Cryogenic Pumps Market 2021-2031: Market Share and Forecast
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.
Cryogenic Pumps Market Analysis
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.
Cryogenic Pumps Market Overview
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.
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Cryogenic Pumps Market: Strategic Insights
Market Size Value in US$ 1.86 Billion in 2018 Market Size Value by US$ 2.82 Billion by 2027 Growth rate CAGR of 4.9% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Cryogenic Pumps Market: Strategic Insights
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Market Size Value in | US$ 1.86 Billion in 2018 |
Market Size Value by | US$ 2.82 Billion by 2027 |
Growth rate | CAGR of 4.9% from 2019-2027 |
Forecast Period | 2019-2027 |
Base Year | 2019 |
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Cryogenic Pumps Market Drivers and Opportunities
Increased demand for industrial gases
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.
Growing semiconductor and electronic industry
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.
Cryogenic Pumps Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Cryogenic Pumps Market analysis are type, gases, and industry.
- Based on type, the Cryogenic Pumps Market is divided into centrifugal and positive displacement. The centrifugal pumps segment held a larger market share in 2023.
- By gases, the market is segmented into LNG, nitrogen, hydrogen, helium, argon, and others. The LNG held the largest share of the market in 2023.
- In terms of industry, the market is bifurcated into electronics, healthcare and pharmaceutical, energy and power, metallurgy, chemicals, and others. The energy and power segment dominated the market in 2023.
Cryogenic Pumps Market Share Analysis by Geography
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.
Cryogenic Pumps Market Report Scope
Cryogenic Pumps Market News and Recent Developments
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:
- Leybold launched its new COOLPAK 2000i pumps. These new pumps complement the current portfolio of Leybold that covers pressure ranges from 10-3 to < 10-11 bar and pumping speeds between 1500 – 60000 l/s. (Source: Leybold, Press Release/Company Website/Newsletter, 2023)
- Vanzetti Engineering launched its new range of cryogenic pumps for heavy trucks. The main operation of these new pumps is to transfer the LNG from the truck to the tank of the fuelling stations. (Source: Vanzetti Engineering, Press Release/Company Website/Newsletter, 2022)
Cryogenic Pumps Market Report Coverage and Deliverables
The “Cryogenic Pumps Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Type, Gases, Industry Vertical, and Geography
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
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to country scope.
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Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
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Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
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