1. What is the projected Compound Annual Growth Rate (CAGR) of the Cryogenic Pump Market?
The projected CAGR is approximately 12.02%.
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Cryogenic Pump MarketCryogenic Pump Market by Type (Positive Displacement Pump, Centrifugal Pump), by Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Other), by End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Others), by North America (U.S., Canada), by Europe (UK, Germany, France, Italy, Russia, Rest of Europe), by Asia Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific), by Latin America (Brazil, Mexico, Rest of Latin America), by The Middle East & Africa (GCC, South Africa, Rest of the Middle East & Africa) Forecast 2026-2034
The Cryogenic Pump Market size was valued at USD 3.41 USD billion in 2023 and is projected to reach USD 7.55 USD billion by 2032, exhibiting a CAGR of 12.02 % during the forecast period. A cryogenic pump is a device comprising of a pumping system that moves or circulates cryogenic fluids at low, or in some cases very low temperatures, this cryogenic fluid includes liquid nitrogen, helium and oxygen among others. These pumps find applications in many sectors such as the medical, aerospace, power, and laboratory industries. Centrifugal, reciprocating and turbopumps are the common types of cryogenic pumps, with each being appropriate for certain flow rates and pressure regimes. Some of the benefits of cryogenic pumps are, that the use of cryogenic pumps is helpful in the transport of low-temperature fluids, the pumps work efficiently even under harsh conditions, and the purity of the gases is always maintained whichever place they are transporting them to. Recent trends in the market of cryogenic pumps include its steady development due to the constantly growing LNG market, further development of medicine which requires pumps that could work during even lower temperatures and the expansion of space exploration leading to pump development and the use of new high-performance material for the construction of cryogenic pumps.
Type:
Cryogen Type:
End-User:
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 12.02% from 2020-2034 |
| Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 12.02%.
Key companies in the market include Nikkiso Co., Ltd (Japan), SHI Cryogenics Group (Japan), Ebara Corporation (Japan), The Weir Group PLC (Scotland), Fives (France), Sulzer (Switzerland), Flowserve Corporation (U.S.), INOXCVA (India), Cryostar (France), Phpk Technologies (U.S.), Vanzetti Engineering (Italy).
The market segments include Type, Cryogen Type, End-User.
The market size is estimated to be USD 3.41 USD billion as of 2022.
Growing Focus on Safety and Organization to Fuel Market Growth.
Growth of IT Infrastructure to Bolster the Demand for Modern Cable Tray Management Solutions.
Increase in Raw Material Prices to Restrain Market Growth.
August 2023- Clean Energy & Industrial Gases Group of Nikkiso Cryogenic Industries, a part of Nikkiso Co., Ltd, signed a cooperation agreement with Neuman & Esser (NEA) Brazil. As per the agreement, NEA Brazil is to provide local solutions for Nikkiso products installed in Brazil, which include ACD cryogenic pumps and turboexpanders. The objective of the cooperation is to help reduce lead times for repairs, improve customer service in the field, and increase the number of service centers globally to support customers regionally.
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Yes, the market keyword associated with the report is "Cryogenic Pump Market," which aids in identifying and referencing the specific market segment covered.
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