"Actionable Insights to Fuel Your Growth"

Cryogenic Pump Market Size, Share & Growth Analysis, 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), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI100824



Play Audio Listen to Audio Version

The global cryogenic pump market size was valued at USD 3.41 billion in 2021 and is projected to reach USD 6.64 billion by 2029 from its value USD 3.62 billion in 2022, at a CAGR of 9.06% during the forecast period. The global impact of COVID-19 has been unprecedented and staggering, with cryogenic pumps experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market had exhibited a decline of -3.9% in 2020 compared to 2019.

Cryogenic pumps are used to create, withstand and operate in temperatures of -1200 C. They are also used for refrigeration purposes. The major factors include growing demand for LNG sectors, which provide power generation and domestic & commercial fuel. Furthermore, the growing demand for medical gases in healthcare facilities, and electricity generation from renewable resources.


Disruptions in Natural Gas Sector Affected Cryogenic Pump Market Growth amid COVID-19

The COVID-19 pandemic affected nearly every end-use vertical, including the natural gas sector, leading a major impact on demand for cryogenic pumps. Stringent measures enforced by the respective regulatory bodies led to lower production and demand. During the pandemic, several manufacturers witnessed a fall in demand. For instance, the Nikkiso Co. Ltd, has seen a decline in revenue of -4.5% in 2020, when compared to 2019. The lower demand and excess supply of natural gas forced major oil & gas companies to temporarily halt production, causing fluctuations in oil & gas prices, and thereby impacting the market dynamics.


Request a Free sample to learn more about this report.

Increasing Demand for Liquefied Natural Gas to Augment Market Growth

Liquefied natural gas is considered a fuel for the future due to its efficiency in transport and safety. The rapid development in pipeline infrastructures, favorable government policies, and growing demand for LNG from natural gas are key factors driving the adoption of liquefied natural gases. These gases can be stored in non-peak demand times in liquid form and then used when there is a rise in demand for energy by the gasification of liquid natural gas. Recent times have seen massive growth in liquefied natural gas production, further pushing its market.

With the rising demand for liquefied natural gas, the market for equipment to control, transport, and handle liquefied natural gas has seen a surge in demand. According to the World LNG Report 2020, published by the International Gas Union, the global trade of LNG increased by 13% in 2019 to 354.7 million tonnes, compared to the previous year. The increasing trade of LNG across various industries propels the demand for the market.

Increased Utilization of Liquefied Natural Gas in Power Generation to Bolster Market Growth

The growing industrialization and urbanization have given rise to power demand globally. The rising functions of the digitization world require a lot of electrical power, which cannot be solely fulfilled using crude oil and coal. The non-renewable sources are fast depleting and need a quick substitute of equal potential for continued power generation in the future. Though there has been a growing inclination towards renewable energy sources like hydro and solar, liquefied natural gas has the highest potential at very low switching costs, making it a viable fuel for power generation.

The growing demand for power from LNG-based power plants is one of the key factors expected to drive the market. Furthermore, the rising focus towards solar-based power generation and the development of solar photovoltaic infrastructure is growing, creating huge potential opportunities for these types of pumps as these pumps are majorly used in the manufacturing of solar panels.


Growing Investment from Industrial Sector to Aid Market Dynamics

Growing investments from the industrial sector such as metallurgy, healthcare, food & beverage, and electronics in the developing economies are expected to accelerate the demand. The transportation, storage, and regasification applications of cryogenic gases such as nitrogen, argon, oxygen, and LNG, hold a strong potential for the market's growth. According to World Investment Report 2020, published by United Nations publications, Asia has the largest share for FDI inflow, decreasing 4.95% to USD 473.8 billion in 2019.

Moreover, China is the largest developing economy with USD 141 billion, FDI investment in Asia. Additionally, Africa holds 3% of FDI investment worth USD 45 billion. Hence, increasing investment from the industrial sector emerges the need for deploying the pumps in various end-use industries, propelling the market growth during the projected period.

Increasing Demand for Oxygen in Medical Sector during COVID-19 to Drive Market Demand

The rising cases in the global COVID-19 pandemic have given rise to the demand for oxygen cylinders in hospitals and homes for patients severely suffering from the disease. This rise in oxygen demand has boosted the oxygen production and transportation market. To support this demand, oxygen production has increased manifold, leading to a growing need for pumps for cryogen-type oxygen. The second wave of the COVID-19 pandemic is seeing a greater demand for oxygen cylinders and is expected to grow the demand these types of pumps worldwide.


