Market Overview:
The global cryogenic pump market size reached US$ 732.3 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,186.5 Million by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032. The increasing global demand for liquefied natural gas (LNG) for power generation and transportation, improvements in pump design, materials, and safety features, and rapid industrial development are some of the major factors propelling the market.
Report Attribute
|
Key Statistics
|
Base Year
|
2023 |
Forecast Years
|
2024-2032
|
Historical Years
|
2018-2023
|
Market Size in 2023 |
US$ 732.3 Million |
Market Forecast in 2032 |
US$ 1,186.5 Million |
Market Growth Rate (2024-2032) |
5.4% |
A cryogenic pump is a specialized type of vacuum pump designed to handle extremely low-temperature fluids, typically below -150°C. These pumps are commonly used in applications involving liquified gases, such as liquid nitrogen, liquid helium, and liquefied natural gas (LNG). The main components of the pump, including the impellers and the casing, are constructed from materials that can withstand the stresses induced by extreme temperatures. Cryogenic pumps are widely used in various industries like healthcare, space research, and energy production. They are essential for tasks, such as the transfer of cryogenic fluids, fueling rocket engines, and the storage and distribution of LNG.
The escalating demand for liquefied natural gas (LNG) in power generation and as a fuel source represents one of the key factors driving the growth of the market across the globe. This is directly impacting the need for cryogenic pumps in storage and transfer applications. In healthcare, the storage of biological samples at cryogenic temperatures necessitates these specialized pumps. In line with this, significant technological advancements in pump design and materials are contributing to operational efficiency, which is further broadening market appeal. In addition to this, the rise in industrial gases like liquid nitrogen for applications in the food and metallurgy sectors boosts demand. Strict regulatory guidelines also necessitate the deployment of these specialized pumps to meet safety and environmental criteria. With renewable energy technologies like hydrogen fuel cells gaining prominence, cryogenic pumps are handling liquid hydrogen which is creating a positive outlook for the market across the globe.
Cryogenic Pump Market Trends/Drivers:
Rising demand for liquefied natural gas (LNG)
One of the most critical drivers for the cryogenic pump market is the increasing global demand for LNG. As countries around the world strive to diversify their energy sources and reduce greenhouse gas emissions, LNG is emerging as a cleaner alternative to coal for power generation. Additionally, the utilization of LNG in transportation, particularly in marine and heavy-duty vehicles is rising. Cryogenic pumps are essential in the LNG value chain for tasks ranging from production and liquefaction to storage and distribution. These pumps ensure that LNG is safely and efficiently transferred at the required low temperatures, thereby becoming indispensable in meeting the escalating demand.
Rising healthcare and biomedical applications
The role of cryogenic pumps in healthcare and biomedical applications is increasingly vital, acting as a significant driver for market growth. These pumps are crucial for cryopreservation, a technique used for the long-term storage of biological samples such as blood, tissues, and cells at ultra-low temperatures. With advancements in medical research, there is a growing need for biobanking and organ preservation, which rely heavily on cryogenic storage systems. Furthermore, the pharmaceutical industry employs these pumps for the preservation of certain vaccines and medications that require low-temperature storage. The stringent reliability and safety standards in healthcare make the demand for high-quality cryogenic pumps more pressing.
Significant technological advancements
Advances in materials science and engineering are leading to significant improvements in cryogenic pump design and efficiency which is driving the growth of the market. Today's pumps are more reliable, durable, and energy-efficient than their predecessors. Innovations, such as real-time monitoring systems and advanced sealing technologies have made these pumps safer and more user-friendly. These technological enhancements not only extend the lifecycle of the pumps but also reduce operational costs. Consequently, they make a compelling case for their adoption across various industrial sectors, from petrochemicals to aerospace.
Cryogenic Pump Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global cryogenic pump market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on type and end use industry.
Breakup by Type:
- Centrifugal Pumps
- Positive Displacement Pump
Centrifugal pumps represents the largest market segment
The report has provided a detailed breakup and analysis of the market based on the oil type. This includes centrifugal pumps and positive displacement pump. According to the report, centrifugal pumps represented the largest segment.
Centrifugal pumps are generally more efficient for handling large flow rates, thus making them suitable for industries that require high-volume transfer of cryogenic fluids like LNG. Centrifugal pumps have fewer moving parts compared to other types, such as reciprocating pumps. This leads to reduced maintenance costs and downtime, a crucial factor in industries where operational continuity is vital. These pumps can handle a range of cryogenic fluids beyond LNG, including liquid nitrogen and liquid oxygen, making them versatile for multiple industries such as healthcare, aerospace, and manufacturing. The design of centrifugal pumps inherently allows for safer operation, especially when dealing with volatile substances at extreme temperatures. This makes them compliant with the stringent safety regulations often seen in the healthcare and energy sectors. Ongoing research and development (R&D) activities are resulting in centrifugal pumps that are increasingly energy-efficient and equipped with smart monitoring systems, which further enhance their attractiveness.
