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

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.