The Cryogenic Pump Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cryogenic Pump Global Market Report 2024, The cryogenic pump market size has grown strongly in recent years. It will grow from $2.27 billion in 2023 to $2.42 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to growth in industrial gas applications (e.g., lng, lpg, liquid nitrogen), expansion of the healthcare and medical gases market, increased demand for cryogenic equipment in aerospace and defense, rising adoption of lng as a cleaner fuel alternative, growth in food processing and cryogenic cooling applications.
The cryogenic pump market size is expected to see strong growth in the next few years. It will grow to $3.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to adoption of hydrogen as a green energy carrier, demand for cryogenic pumps in superconducting applications, growth in biotechnology and pharmaceutical cryopreservation, market growth in emerging economies and developing regions, focus on sustainable and environmentally-friendly cryogenic solutions. Major trends in the forecast period include advancements in energy storage and transportation technologies, technological innovations in cryogenic pump design and efficiency, cryogenic pumps for hydrogen applications, adoption of cryogenic pumps in cryopreservation, integration of variable frequency drives (vfds).
The rise in electricity generation from renewable resources is expected to propel the growth of the cryogenic pump market going forward. Electricity generation from renewable resources refers to clean energy that is collected from renewable resources such as biomass energy, hydropower, geothermal power, wind energy, and solar energy. Cryogenic pumps are used to generate renewable electricity by the depressurization of high-pressure gases using power production equipment, resulting in the generation of electricity. For instance, in 2023, according to the Government Digital Service, a UK-based government body, in Quarter 2 2023, the percentage of power produced by renewable sources was 42.1%, above both the share produced by fossil fuels (38.8%) and the same quarter the previous year (38.7%). Therefore, the rise in electricity generation from renewable resources is driving the growth of the cryogenic pump market.
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The cryogenic pump market covered in this report is segmented –
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 Petro Chemical, Marine, Other End-Users
Technological innovation is the key trend gaining popularity in the cryogenic pump market. Major companies operating in the cryogenic pump market are focused on developing new technological solutions to strengthen their position. For instance, in December 2021, Edwards Vacuum, a UK-based company and provider of cryogenic pumps, launched a new cryopump for semiconductor applications, the CTI-Cryogenics On-Board IS 320F XVS. This product has unique features such as intelligent self-adjusting technology, variable speed motor and control system, and cryogenic heat load compensation that are designed to provide stable, consistent vacuum performance between regenerations. It is a sophisticated system control that ensures better process quality, vacuum consistency, and uptime while also delivering real-time system information for optimal array temperature management.
The cryogenic pump market report table of contents includes:
1. Executive Summary
2. Cryogenic Pump Market Characteristics
3. Cryogenic Pump Market Trends And Strategies
4. Cryogenic Pump Market – Macro Economic Scenario
5. Global Cryogenic Pump Market Size and Growth
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26. South America Cryogenic Pump Market
27. Brazil Cryogenic Pump Market
28. Middle East Cryogenic Pump Market
29. Africa Cryogenic Pump Market
30. Cryogenic Pump Market Competitive Landscape And Company Profiles
Top Major Players:
- Ebara Corporation,
- Fives Group SAS
- Nikkiso Co Ltd
- Parker-Hannifin Polimer Kauçuk San
- A.S Technologies
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