Cryogenic Pump Market  Analysis Report 2025: Market to Grow by a CAGR of 12.02 to 2033, Driven by Government Incentives, Popularity of Virtual Assistants, and Strategic Partnerships

Key Insights

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.

Cryogenic Pump Trends

• Growing demand for liquefied natural gas (LNG) for cleaner energy sources
• Increasing adoption in metallurgy, power generation, and chemical processing industries
• Shift towards advanced designs for enhanced efficiency and reliability

Driving Forces: What's Propelling the Cryogenic Pump Market

• Significant Expansion of LNG Infrastructure: The global surge in demand for liquefied natural gas (LNG) is fueling substantial investments in infrastructure development, including pipelines, storage facilities, and transportation networks. This expansion directly translates into a heightened need for reliable and efficient cryogenic pumps to handle the transfer and processing of LNG.
• Growth in Petrochemical and Pharmaceutical Industries: The petrochemical and pharmaceutical sectors increasingly utilize cryogenic pumping technologies for various processes, including the transportation of cryogenic fluids, precise temperature control in chemical reactions, and the efficient handling of sensitive materials. The ongoing expansion and technological advancements within these industries are major catalysts for market growth.
• Government Initiatives and Sustainability Focus: Governments worldwide are actively promoting clean energy sources and implementing stringent emission reduction policies. Cryogenic pumps play a crucial role in several clean energy technologies, such as carbon capture and storage (CCS) and hydrogen production and distribution. These initiatives are creating lucrative opportunities and driving demand for advanced cryogenic pumping solutions.
• Technological Advancements: Continuous innovations in cryogenic pump design, materials, and control systems are enhancing efficiency, reliability, and safety. The development of more compact, energy-efficient, and cost-effective pumps is further stimulating market growth.
• Rising Demand for Cryogenic Fluids in Various Applications: Beyond LNG, the use of cryogenic fluids is expanding in diverse sectors such as aerospace, food processing, and medical research. These emerging applications are contributing to the overall growth of the cryogenic pump market.

Challenges and Restraints in the Cryogenic Pump Market

• High initial investment costs
• Limited availability of skilled technicians
• Availability of substitutes, such as turbo expanders

Emerging Trends in Cryogenic Pump

• Cryogenic submersible pumps gaining popularity in LNG applications
• Adoption of IoT-enabled pumps for remote monitoring and predictive maintenance
• Focus on energy-efficient and environmentally friendly designs

Growth Catalysts in the Cryogenic Pump Industry

• Rising investments in green infrastructure
• Stricter environmental regulations driving decarbonization
• Technological advancements in cryogenic pump design and materials

Market Segmentation: Cryogenic Pump Analysis

Type:

• Positive Displacement Pump
• Centrifugal Pump

Cryogen Type:

• Nitrogen
• Oxygen
• Argon
• Liquefied Natural Gas
• Others

End-User:

• Oil & Gas
• Metallurgy
• Power Generation
• Chemical & Petrochemical
• Marine
• Others

Leading Players in the Cryogenic Pump Market

• 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)

Significant Developments in Cryogenic Pump Sector

• August 2023: Nikkiso Cryogenic Industries collaborates with Neuman & Esser (NEA) Brazil to enhance local support and reduce lead times for repairs.
• November 2022: SHI Cryogenics Group introduces the CH-160D2 77K Cryocooler, offering the highest capacity for its category and incorporating Whisper technology for reduced noise.
• January 2022: Cryostar receives NeoVP vertical pumps for the Chinese market, featuring simplified installation, maintenance, and energy efficiency.
• April 2021: Nikkiso Co., Ltd. establishes a new facility to expand its submerged electric motor pump production capabilities for the LNG market.

Comprehensive Coverage Cryogenic Pump Market Report

• Thorough market analysis and industry insights
• In-depth competitive landscape and company profiles
• Comprehensive PESTLE and Porter's Five Forces analysis
• Detailed regional and country-specific analysis
• Projections and forecasts for key market segments