Increase in Raw Material Prices to Restrain Market Growth

The cryogenic pump has parts like a drive shaft, an outer pressure containment tube, and an intermediate static support tube of stainless steel. However, the need for improvement in the productivity of the pump is increased by modifying and replacing the material of the components with glass/epoxy composite. The fluctuation in steel prices owing stringent regulations for greenhouse gas emission has reduced the steel production which has increased the production cost of the pump.

The cryogenic liquids or refrigerants are expensive, that usually, only high-speed pump systems can be justified economically, which are costlier. This economic factor is considered to be adversely affecting the market growth rate. Furthermore, the declining production of steel owing to an economic slowdown in China and fluctuation in oil and gas prices have led to dwindling investment in the steel industry. This has led to the declining investment in new steel plants, is also restraining the market, as these pumps are utilized for transporting cryogenic gases.


By Type Analysis

Centrifugal Cryogenic Pumps Segment to Dominate Owing to Maximum Technical Advantages

Based on the type, the global market is segmented into positive displacement pumps and centrifugal pumps.

Currently, centrifugal pumps hold the maximum share due to technical advantages such as few moving parts, low maintenance costs and longer life. A centrifugal pump transports fluid by converting rotational energy driven by an external motor or engine into energy moving the fluid. The centrifugal pump can only operate with a two-phase (gas-liquid) fluid during pump priming. They have a simple design that produces the same output levels as a positive displacement pump. It has a high capacity and relatively low head and can be designed as per the needs, and it can be made out of several different materials, including plastic, cast iron, and stainless steel. These advantages have led to an increasing application of centrifugal pumps in oil & gas, food & beverage, steel industry, and metal & mining.

A positive displacement cryogenic pump carries fluid by catching a permanent amount of the liquid and compelling it inside the discharge pipe. These pumps are specifically used to move the cryogenic liquid from one place to another. They are used to pump high viscosity fluids and are preferred in any application where accurate dosing or high-pressure output is required.

By Cryogen Type Analysis

To know how our report can help streamline your business, Speak to Analyst

Rising Gas-To-Liquid Activities Will Drive Liquefied Natural Gas Segment Growth

Based on cryogen type, the global market can be primarily split into nitrogen, oxygen, argon, liquefied natural gas, and others.

The maximum portion of the market is currently employed in the liquefied natural gas sector due to the massive usage in various end-user applications.

However, with the rising energy demand for argon by industries like refractory and welding, the argon segment is anticipated to grow.

The demand for nitrogen is also growing as these gases are used in several industries, such as plastics, food & beverage, and others. Furthermore, nitrogen is also being used to produce LNG.

With the rising gas-to-liquid activities all over the globe, the other cryogen-type segments are indirectly expected to grow at a very high rate.

By End-User Analysis

Oil & Gas to Capture Substantial Share owing to Increase in GTL Activities

Based on the end-user, the global market is divided into oil & gas, metallurgy, power generation, chemical & petrochemical, marine, and others.

The oil & gas segment, which involves pumps for oil and gas activities involving cryogenic liquefied natural gas, accounts for the maximum share in the market due to the full utilization of these pumps in the gas-to-liquid activities across the oil & gas sector.

In the metallurgy industry, cryogenic gases such as nitrogen and other gases are used in huge quantities during metals manufacturing. Nitrogen is considered the most consumed cryogenic gas in the industry as this gas is used as high-pressure gas for laser cutting of steel and metals.

The marine industry is primarily used for the transportation & storage of cryogenic liquid from one location to another. Hence, the growing LNG demand from various regional parts brings the demand for cryogenic liquid storage tanks & vessels in the maritime industry.


Asia Pacific Cryogenic Pump Market Size, 2021 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

The market has been analyzed across major regions, including North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.

The Asia Pacific dominates the global market. The demand for these type of pumps is rising from gas-based power plants owing to depleting energy resources and stringent regulations for emissions. Furthermore, the growing awareness and increasing government policies to develop clean power generation from the gas-based power plant and the increasing investment from healthcare, food & beverage, and steel will propel the regional growth.

North America also contributes a significant share in the global cryogenic pumps market. The increasing investment in the oil & gas industry and growing industrial infrastructure sectors will propel the demand. Furthermore, in the region, U.S. & Canada holds a potential market for LNG exports, as the depleting coal resource propels the need for LNG-based power plants, which drives the market demand.

