The Cryogenic Pumps Market size is projected to reach US$ 5.15 billion by 2031 from US$ 2.9 billion in 2023. The market is expected to register a CAGR of 7.02% in 2023–2031. Increased use of cryogenic pumps for liquified natural gas (LNG) transportation is one of the recent trends in the cryogenic pump industry. The adoption of LNG systems in the marine sectors has increased notably, which is further driving the demand for cryogenic pumps.
The global cryogenic pumps are experiencing steady growth owing to continuous research and development activities by cryogenic pump manufacturers. The energy and power industry has a higher adoption of cryogenic pumps compared to healthcare, chemical, and others. The demand for oil, LNG, and LPG has increased owing to continuous growth in the industrial sector. Thus, transportation of such commodities has increased in the past few years. Cryogenic pumps are prominently used in the transportation of oil, LNG, and LPG owing to their operational efficiency. Increased transportation directly affected the demand of the cryogenic pumps positively.
Owing to industrialization, the demand for energy increased globally. As per the data published by the United Nations in 2023, globally, 2.3% of the growth was witnessed in the industrial sector, in which manufacturing accounted for the highest growth rate of 3.2%. In addition, in 2000, the leading industrial economies filed 84% of the patents of the industrial sector globally, that is, developed nations; however, in 2022, 54% of the total patents were filed by the middle-income industrial economies that are developing economies. This shows the increased industrialization in developing economies. Such growth led to increased use of oil and LNG, ultimately driving the cryogenic pumps to maintain the pressure and natural state of the commodities.
The consumption of industrial gases such as nitrogen, oxygen, and LNG, among others, has increased notably as the food and beverage industry is growing, owing to increased demand for food globally. The adoption of nitrogen gas has increased as it helps in food packaging to improve overall shelf life. Apart from nitrogen, the demand for oxygen has also grown in the medical, water treatment, and chemical industries. Oxygen in the water treatment industry is used mainly for the ozone and aeration. In contrast, in the chemical industry, oxygen is used as a chemical reactant for the production of sulphuric acid. The demand for the gas mentioned above in such applications has increased owing to rapid industrialization, ultimately driving the demand for cryogenic pumps for handling, storage, and transportation activities.
Globally, the adoption of the IoT and computation technology is increasing significantly. Almost every industry is using advance computation technology such as machine learning, IoT, and artificial intelligence. Thus, the demand for advanced computation hardware is growing rapidly. Cryogenic pumps are extensively used for the handling and storage of cryogenic gases. Cryogenic gases such as helium, nitrogen, helium, and agon are widely used in the semiconductor and electronic industry for a wide range of processes such as deposition, lithography, etching, doping, and annealing, among others. Thus, for the proper storage and handling of cryogenic gases the adoption has increased. Hence, the increasing adoption of new computation technologies, sensors, and devices across industries is projected to create lucrative opportunities for cryogenic pumps in the near future.
Key segments that contributed to the derivation of the Cryogenic Pumps Market analysis are type, gases, and industry.
The geographic scope of the Cryogenic Pumps Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific dominated the global cryogenic power market. One of the factors that are driving the market growth is the increasing use of industrial gases in the region. Asia Pacific cryogenic region is further categorized by countries into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The industrial growth in China, Japan, South Korea, and India is significant. China has become one of the top manufacturing hubs in the world, whereas South Korea has become one of the major suppliers of the semiconductor industry. On the other hand, India is projected to grow with the highest CAGR during the forecast period as the Indian government is taking a variety of initiatives to promote its manufacturing sector.
The regional trends and factors influencing the Cryogenic Pumps Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cryogenic Pumps Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.9 Billion |
| Market Size by 2031 | US$ 5.15 Billion |
| Global CAGR (2023 - 2031) | 7.02% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Cryogenic Pumps Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Cryogenic Pumps Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Cryogenic Pumps Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for cryogenic pumps and strategies:
The “Cryogenic Pumps Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: