are providing subsidies to encouraging investment in liquefied natural gas. For instance, in July 2018, the government of Japan announced granting subsidies for liquefied natural gas bunkering projects.
Several leading companies are intent on capitalizing on this opportunity. For instance, Toyota Tsusho Corporation, Kawasaki Kisen Kaisha Ltd., Nippon Yusen Kabushiki Kaisha, and JERA Co. Inc., announced jointly establishing Central LNG Shipping Japan Corporation and Japan’s first liquefied natural gas bunker vessel (LBV) in September 2020. These initiatives are anticipated to create a conducive environment for cryogenic submerged motor pumps application in the country.
A number of leading market players in Japan are aiming at the expansion of their production capacity. For instance, In April 2021, Nikkiso Co., Ltd, an industrial process instruments manufacturing company headquartered in Japan, announced the commencement of a new manufacturing facility adjacent to their production test site to enhance the capability and efficiency for manufacturing cryogenic submerged motor pumps. Such developments will facilitate the growth of the cryogenic submerged motor pumps market in Japan.
Key companies operating in the cryogenic submerged motor pumps market are:
· Ebara Corporation
· Vanzetti Engineering
· Hunan Neptune Pump Co., Ltd.
· Shinko IND., Ltd.
· Cryostar, CYY Energy
· HuzhouBrightwayCryogenic Equipment Co., Ltd,
· Beijing Long March Tianmin Hi-Tech Co., Ltd.
· Nikkiso Co., Ltd
· Chengdu Andisoon
· Dalian Deep Blue Pump
· Long March Tianmin
· Wuxi Phaeton
Key Questions Answered by the Report
· The market survey highlights projected sales growth in the cryogenic submerged motor pumps market over the upcoming decade
· The report offers insight into cryogenic submerged motor pumps demand outlook for 2020-2030
· Cryogenic submerged motor pumps market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
· Cryogenic submerged motor pumps market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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