USD 3.51 Billion
Cryogenic Pump Market Size, Share, Growth Analysis, By Type (Centrifugal Pump, Positive Displacement Pump), By Cryogen Type (Oxygen, Nitrogen), By End-user (Oil & Gas, Metallurgy), By Region -Industry Forecast 2025-2032
Report ID:
SQMIG10A2050 |
Region:
Global |
Published Date: December, 2024
Pages:
188
|Tables:
91
|Figures:
67
Cryogenic Pump Market Insights
Global Cryogenic Pump Market size was valued at USD 3.51 Billion in 2022 and is poised to grow from USD 3.89 Billion in 2023 to USD 8.83 Billion by 2031, growing at a CAGR of 10.79% during the forecast period (2024-2031).
Cryogenic pumps are designed to handle extremely low temperatures, but the claim of -1200°C is not accurate for most cryogenic pumps. The major factors driving this market include growing demand for LNG, including power generation, domestic & commercial fuel sectors, growing demand for medical gases in healthcare facilities, and electricity generation from renewable resources. Liquefied natural gas is considered as a fuel for the future due to its efficiency in transport and safety. The rapid development in the pipeline infrastructures, favorable government policies, and growing demand for LNG from natural gas are key factors that will drive the adoption of liquefied natural gases. Revolution in various fields such as automobile, pharmaceutical, power generation, and manufacturing has led to huge industrialization and urbanization, making liquefied natural gas a vital development element. The pumps help transport the gas to liquid materials at low temperature and high pressures. The global health crisis caused by the sudden spread of the novel coronavirus damaged every industry. Industries suffered significant losses in operational time due to the imposition of strict rules, such as nationwide lockdowns to limit the spread of the COVID-19 virus. Accordingly, the virus outbreak altered the demand for such pumps. As the market is majorly dependent on the natural gas industry, the industry faced the biggest collapse in a long time, impacting the product's investments. The excess supply and low demand for natural gas forced leading gas companies to temporarily reduce production activities, which ultimately led to a fluctuation in natural gas prices.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Centrifugal Pump
Fastest Growth
Positive Displacement Pump
Growth Rate
10.79% CAGR
Global Cryogenic Pump Market ($ Bn)
Country Share for North America Region (%)
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Cryogenic Pump Market Segmental Analysis
Global cryogenic pump market is segmented based on type, cryogen type, end-user and region. Based on type, the market is segmented as, positive displacement pump, centrifugal pump. Based on cryogen type, the market is segmented as, nitrogen, oxygen, argon, liquefied natural gas, others. Based on end-user, the market is segmented as, oil & gas, metallurgy, power generation, chemical & petrochemical, marine, others. Based on region, the market is segmented as, North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Analysis by Type
As per cryogenic pump market analysis, the centrifugal pump segment is dominant due to its widespread application in handling large volumes of cryogenic fluids, such as LNG, oxygen, nitrogen, and argon, at varying flow rates. Their easy layout, low maintenance requirements, and the capacity to handle high-ability fluid transfers cause them the go-to solution for industries like energy, metallurgy, and healthcare. In addition, upgrades in the pumping structures, which includes thermal insulation and IoT-enabled monitoring structures, are enhancing the performance of centrifugal pumps, consolidating their dominant role. The growing demand for the LNG as a cleaner energy source, especially in regions like North America and Asia-Pacific, further boosts the adoption of centrifugal pumps.
The positive displacement pump segment, although smaller in market share which is experiencing rapid increase due to its suitability for precise handling of low-glide, excessive-stress cryogenic applications. These pumps are essential in industries in which accuracy and consistency in transfer are critical, inclusive of the chemical and pharmaceutical sectors. Positive displacement pumps are especially valuable in handling with viscous cryogenic fluids or packages requiring precise dosing, this is becoming an increasing number of crucial in specialised production techniques. Their ability to maintain consistent flow rates irrespective of pressure changes makes them an ideal choice for niche applications in the cryogenic domain.Analysis by Cryogen Type
As per the cryogenic pump market outlook, the oxygen segment is dominant which is experiencing strong growth due to increasing demand in healthcare, aerospace and energy industries. Liquid oxygen (LOX) is essential for medical applications, especially in hospitals and emergency services. Increased use of oxygen in metallurgy and gasification technologies also contributes to the growth of this segment. The energy sector uses oxygen-rich combustion systems to improve power plant efficiency, further increasing demand for cryogenic pumps which can handle liquid oxygen (LOX) and deliver it to a large-scale industrial environment.
The nitrogen segment is the largest and fastest growing in the cryogenic pump market due to its widespread industrial applications, such as pharmaceutical manufacturing, food preservation, electronics, metals etc. Nitrogen is a gas produced and consumed one of the largest applications in water. Demand for nitrogen continues to grow in areas such as essential food and beverage packaging (to keep it fresh), electronics manufacturing (in processes such as semiconductor manufacturing) and metal production (heat treatment in controlled environments). This broader application is driving demand for evaporator pumps that can safely and efficiently transport nitrogen.
Global Cryogenic Pump Market By Type (%)
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Cryogenic Pump Market Regional Insights
North America dominates the cryogenic pump market owing to well-placed infrastructure for LNG production, high utilization of industrial gases and aggressive investments in advanced technologies. This dominance is further enhanced by the presence of leading manufacturers such as Cryostar and Atlas Copco, driving innovation and offering advanced cryogenic solutions tailored to industries including healthcare, metallurgy and energy. In addition, there are stringent environmental regulations in North America that make LNG the cleanest fuel. It has been rapidly adopted as a viable option, increasing the demand for cryogenic pumps in the energy sector.
