Cryogenic Pumps Market - By Product (Centrifugal, Reciprocating, Submerged), By Cryogens (Nitrogen, Oxygen, Natural Gas, Argon), By End-user (Power, Food & Beverage, Chemical, Metallurgy, Healthcare, Shipping, Agriculture), 2023 – 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

View Details Buy Now 2890 Download Sample Ask for Discount Request Customization

Cryogenic Pumps Market - By Product (Centrifugal, Reciprocating, Submerged), By Cryogens (Nitrogen, Oxygen, Natural Gas, Argon), By End-user (Power, Food & Beverage, Chemical, Metallurgy, Healthcare, Shipping, Agriculture), 2023 – 2032

Cryogenic Pumps Market Size

Cryogenic Pumps Market size was valued at USD 2.1 billion in 2022 and is anticipated to grow at 5.3% CAGR from 2023 to 2032, Increasing foreign direct investments across the emerging economies along with ongoing expansion of industrial establishments will propel the industry growth. The growing storage and transportation of cryogens including hydrogen, LNG, oxygen, and others will augment the product demand.

The development of innovative and sustainable technologies has resulted in enhanced techniques for cryogenic handling which has also provided opportunities for business expansion. In addition, the exponential investments toward development of healthcare infrastructure including hospitals, public & private labs, will impact the industry growth. The introduction of stringent GHG regulations coupled with the increasing LNG trade will further elevate the cryogenic pumps market revenue.

To get key market trends

  Download Free Sample

Shifting trends towards gas-based power generation plants along with increasing gas storage capacity by various nations has provided favorable opportunities for business expansion. The increasing demand for LNG as a bunker fuel along with accelerating demand in space programs will drive the industry growth. Rapid industrial expansion over the last few years driven by robust growth in iron & steel, agriculture, and oil & gas industries has upsurge the demand for cryogenic pumps. Reforms pertaining to the modernization and expansion of networks to reduce the losses have nourished the industry at a significant rate.
 

Cryogenic Pumps Market Report Attributes
Report Attribute Details
Base Year 2022
Cryogenic Pumps Market Size in 2022 USD 2.1 Billion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 5.3%
2032 Value Projection USD 3.5 Billion
Historical Data for 2017 to 2021
No. of Pages 300
Tables, Charts & Figures 449
Segments covered Product, Cryogens, End-User, Region
Growth Drivers
  • Growing demand for natural gas
  • Positive outlook towards healthcare, chemical, and food processing industries
  • Growing power sector
  • Robust industrial growth
Pitfalls & Challenges
  • Safety concerns related to cryogenic liquid

What are the growth opportunities in this market?

 Download Free Sample

COVID-19 Impact

The pandemic has thrown a wrench into the world's supply chains. It's made it tough to get hold of the basic stuff and parts needed to build cryogenic pumps, which has pushed back delivery times and driven up costs for some manufacturers. On top of that, travel restrictions and shipping delays have made it harder for companies to keep their cryogenic pumps running smoothly. This could mean more downtime and less efficiency for these pumps. But there's a bright side. The pandemic has boosted the need for medical gases like oxygen, which are kept and moved around using cryogenic pumps. And as we build more hospitals, clinics, and other healthcare facilities to fight the crisis, it'll only keep getting better for the cryogenic pump business.

Cryogenic Pumps Market Analysis

Learn more about the key segments shaping this market

 Download Free Sample

Centrifugal cryogenic pumps market accounted for over USD 1,160 million in 2022. The growing utilization of cryogens including nitrogen, and argon across various industrial process will escalate the product demand. The upsurge in use of superconducting magnetic bearings to reduce friction and increase efficiency, along with use of composite materials that can withstand extreme temperatures and pressures will complement the business outlook. Technological advancement relating to the product innovation and rise in disposable income have also encouraged leading manufacturers to invest contributing to a significant industry expansion.

If you're in the business of liquefied gases like nitrogen, oxygen, argon, or LNG, you're in luck! The demand for these gases is on the rise, and so is the market for cryogenic pumps. These pumps are the backbone of any liquefied gas operation, keeping things flowing smoothly. What makes cryogenic pumps so popular? Well, they're like the Swiss Army knife of pumps. They're reliable, durable, and can handle even the toughest high-pressure jobs. And the best part? Manufacturers are getting smarter, designing pumps that can work with all sorts of complex gas mixes. But that's not all. With the world going green, liquefied gases are playing a bigger role in energy production, food processing, and medicine. And with this growing demand comes a need for pumps that can handle the pressures and temperatures that come with these demanding applications. So, what's the bottom line? The future of cryogenic pumps is looking bright. As we move towards a more sustainable and energy-efficient future, these pumps will be essential for fueling our industries and innovations.

Learn more about the key segments shaping this market

 Download Free Sample

The liquid oxygen market will grow at a rate of over 5% by 2032 on account of accelerating investments toward the development of healthcare infrastructure across the emerging economies along with their increasing use in chemical, food & beverage, pulp & paper and other manufacturing industries. Growing deployment of advanced technologies across the healthcare sector will support the cryogenic pumps market growth. The soaring requirement for healthcare facilities on account of the increasing population and upsurge in health-related diseases primarily in the urban areas will boost the deployment of cryogenic equipment for liquid oxygen.

