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What are the Projections for the Cryogenic Pump Market Size and Growth?
The cryogenic pump market size has witnessed significant growth in recent years. It is projected to grow from $2.4 billion in 2024 to $2.54 billion in 2025, representing a compound annual growth rate (CAGR) of 6.1%. The growth during this period can be attributed to the expansion of industrial gas applications such as lng, lpg, liquid nitrogen, and the growth of the healthcare and medical gases market. Furthermore, the increasing demand for cryogenic equipment in aerospace and defense, rising adoption of lng as a cleaner fuel alternative, and growth in food processing and cryogenic cooling applications have also contributed to the market growth.
The cryogenic pump market size is set for strong growth in the next few years, projected to reach $3.26 billion in 2029, growing at a CAGR of 6.4%. The forecasted growth can be attributed to the increasing adoption of hydrogen as a green energy carrier, growing demand for cryogenic pumps in superconducting applications, and expansion in biotechnology and pharmaceutical cryopreservation.
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What is Driving the Growth of the Cryogenic Pump Market?
The key growth driver of the cryogenic pump market is the rise in electricity generation from renewable resources. Electricity from renewable resources refers to clean energy sourced from renewable resources such as biomass energy, hydropower, geothermal power, wind energy, and solar energy. Cryogenic pumps are used in the generation of renewable electricity through the depressurization of high-pressure gases using power production equipment. The increasing share of power produced by renewable sources is consequently driving the growth of the cryogenic pump market.
What Are the Major Segments within the Cryogenic Pump Market?
The cryogenic pump market primarily consists of the following segments:
1) By Type: Positive Displacement Pump, Centrifugal Pump
2) By Cryogen Type: Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Other Cryogen Type
3) By Orientation: Horizontal, Vertical
4) By End-User: Oil And Gas, Metallurgy, Power Generation, Chemical And Petrochemical, Marine, Other End-Users
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Who are the Key Players in the Cryogenic Pump Market?
Major companies operating in the cryogenic pump market include Ebara Corporation, Fives Group SAS, Nikkiso Co Ltd., Sumitomo (SHI) Cryogenics of America Inc., Trillium Flow Technologies, Barber-Nichols, CryoVation LLC., ChampionX Production Systems Technologies LP, KRYTEM Cryogenic Systems, Sehwa Tech Inc., Vanzetti Engineering S.p.A., Xinxiang Chengde Energy Technology Equipment Co.Ltd., Brooks Automation Inc., Cryostar SAS, Flowserve Corporation, Linde AG, Chart Industries Inc., Cryoquip LLC, Atlas Copco AB, INOXCVA, Hydro-Pac Inc., Pentair plc, Advanced Thermal Products Inc., Acme Cryogenics, Surrey Pumps Ltd., HSME Corp., CIRCOR International Inc., Dk-Tech Corporation, Hangzhou Chuankong General Equipment Co. Ltd., Taylor-Wharton International LLC, ACD LLC.
What are the Key Trends in the Cryogenic Pump Market?
Technological innovation stands out as a key trend in the cryogenic pump market. Major companies operating in the sector are focusing on developing technologically advanced solutions. For instance, in January 2023, Nikkiso Cryo Pump Series introduced new models designed with improved sealing technology and reduced energy consumption for increased efficiency in hydrogen and LNG applications.
Which are the Fastest Growing Regions in the Cryogenic Pump Market?
In 2024, Asia-Pacific was the largest region in the cryogenic pump market and is expected to experience the fastest growth in the forecast period. The cryogenic pump market report covers other significant regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What does the Cryogenic Pump Market Report 2025 Offer?
The Cryogenic Pump Market research report from The Business Research Company offers insights into the global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. The cryogenic pump is a crucial tool for various operations that use pure and mixed industrial gases.
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