On the other hand, Asia-Pacific is the fastest growing region in the cryogenic pump market, driven by rapid industrialization, urbanization and energy expansion. Countries such as China, India and Japan are witnessing a significant increase in LNG imports to meet their growing energy demands. Asia-Pacific is also a key region for industrial gases, with high demand from manufacturing, electronics and healthcare. Governments in the region invest in LNG stations, storage facilities and distribution facilities, which require efficient cryogenic pumping systems. Also, Asia-Pacific benefits from lower manufacturing costs and increasing presence of regional players offering attractive pricing for competitive equipment.
Global Cryogenic Pump Market By Geography
- Largest
- Fastest
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Cryogenic Pump Market Dynamics
Drivers
Growing Demand for LNG as a Clean Energy Source
- The cryogenic pump market is growing due to growing emphasis on clean energy solutions. LNG is increasingly being accepted as a fuel option for electrical, industrial processes and transport due to lower carbon footprint compared to conventional fossil fuels. Cryogenic pumps in LNG supply chains are essential and enable the handling, transportation and storage of liquefied gas at a low temperature.
Increasing Investments in Steel Manufacturing
- The steel manufacturing industry is witnessing a surge in investments globally, driven by rising demand from key sectors such as construction, automotive, energy, and infrastructure development. Governments and private players are allocating significant funds to modernize existing facilities and establish new plants to meet the growing need for high-quality steel. Growing use of industrial gases driven by industries such as healthcare, metallurgy, electronics, pharmaceuticals etc. is another major driver for cryogenic pump market. Moreover, increasing investments in metal and electronics production, mainly in developing regions, are growing the need for advanced cryogenic technology to meet the growing demand for industrial gases.
Restraints
Increased Capital and Maintenance Costs
- The high initial investment required for cryogenic pump systems and their maintenance remains a significant restraint. These pumps have sophisticated designs and features that can handle extremely low temperatures, making them affordable. Furthermore, the maintenance and operational requirements of cryogenic systems are complex, requiring specialized expertise and equipment, further increasing operating costs.
Technical Difficulties in Cryogenic Pump Operation
- The use of cryogenic liquids has inherent challenges such as thermal stress, material damage, and occupational safety hazards. Cryogenic pumps can resist intense situations even while keeping excessive performance, which requires consistent technological innovation. Failure or malfunction of pump systems can cause widespread downtime, affecting productivity and profitability. These technical demanding situations act as a deterrent, specifically for enterprises that hesitate to undertake cryogenic structures because of reliability concerns.
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Cryogenic Pump Market Competitive Landscape
The cryogenic pump market is highly competitive, characterized by the presence of major global players and emerging local businesses. Market leaders focus on technological innovation, processes and product diversification to maintain their competitiveness and meet the growing demand in various industries such as LNG, industrial gas, healthcare etc. Companies such as Cryostar, Elliott Group, Atlas Copco AB and Nikkiso Co. are marketing their extensive portfolio of advanced cryogenic solutions.
Top Player’s Company Profiles
- Nikkiso Co., Ltd (Japan)
- SHI Cryogenics Group (Japan)
- Ebara Corporation (Japan)
- The Weir Group PLC (Scotland)
- Fives (France)
- Sulzer (Switzerland)
- Flowserve Corporation (U.S.)
- INOXCVA (India)
- Cryostar (France)
- Phpk Technologies (U.S.)
- Vanzetti Engineering (Italy)
Recent Developments
- In July 2024, NexGen Cryogenic Solutions, Inc. was acquired by Flowserve Corporation intellectual property program related to cryogenic liquefied natural gas (LNG) submersible pump technology, systems and packaging. The acquisition is expected to significantly enhance and expand Flowserve’s LNG product portfolio, complementing its pumps, valves, and sealing devices.
- In February 2023, Cryomotive entered a partnership with Fives to jointly develop a cryogenic pump to produce CRYOGAS hydrogen using Fives’ cryogenic reciprocating pump technology.
- In January 2022, Cryostar a specialist in cryogenic solutions, announced that it has received an order for NeoVP vertical pumps for the market. These pumps will be installed in air separators.
Cryogenic Pump Key Market Trends
- Integration of Automation and IoT in Cryogenic Pumps: The use of automation and Internet of Things (IoT) technologies is a growing trend in the cryogenic pump market. Advanced cryogenic systems equipped with IoT sensors and monitoring tools enable real-time inspection, predictive maintenance, and improved operational efficiency. Automation reduces manual work, reduces operational risk, and ensures accurate control of cryogenic processes.
- Increasing Focus on Energy-Efficient Solutions: Energy efficiency is key in the design and manufacture of cryogenic pumps. Companies are actively seeking solutions to reduce energy consumption without compromising efficiency, driven by rising energy costs and sustainability goals. Manufacturers have developed heat pumps with high thermal efficiency and low power requirements to meet this requirement. This cryogenic pump market trend is particularly evident in LNG applications, where energy-efficient pumping helps reduce overall project costs and environmental impact.
Cryogenic Pump Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the cryogenic pump market is driven by the growing demand for LNG as a clean energy source and the expanding market. In addition to focusing on energy-efficient solutions, emerging trends such as automation and IoT integration are reshaping the market landscape. As industries prioritize sustainability and efficiency, the cryogenic pump market is poised for significant innovation and expansion in the coming years. With the rising demand for liquefied natural gas, the demand to control, transport, and handle liquefied natural gas has seen a surge in the demand for equipment.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.51 Billion |
| Market size value in 2031 | USD 8.83 Billion |
| Growth Rate | 10.79% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cryogenic Pump Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cryogenic Pump Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cryogenic Pump Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cryogenic Pump Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cryogenic Pump Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cryogenic Pump Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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