In addition, the respective government authorities are readily investing in the healthcare industry to improve the medical facilities provided across the country, which, in turn, is augmenting the demand for reliable technologies including cryogenic fluids and storage units.

Shifting regulatory policies toward energy transition and sustainable energy sources driven by concerns over fuel diversification will stimulate the demand for natural gas. Lower pollution rate when compared with conventional fossil fuels including coal and oil along with government efforts to reduce carbon emissions will sway the market penetration. The combination of competitive gas prices and supportive clean fuel policies has led to the construction of new natural gas-fired and retirement of coal-fired power plants, which will propel the cryogenic pumps market growth.

In 2022, the food and beverage industry brought in a whopping $170 million. As people have more money to spend and gravitate towards convenient packaged foods and drinks, the use of cryogenic fluids and pumps has quietly increased. These fluids, like liquid nitrogen, help businesses keep food fresh and safe for longer. But be warned, these fluids can be pretty dangerous if not handled properly. They can set fire to things and harm people, so companies need to store and use them with the utmost care. With new players joining the food industry left and right, there's a growing need for cryogenic equipment. This means businesses will be investing a lot of money to keep up with the demand for freezing and preserving their food and drinks.

Hey there! With governments putting a big emphasis on healthcare, we're going to see more healthcare facilities popping up in rural areas. Just look at the EU4 Health program, which is pouring money into building childcare, hospitals, and schools all over Europe. On top of that, COVID-19 has really put a strain on our healthcare systems. So, in the next few years, we're expecting to see a huge surge in investment in new hospitals, clinics, and nursing homes. The old ones are also getting a major makeover to handle more patients. All of this means that we're going to need a lot of special equipment, like cryogenic pumps, which keep things super cold. So, the demand for these pumps is going to skyrocket.

Looking for region specific data?

 Download Free Sample

The Asia Pacific cryogenic pumps market size is anticipated to reach USD 1.3 billion by 2032. Rapidly increasing urbanization and rising per capita income has led to an increased spending across the food & beverage sector which will enhance the product penetration. Growing manufacturing industries favored by the increasing investments toward expansion of the existing manufacturing base across China, India, Japan, and South Korea will propel the cryogenic equipment industry growth. Shifting trends towards gas-based power generation plants along with increasing gas storage capacity by various nations has also provided favorable opportunities for business expansion.

With growing concerns about energy security and a surge in natural gas trade across Europe, sustainable energy technology is gaining traction. Norway and Russia lead the charge in exporting liquefied natural gas (LNG). Moving LNG across vast distances requires specialized cryogenic tanks to keep it in its liquid state. And that's where advancements in cryogenic technology come in. Researchers at the National Institute of Research and Development for Cryogenic and Isotopic Technologies ICSI Rm are pushing the boundaries of cryogenic technologies. These innovations will not only fuel the growth of the LNG industry but also pave the way for more sustainable and secure energy solutions.

Cryogenic Pumps Market Share

The major players operating in the cryogenic pumps market includes

  • Ebara Corporation
  • Cryostar
  • Fives
  • Nikkiso Co., Ltd.
  • SHI Cryogenics Group
  • The Weir Group PLC
  • Huzhou Baihui Cryogenic Equipment Co.Ltd
  • Flowserve Corporation
  • Sumitomo Heavy Industries Ltd
  • PACKO Industry
  • Indian Compressors Ltd
  • SMS Pumps & Engineers
  • Cryomec LLC
  • Vanzetti Engineering,
  • Trillium Flow Technologies.

The industry participants are focusing on technological advancements, and innovations to enhance energy efficiency and reduce emissions.

Cryogenic Pumps Market News

  • In February 2023, Nikkiso Co., Ltd acquired Cryotec Anlagenbau GmbH in Germany. The acquisitions will strengthen the company’s presence across the international market. Additionally, the Cryotec Anlagenbau will work as a subsidiary and will work as a production and competence center in the Europe.
     
  • In December 2022, Vanzetti Engineering launched ARTIKA series submerged cryogenic pumps for LNG. The model ranges from ARTIKA 120-3S to ARTIKA 300-2S and various prototypes which are in development phase. These pumps are available in single stage and multi-stage configurations and are designed to work in submerged in cryogens or in cryogenic tanks which are suitable for continuous and discontinuous operations.

This cryogenic pumps market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD’ from 2019 to 2032 for the following segments

Click here to Buy Section of this Report

 

 

By Product

 

  • Centrifugal
  • Reciprocating
  • Submerged

By Cryogens

  • Nitrogen
  • Oxygen
  • Natural Gas
  • Argon
  • Other Cryogens

By Application

  • O&G industry
  • Power
  • Food & Beverage
  • Chemical
  • Rubber & Plastics
  • Metallurgy
  • Healthcare
  • Shipping
  • Agriculture, Forestry & Fishing
  • Other Industries

The above information has been provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • Italy
    • France
    • Spain
    • Russia
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Turkey
    • South Africa
    • Egypt
  • Latin America
    • Brazil
    • Argentina
       

Related Reports

Table of Content

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

List Tables Figures

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

FAQ'S

For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:

sales@marketinsightsresearch.com

Within 24 to 48 hrs.

You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email

You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.

Discounts are available.

Hard Copy

Email