Cryogenic Pump Market Size

Cryogenic Pump Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The cryogenic pump market is expected to reach a value of about $3.92 billion in 2022 and is projected to reach $8.02 billion by the end of the forecast period. The cryogenic pump market is expected to grow rapidly, mainly driven by the increasing demand for cryogenic pumps in various industries such as aviation, health, and energy. The cryogenic pump market is expected to be driven by the increasing demand for efficient and reliable cryogenic systems, especially in liquefied natural gas (LNG) applications and the growing space exploration industry. There are several technological trends that will contribute to this growth, including the development of high-efficiency pumps and the integration of automation and IoT technology into cryogenic systems. The major players in the cryogenic pump market, such as Brooks Automation, Cryofab, and Linde, are investing heavily in R & D to enhance product performance and reliability. Competition is further intensified by strategic initiatives such as joint ventures and strategic alliances to increase product offerings and market penetration. Product launches focusing on energy-efficient cryogenic pumps are expected to meet the growing demand for sustainable solutions and further boost market growth.

Regional Market Size

Regional Deep Dive

The cryogenic pump market is growing at a fast pace across the globe, owing to the rising demand for liquefied gases in industries such as healthcare, energy, and aerospace. In North America, the market is characterized by technological innovations and a strong presence of key players. Europe is characterized by stringent regulations pertaining to the environment, which is driving the adoption of cryogenic technology. Asia-Pacific is characterised by rapid urbanization and industrialization, which is driving the demand for cryogenic pumps, especially in the energy sector. The Middle East and Africa are characterized by investments in the oil and gas sector, which is driving the market. Cryogenic solutions are gradually being adopted in various industries in Latin America, but the region is facing economic challenges, which are restraining the market growth.

North America

• Among the many initiatives taken by the Department of Energy to improve the efficiency of cryogenic systems is a program to improve the efficiency of cryogenic pumps.
• The cryopumps developed by companies like Cryoquip and Brooks Automation have been developed to meet the growing demand for cryopumps in the semiconductor and medical industries.
• North America is now increasingly concentrating on obtaining energy from renewable sources like hydrogen production. This is creating new opportunities for cryogenic pump applications.

Europe

• The Green Deal, the European Union’s program for the promotion of cleaner technology, is leading to an increased investment in cryogenic systems for the storage and transport of energy.
• Besides, major players such as Linde and Air Liquide are collaborating on a number of projects aimed at improving the efficiency of cryogenic pumps, especially in the context of liquefied natural gas (LNG).
• In Europe, the new restrictions on exhaust emissions are pushing industries to switch to cryogenic solutions, which is driving market growth.

Asia-Pacific

• The cryogenic pump market is mainly driven by China's rapid industrialization and urbanization, and the energy and medical fields are the main application areas.
• Companies such as Tokyo Gas and Mitsubishi Heavy Industries have been the forerunners in developing cryogenic technology to support the development of the liquefied gas industry in the region.
• In the long run, the cryogenic pump market will grow because of the growing demand for clean energy.

MEA

• The cryogenic pumps are in demand in the United Arab Emirates because of the expansion of the oil and gas industry, particularly for liquefied natural gas (LNG) projects.
• The cryogenic industry has grown in the region, and companies such as Air Products and Chem. have been establishing plants in the country.
• The cryogenic equipment market in the Middle East and Africa is expected to grow at a fast pace, owing to the growing adoption of cryogenic equipment in the region.

Latin America

• Brazil is gradually increasing its investment in cryogenics, especially in the oil and gas industry, in order to improve the performance of its industry.
• In the field of cryogenics, local firms are beginning to work together with international companies to develop cryogenic equipment for the Latin American market.
• Cryogenic pumps are expected to find limited adoption in the region due to the slowdown in the economy. However, government initiatives to promote industrial growth are expected to create new opportunities.

Did You Know?

“Cryogenic pumps can operate at temperatures as low as -269°C, close to absolute zero. They can pump liquefied gases like hydrogen and helium at high pressures.” — National Institute of Standards and Technology (NIST)

Segmental Market Size

The cryogenic pump market is experiencing steady growth, primarily driven by the growing demand for reliable and efficient pumping solutions in a wide range of industries such as aeronautics, healthcare, and energy. This market plays a crucial role in the transportation and storage of liquefied gases, which are used in a variety of applications such as liquefied natural gas (LNG) and cryogenic cooling systems. The cryogenic pump market is driven by the growing need for energy-efficient solutions, the implementation of stricter regulations that support the use of cleaner energy sources, and the development of cryogenic technology that increases pump performance and reliability.

In the present situation, cryogenic pumps are in the process of trial operation, with the notable exception of a few companies such as Linde AG and Air Products and Chemicals Inc., which are already leading the way in North America and Europe. The principal applications are in the fields of liquefied natural gas (LNG) terminals, medical gas supply and industrial gas production, where cryogenic pumps make it possible to handle liquefied gases safely and economically. In the future, trends such as the drive towards sustainability and the transition to renewable energy sources will accelerate the growth of this industry, while innovations in materials and design will determine the future of cryogenic pumping technology.

Future Outlook

The Cryogenic Pumps Market is set for significant growth from 2022 to 2030. The Cryogenic Pumps Market is expected to rise from $3.92 billion to $8.02 billion, registering a strong CAGR of 9.35% during this period. This is attributed to the increasing demand for cryogenic pumps from various industries, such as energy, transportation, and the medical industry. As industries adopt advanced technology and seek efficient solutions for the handling of liquefied gases, the adoption of cryogenic pumps is expected to rise significantly. By 2030, it is expected to reach over 30% in the major applications.

The development of more efficient and reliable pump designs will further drive market growth. Materials and manufacturing techniques will be improved, which will increase the performance and the service life of the pumps, and hence their attractiveness to end-users. In addition, supportive government policies aimed at promoting clean energy and reducing CO2 emissions will make the cryogenic pump market a more attractive proposition. Furthermore, the increasing emphasis on LNG and the expansion of space exploration activities will also have a significant influence on the cryogenic pump market.