In Europe, the increasing focus on developing a clean energy source, which increases demand for LNG and decreases the number of reloading cargoes at European import terminals, drives the need for the market.

Latin America holds potential growth opportunities for LNG demand due to new investment schemes and innovations, governments, and corporations implementing investment assignments on construction, development, and transformation of LNG regasification and LNG production factories.

The Middle East & Africa is the prominent region indulged in the business of oil & gas as it is indulging more in natural gas dealings and production. Gulf countries in the Middle East are the fastest-growing in energy demand due to increasing power consumption, seasonal volatility, and rapid industrial growth.


Ebara Corporation, Nikkiso Co., Ltd, and Fives Are the Key Players Expected to Lead the Way with Investments in R&D Activities and Wide Customer Reach

Among the present companies, very few have developed viable products for all segments. The market is fragmented market and seen several new technological advancements to keep pace with the top-performing manufacturers. Considering all the scenarios Ebara Corporation, Nikkiso Co., Ltd, and Fives are the major players and extensively invest in the research and development of pumps. They are expected to lead the market during the upcoming years.



  • January 2022 – The cryogenic solution specialist Cryostar announced that it had received NeoVP vertical pumps for the Chinese market. These pumps will be installed in air separation units. NeoVP vertical pumps are designed for easy installation and maintenance, and they also possess hydraulic efficiency, reducing the unit’s carbon footprint and energy costs.

  • April 2021 - Nikkiso Co., Ltd. announced a new facility adjacent to their primary production test site to increase the efficiency and capability of producing cryogenic submerged electric motor pumps, especially for the LNG market. This facility is also expected to facilitate customer remote-site witness testing.


An Infographic Representation of Cryogenic Pump Market

To get information on various segments, share your queries with us

The global cryogenic pump market research report highlights leading regions worldwide to better understand the user. Furthermore, the market research report provides insights into the latest market trends and analyzes technologies deployed at a rapid pace at a global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the industry.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD billion)


By Type, By Cryogen Type, By End-User, and By Region

By Type

  • Positive Displacement Pump

  • Centrifugal Pump

By Cryogen Type

  • Nitrogen

  • Oxygen

  • Argon

  • Liquefied Natural Gas

  • Others

By End-User

  • Oil & Gas

  • Metallurgy

  • Power Generation

  • Chemical & Petrochemical

  • Marine

  • Others

By Geography

  • North America (By Type, By Cryogen Type, By End-user, By Country)

    • U.S. (By End-user)

    • Canada (By End-user)

  • Europe (By Type, By Cryogen Type, By End-user, By Country)

    • U.K. (By End-user)

    • Germany (By End-user)

    • France (By End-user)

    • Italy (By End-user)

    • Russia (By End-user)

    • Rest of Europe

  • Asia Pacific (By Type, By Cryogen Type, By End-user, By Country)

    • China (By End-user)

    • India (By End-user)

    • Japan (By End-user)

    • Australia (By End-user)

    • Southeast Asia (By End-user)

    • Rest of Asia Pacific (By End-user)

  • Latin America (By Type, By Cryogen Type, By End-user, By Country)

    • Brazil (By End-user)

    • Mexico (By End-user)

    • Rest of Latin America (By End-user)

  • The Middle East & Africa (By Type, By Cryogen Type, By End-user, By Country)

    • GCC (By End-user)

    • South Africa (By End-user)

    • Rest of the Middle East & Africa (By End-user)

Frequently Asked Questions

Fortune Business Insights says that the global cryogenic pump market size was USD 3.41 billion in 2021 and is projected to reach USD 6.64 billion by 2029.

In 2021, the cryogenic pump market value stood at USD 1.27 billion.

The cryogenic pump market is likely to grow at a CAGR of 9.06% during the forecast period (2022-2029).

The centrifugal pump segment is anticipated to dominate this market during the forecast period.

The increasing demand for liquefied natural gas is the key factor driving the market.

Ebara Corporation, Nikkiso Co., Ltd, and Fives are key participants in this market.

The Asia Pacific dominated the market in terms of share in 2021.

Several advantages offered by the pumps have led to a rise in demand for liquefied natural gas. The increasing demand for equipment to control, transport, and handle the liquefied natural gas will further boost the product’s market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • May, 2022
  • 2021
  • 2018-2020
  • 246


  • $4850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- UGlobal hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.