Cryogenic Pump Market Size, Share & Trends Analysis Report By Type (Centrifugal, Positive Displacement), By Cryogen Type (LNG, Nitrogen), By End Use (Oil & Gas, Metallurgy), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030

Cryogenic Pump Market Size & Trends

The global cryogenic pump market size was estimated at USD 2.51 billion in 2023 and is projected to grow at a CAGR of 5.1% from 2024 to 2030. The increasing demand for cryogenic pumps in various end-use industries, such as oil & gas, metallurgy, and electronics, is driving market growth. These pumps are essential for handling and transporting cryogenic fluids, including LNG, nitrogen, and oxygen, which are critical for numerous industrial processes.

The market is also being driven by stringent environmental regulations and standards aimed at reducing emissions and enhancing energy efficiency. The adoption of cryogenic pumps in renewable energy applications, such as hydrogen production and storage, is anticipated to bolster market growth. Furthermore, the increasing investments in infrastructure development, particularly in emerging economies, are likely to support the demand for cryogenic pumps.

Advancements in cryogenic technologies, coupled with the integration of automation and digitalization in pumping systems, are further propelling market growth. The development of high-efficiency cryogenic pumps that reduce energy consumption and minimize operational costs is a significant trend in the industry. Additionally, the rising focus on clean energy and the growing LNG trade are expected to create substantial opportunities for market expansion.

Drivers, Opportunities & Restraints

The primary drivers of the cryogenic pump market include the increasing demand for LNG as a cleaner fuel alternative, the growth of the oil & gas and chemical industries, and the rising focus on environmental sustainability. The need for efficient and reliable cryogenic pumps for handling and transporting cryogenic fluids in various industrial processes is also driving market growth.

Opportunities for market expansion are significant, particularly in the renewable energy sector. The growing adoption of cryogenic pumps in hydrogen production, storage, and distribution is expected to create new growth avenues. Additionally, the increasing investments in infrastructure development in emerging economies present lucrative opportunities for market players.

However, the market faces several restraints, including the high initial investment and operational costs of cryogenic pumps. The complexity of cryogenic systems and the need for specialized maintenance and handling can also limit their adoption. Moreover, the availability of alternative technologies for cryogenic fluid handling and transportation may pose challenges to market growth.

Type Insights

“The demand for positive displacement pump segment is expected to grow at a CAGR of 5.8% from 2024 to 2030 in terms of revenue”

The centrifugal pump segment led the market and accounted for 62.4% of the global market revenue share in 2023. These pumps are widely used for their efficiency in handling large volumes of cryogenic fluids, such as LNG and nitrogen. The demand for centrifugal pumps is driven by their high reliability, ease of maintenance, and ability to operate under varying conditions.

Positive displacement pumps are valued for their ability to handle high-pressure applications and deliver precise flow rates, making them ideal for specialized industrial processes. These pumps are crucial for applications requiring consistent and accurate flow control, such as in the chemical and pharmaceutical industries. The market growth is driven by the need for efficient and reliable pumping solutions in these sectors.

Cryogen Type Insights

“The demand for oxygen segment is expected to grow at a significant CAGR of 5.6% from 2024 to 2030 in terms of revenue”

The LNG segment led the market, accounting for 27.8% of the global market revenue share in 2023. The growing adoption of LNG as a cleaner and more efficient energy source is driving the demand for cryogenic pumps in this segment. LNG pumps are essential for the transportation, storage, and regasification of liquefied natural gas.

The nitrogen and oxygen segments are also expected to witness significant growth due to their extensive use in various industrial applications such as metallurgy, electronics, and healthcare. The argon segment is expected to witness steady growth, driven by its applications in welding, metal fabrication, and electronics manufacturing.

End Use Insights

“The demand for electronics segment is expected to grow at a significant CAGR of 6.3% from 2024 to 2030 in terms of revenue”

The oil & gas end-use segment accounted for 30.1% of the global market revenue share in 2023. Cryogenic pumps are extensively used in the oil & gas industry for the handling of LNG and other cryogenic fluids. The growing investments in LNG infrastructure and the increasing focus on cleaner energy sources are driving the adoption of cryogenic pumps in this segment.

The electronics industry uses cryogenic pumps for applications such as semiconductor manufacturing and cooling of superconducting materials. The demand for cryogenic pumps in electronics is driven by the need for precise and reliable systems for handling cryogenic fluids in these high-tech applications. The power generation industry is increasingly adopting cryogenic pumps for applications such as LNG-based power plants and renewable energy storage.

Regional Insights

“China to witness market growth at 6.4% CAGR”

The market in Asia Pacific is experiencing substantial growth due to rapid industrialization, increasing investments in LNG infrastructure, and the expansion of the electronics and chemical & petrochemical industries. The growing demand for energy and the focus on sustainable industrial processes are driving the adoption of cryogenic pumps in the region.

China is expected to witness significant growth in the market, driven by rapid industrialization, expanding energy demand, and increasing investments in infrastructure development. The country's focus on environmental sustainability and energy efficiency is supporting the adoption of advanced cryogenic pumps.

North America Cryogenic Pump Market Trends

The North American market is characterized by a strong demand from the oil & gas and chemical industries. The region's focus on technological innovation and sustainability is driving the adoption of advanced cryogenic pumps.

Europe Cryogenic Pump Market Trends

The market in Europe is experiencing steady growth, supported by stringent environmental regulations and a strong emphasis on sustainability. The region's focus on reducing carbon footprints and enhancing industrial efficiency is encouraging the adoption of innovative cryogenic pump solutions.

Key Cryogenic Pump Company Insights

Some of the key players operating in the market include Nikkiso Co Ltd, Ebara Corporation, Flowserve Corporation, Fives Group, among others.

• Nikkiso Co Ltd is a leading provider of cryogenic pumps, offering advanced technologies and reliable solutions for various industrial applications. The company's focus on innovation and customer satisfaction has solidified its position in the market.

• Ebara Corporation is a prominent player in the market, known for its high-quality products and extensive industry experience. The company's cryogenic pumps are widely used in oil & gas, power generation, and chemical & petrochemical applications.

• Flowserve Corporation is a global leader in fluid motion and control technologies, offering a comprehensive range of cryogenic pumps. The company's commitment to innovation and sustainability has made it a trusted name in the market.

• Fives Group specializes in providing high-performance cryogenic pumps for various industrial applications. The company's focus on quality and advanced technology has driven its market growth.

Recent Developments

• In July 2024, Flowserve Corporation acquired the intellectual property and in-process R&D associated with cryogenic Liquefied Natural Gas (LNG) submerged pump technology, systems, and packaging from NexGen Cryogenic Solutions, Inc. This acquisition is anticipated to significantly enhance and expand Flowserve’s LNG product portfolio, complementing its existing range of pumps, valves, and mechanical seals.

• In January 2023, Cryomotive and Fives entered into a partnership to jointly develop a cryogenic pump for producing CRYOGAS hydrogen, utilizing Fives’ cryogenic reciprocating pump technology. 

Cryogenic Pump Market Report Scope

Global Cryogenic Pump Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global cryogenic pump market based on type, cryogen type, end use, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Centrifugal Pump

  • Positive Displacement Pump

• Cryogen Type Outlook (Revenue, USD Million, 2018 - 2030)

  • LNG

  • Nitrogen

  • Oxygen

  • Argon

  • Helium

  • Others

• End Use Outlook (Revenue, USD Million, 2018 - 2030)

  • Oil & Gas

  • Metallurgy

  • Power Generation

  • Chemical & Petrochemical

  • Electronics

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE