What Factors Propelled The Growth Of The Cryogenic Pump Market In The Past?
The cryogenic pump market has seen considerable growth due to a variety of factors.
• Over the recent years, the cryogenic pump market has seen substantial growth. Its market size is set to increase from $2.4 billion in 2024 to $2.54 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%.
This growth during the historic period can be ascribed to the expansion in industrial gas applications such as lng, lpg, and liquid nitrogen, the enlargement of the healthcare and medical gases market, the increased need for cryogenic equipment in the aerospace and defense sectors, the rising preference for lng as a cleaner fuel substitute, and the growth in the food processing and cryogenic cooling applications.
What Is The Projected Growth And Market Size For The Cryogenic Pump Sector?
The cryogenic pump market is expected to maintain its strong growth trajectory in upcoming years.
• A significant increase in the cryogenic pump market size is anticipated over the upcoming years. This market is projected to reach a value of $3.26 billion in 2029 with a compound annual growth rate (CAGR) of 6.4%.
The heightened growth during the forecast period is a result of factors like the use of hydrogen as a new-age green energy source, an increasing need for cryogenic pumps in the arena of superconducting applications, a surge in biotech and pharmaceutical cryopreservation, and economic growth in developing regions and emerging economies. Additionally, a focus on eco-friendly and sustainable cryogenic solutions also contributes to the market rise. Major trends that will rule the forecast period include developments in energy storage and transportation technologies, breakthroughs in the design and efficiency of cryogenic pumps and their increasing application in hydrogen-related tasks and cryopreservation. Further, the use of variable frequency drives (vfds) in cryogenic pumps will also be a significant trend.
What Are The Core Factors Supporting Growth In The Cryogenic Pump Market?
The growth of the cryogenic pump market is set to be fueled by the increased generation of electricity from renewable resources. Such electricity comes from eco-friendly energy gathered from renewable sources like biomass energy, hydropower, geothermal power, wind energy, and solar energy. Cryogenic pumps are crucial in this context as they produce renewable electricity by decompressing high-pressure gases using power production equipment, which then generates electricity. For instance, the UK-based government body, Government Digital Service, reported that in the second quarter of 2023, the proportion of power generated from renewables stood at 42.1%, surpassing both fossil fuels at 38.8% and the same quarter the preceding year at 38.7%. Consequently, the growing generation of power from renewable resources is promoting the development of the cryogenic pump market.
What Are The Major Segments Within The Global Cryogenic Pump Market?
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
Subsegments:
1) By Positive Displacement Pump: Reciprocating Pumps, Rotary Pumps, Diaphragm Pumps
2) By Centrifugal Pump: Horizontal Centrifugal Pumps, Vertical Centrifugal Pumps, Multistage Centrifugal Pumps
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Which Trends Are Expected To Transform The Cryogenic Pump Market?
Technological advancements are becoming prominently popular in the cryogenic pump market. The key players in this market are continually working on innovative tech solutions to maintain their industry standing. Take for example, Nikkiso Cryo Pump Series, a cryogenic pumps provider based in Dubai, UK. In January 2023, it unveiled a new addition to its line of cryogenic pumps specifically engineered to escalate efficiency and boost performance in hydrogen and LNG applications. These new models boast superior sealing technology and less energy wastage. This product launch underscores Nikkiso's dedication to promoting technological development in the cryogenic pump market, meeting rising needs in the clean energy and industrial domains.
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 Is The Most Dominant Region In The Cryogenic Pump Market?
Asia-Pacific was the largest region in the cryogenic pump market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cryogenic pump market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
