Global Cryogenic Pump market outlook 2024, Forecast To 2033

The cryogenic pump market has witnessed robust growth, increasing from $2.27 billion in 2023 to $2.42 billion in 2024, with a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period is attributed to the expansion of industrial gas applications (e.g., LNG, LPG, liquid nitrogen), the growth of the healthcare and medical gases market, increased demand for cryogenic equipment in aerospace and defense, the rising adoption of LNG as a cleaner fuel alternative, and growth in food processing and cryogenic cooling applications. Expecting strong growth in the next few years, the market is projected to reach $3.07 billion in 2028, with a CAGR of 6.2%. The growth in the forecast period is linked to the adoption of hydrogen as a green energy carrier, the demand for cryogenic pumps in superconducting applications, growth in biotechnology and pharmaceutical cryopreservation, market growth in emerging economies and developing regions, and a 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, the adoption of cryogenic pumps in cryopreservation, and the integration of variable frequency drives (VFDs).