Breakup by End Use Industry:
- Energy and Power Generation Industry
- Healthcare Industry
- Electricals and Electronics Industry
- Metallurgy Industry
- Chemicals
- Others
Energy and power generation industry holds the largest market share
A detailed breakup and analysis of the market based on the end use industry has also been provided in the report. This includes the energy and power generation industry, healthcare industry, electricals and electronics industry, metallurgy industry, chemicals, and others. According to the report, the energy and power generation industry accounted for the largest market share.
The cryogenic pump plays a pivotal role in the energy and power generation industry, specifically in applications that involve extremely low-temperature fluids. Primarily, cryogenic pumps are indispensable for the efficient transfer, storage, and distribution of LNG, which is increasingly being used as a cleaner fuel for power generation. These pumps ensure that LNG is moved safely from production facilities to storage tanks and onward to power plants. In aerospace applications, cryogenic pumps are used for fueling rocket engines with cryogenic propellants like liquid oxygen and liquid hydrogen. As hydrogen becomes a key element in renewable energy strategies, cryogenic pumps are needed for handling liquefied hydrogen in fuel cell systems. Cryogenic pumps are used in the production and distribution of industrial gases such as liquid nitrogen and oxygen, which have applications in power generation plants for processes like cooling. In some power generation facilities, cryogenic pumps are used in refrigeration systems to achieve the extremely low temperatures required for specific operations. The growing focus on cleaner energy sources and technological advancements in power generation significantly contribute to the demand for cryogenic pumps in the energy and power generation industry.
Breakup by Region:
- North America
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Middle East and Africa
Asia Pacific holds the largest market share
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.
The Asia Pacific region is witnessing substantial growth in the cryogenic pump industry, influenced by several key factors. Primarily, the region's increasing industrialization and urbanization are escalating energy needs, particularly for cleaner fuel alternatives like liquefied natural gas (LNG). Cryogenic pumps are vital for the efficient storage and distribution of LNG, which is finding significant demand. Asia Pacific countries are investing heavily in healthcare infrastructure, with applications like cryopreservation gaining importance. This is driving the demand for cryogenic pumps essential for storing biological samples at extremely low temperatures. The region is a hub for various manufacturing sectors, including petrochemicals, metallurgy, and electronics, where industrial gases like liquid nitrogen and oxygen are widely used. Cryogenic pumps are crucial for handling these gases, which is further boosting market growth. Additionally, favorable government policies and incentives to promote clean energy and advanced healthcare services are propelling the market in Asia Pacific.
Competitive Landscape:
Key players in the cryogenic pump market are focusing on a multitude of strategies to maintain a competitive edge and drive market growth. One primary focus is technological innovation; companies are investing heavily in research and development (R&D) to create more efficient, reliable, and user-friendly cryogenic pumps. Features like real-time monitoring and enhanced safety mechanisms are becoming standard offerings. Moreover, mergers and acquisitions are prevalent, allowing companies to expand their product portfolios and enter new markets. Collaborations with industries that are significant users of cryogenic pumps, such as healthcare, energy, and manufacturing, are also on the rise, aiming to meet the specific needs and standards of these sectors. Companies are concentrating on geographic expansion, particularly in emerging markets where rapid industrialization and healthcare advancements create substantial demand for cryogenic pumps. These strategies are complemented by efforts to meet stringent regulatory requirements, which ensures broader market acceptance.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- Atlas Copco
- Cryostar SAS (Linde plc)
- Ebara Corporation
- Fives (Novafives S.A.S.)
- Flowserve Corporation
- Nikkiso Co. Ltd
- PHPK Technologies Inc.
- Ruhrpumpen Group (Corporación EG)
- Sulzer Ltd.
- Sumitomo Heavy Industries Ltd
- Weir Group PLC.
Recent Developments:
- In July 2023, Atlas Copco completed the acquisition of the cryopump service and distribution business of ZEUS Co., Ltd. The business provides service and sales distribution for the Vacuum Technique business area’s CTI and Polycold products in South Korea.
- In April 2021, Nikkiso Cryo Inc. (NCI), Las Vegas NV, a member of Nikkiso Clean Energy and Industrial Gases Group (Group), a part of Nikkiso Co., Ltd (Japan) announced their new facility which increases their cryogenic pump production efficiency and capability.
- In December 2021, Edwards Vacuum launched a new cryopump for semiconductor applications, the CTI-Cryogenics On-Board IS 320F XVS Cryopump, which aims to deliver the most reliable and best-performing cryopump on the market.
Cryogenic Pump Market Report Scope:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Million |
Scope of the Report |
Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Type
- End Use Industry
- Region
|
Types Covered |
Centrifugal Pumps, Positive Displacement Pump |
End Use Industries Covered |
Energy and Power Generation Industry, Healthcare Industry, Electricals and Electronics Industry, Metallurgy Industry, Chemicals, Others |
Regions Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered |
Atlas Copco, Cryostar SAS (Linde plc), Ebara Corporation, Fives (Novafives S.A.S.), Flowserve Corporation, Nikkiso Co. Ltd, PHPK Technologies Inc., Ruhrpumpen Group (Corporación EG), Sulzer Ltd., Sumitomo Heavy Industries Ltd, Weir Group PLC. etc. |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the cryogenic pump market from 2018-2032.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global cryogenic pump market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the cryogenic pump industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.