The cryogenic submerged motor pumps market is set to grow, driven by LNG demand despite short-term COVID-19 impacts. Europe leads but may see a share decline.
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.
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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“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
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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.
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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,
Fact.MR, in its new offering, presents an unbiased analysis of the global Cryogenic Submerged Motor Pumps market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the Cryogenic Submerged Motor Pumps market on the basis of product (centrifugal pumps & reciprocating pumps), end use (power generation, oil & gas, automotive, mining & others), and application (LNG, LPG and industrial gases) across six major regions.
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The post Leaders In Reciprocating Cryogenic Submerged Motor Pumps Market to Consolidate Their Position In Developed Countries appeared first on The Cloud Tribune.
The main topic is the growth and trends in the cryogenic submerged motor pumps market, particularly in developed countries.
The growth is driven by increased LNG and natural gas transportation, despite short-term impacts from COVID-19.
Europe currently holds the largest market share but is expected to see a decline by the end of the forecast period.
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