"Actionable Insights to Fuel Your Growth"

Cryogenic Pump Market Size, Share & COVID-19 Impact 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, 2021-2028

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



Play Audio Listen to Audio Version

The global cryogenic pump market size was USD 3.11 billion in 2020. The global impact of COVID-19 has been unmatched and staggering, with cryogenic pumps witnessing a negative demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of -10.9% in 2020 compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 3.29 billion in 2021 to USD 5.57 billion in 2028 at a CAGR of 7.8% during the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

The remarkable development in the exploration and production of natural gas worldwide has led to the growth of the demand for liquefied natural gas worldwide. Revolution in various fields such as automobile, pharmaceutical, power generation, and manufacturing has led to huge industrialization and urbanization, making liquefied natural gas a vital development element. The pumps help in transporting the gas to liquid materials at low temperatures and high pressures.

Blockades in Global Natural Gas Exploration and Sales Hindered Cryogenic Pump Market Growth amid COVID-19

The global health crisis caused by the sudden spread of the novel coronavirus or COVID-19 pandemic has had a damaging impact on every industry. Industries have suffered significant losses in operational time due to the imposition of strict rules such as nationwide lockdowns to limit the spread of the COVID-19 virus. Accordingly, the outbreak of the virus has altered the demand for such pumps. As the market is majorly dependent on the natural gas industry, the biggest collapse faced by the oil and gas industry in a long time has also impacted the investment in the product. The excess supply and low demand for natural gas have forced leading gas companies to temporarily reduce production activities, which ultimately led to a fluctuation in natural gas prices.


Request a Free sample to learn more about this report.

Increasing Demand for Liquefied Natural Gas to Augment the Market Growth

Liquefied natural gas is considered a fuel for the future due to its efficiency in transport and safety. It can be conveniently 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 the production of liquefied natural gas, further pushing its demand. With the rising demand for liquefied natural gas, the demand 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 is a Vital Trend

The growing industrialization and urbanization have given rise to power demand in the world. 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 generating power from LNG-based power plants is one of the key factors expected to drive the market.


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 would accelerate the demand for cryogenic pumps. The transportation, storage, and regasification applications of cryogenic gases such as nitrogen, argon, oxygen, and LNG, hold a strong potential for the growth of the cryogenic pumps market. According to World Investment Report 2020, published by United Nations publications, Asia holds the largest share for FDI inflow, decreasing 4.95% to USD 473.8 billion in 2019. Moreover, China is the largest developing economy which has 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 in the wake of COVID-19 to Drive the 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 demand for oxygen has given a boost to the oxygen production and transportation market. To support this demand, oxygen production has increased manifold, leading to a growth in the demand 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 lead to the growth of the global market.


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 made 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. Reduction in steel production and volatility in steel price due to the stringent regulations for greenhouse gases from the steel industry and crude oil supply fluctuations would increase the production cost of the pump. Hence, an increase in raw material prices restraints the growth of the market during the forecast period. 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.


By Type Analysis

Owing to Maximum Technical Advantages, the Centrifugal Cryogenic Pumps Segment to Dominate

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

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 operate with a two-phase (gas-liquid) fluid only during pump priming. Currently, centrifugal pumps hold the maximum share due to technical advantages such as few moving parts, resulting in low maintenance costs and longer life. They have a simple design that produces the same output levels as that of a positive displacement cryogenic 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 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 the 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 of the liquefied natural gas in various end-user applications. But with the rising energy demand for argon by industries like refractory and welding, the argon segment is anticipated to grow.

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 Maintain a Higher Share due to Growing GTL Activities

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

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

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, 2020 (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 global market is dominated by Asia Pacific. This is owing to the increasing energy demand from gas-based power plants due to depleting energy resources and stringent regulations for emissions. The growing awareness for developing clean power generation from the gas-based power plant and the increasing investment from industries such as healthcare, food & beverage, and steel will propel the regional growth.

North America holds the second-largest position due to the increasing investment in the oil & gas industry, and growing industrial infrastructure propels the demand for the market. In North America, 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 for developing a clean source of energy, which results in an increase in demand for LNG and a decrease in the number of reloading cargoes at European import terminals, drives the demand for the market.

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 owing to increasing consumption of power, seasonal volatility, and rapid industrial growth. Hence, it drives the application of cryogenic pumps in the region.

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


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

Amngst the present companies, very few of them have developed viable products for all segments. Much of the equipment is undergoing testing to be ready for the market with the required capabilities. The fragmented market has seen numerous new technological advancements coming up to keep pace with the top-performing manufacturers. Considering all the scenarios Ebara Corporation, Nikkiso Co., Ltd, and Fives are the leading manufacturers and extensively invest in the research and development of pumps. They are expected to lead the market in the upcoming years.


  • Nikkiso Co., Ltd (Japan)

  • SHI Cryogenics Group (Japan)

  • Ebara Corporation (Japan)

  • The Weir Group PLC (Scotland)

  • Fives (France)

  • Sulzer (Switzerland)

  • Flowserve Corporation (United States)

  • Brooks Automation (United States)

  • INOXCVA (India)

  • Cryostar (France)

  • Phpk Technologies (United States)

  • Ruhrpumpen Global (Mexico)

  • SEFCO AG (Switzerland)

  • Sehwa Tech, Inc. (South Korea)

  • Vanzetti Engineering (Italy)


  • April 2021 - Vanzetti Engineering reported that its VT-3 pumps would be utilized in the first trans-Atlantic Post Panamax LNG Car Carriers to be built, owned, and operated by Siem Car Carriers. Depending on the engine consumption requirements, the VT-3 pump will be modified in Simplex, Duplex, or Triplex configuration.

  • April 2021 - Nikkiso Co., Ltd. announced a new facility adjacent to their primary production test site to increase the efficiency and capability of producing their 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 offer a better understanding of the user. Furthermore, the market research report provides insights into the latest industry 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 Region

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

    • The U.S.

    • Canada

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

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Netherlands

    • Rest of Europe

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

    • China

    • India

    • Japan

    • Australia

    • Southeast Asia

    • Rest of Asia Pacific

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

    • GCC

    • South Africa

    • Rest of the Middle East & Africa

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

    • Brazil

    • Mexico

    • Rest of Latin America

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 3.11 billion in 2020 and is projected to reach USD 5.57 billion by 2028.

In 2020, the market value stood at USD 1.14 billion.

The market is likely to grow at a CAGR of 7.8% during the forecast period (2021-2028).

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.

Asia Pacific dominated the market in terms of share in 2020.

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 demand.

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

Speak to an Expert
Cryogenic Pump Market Size, Share and Global Industry Trend Forecast till 2026
  • Jul, 2021
  • 2020
  • 2017-2019
  • 140


  • $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

“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.