Italian cryogenic equipment manufacturer for the LNG and air gas markets Vanzetti Engineering reports €33 million of revenue for fiscal year 2023, and an advance order book of €62 million.
Representing CAGR of over 20 per cent, the company's performance last year exceeded an industry average of around 10 per cent for the cryogenic pump sector.
Vanzetti reports growth in Asia was a key driver, with the region accounting for 70 per cent of total orders.
Europe, where the company has strengthened its presence in the marine and biogas sectors, and maintained its historic exposure to the automotive market, accounted for the remainder with sales of the ARTIKA submerged cryogenic pump range and VT-3 Series of duplex high-pressure reciprocating pumps used by the marine sector (a derivative of the company's VT-1 Series of automotive and industrial gas pumps), leading the way.
Future projects
The company has cautioned about the slow recovery of the European automotive LNG market in the face of geopolitical influences including incentivisation of Electric Vehicles (EV) manufacturers by governments.
New project announcements include development of a family of retractable pumps for the "Small Scale LNG Terminal" market; as well as access to new segments of the marine dual fuel market through the strengthening of its high and low pressure product range.
Vanzetti also aims to regain market share in the industrial gases sector, and is planning strategic investments for expansion into new geographical markets including Asia and North America following the development of a new multifunctional nitrogen test bench.
Vanzetti Engineering has become a member of several trade and industry bodies including The Federation of Italian Companies for Aerospace, Defence and Security (AIAD), the Italian Space Agency (ASI), and region-specific initiative DAP which represents Piedmontese companies operating in the aerospace sector.
