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Cryogenic Pump Market to Grow Gradually by Achieving a Valuation of USD 7.51 Billion By 2030 with a CAGR of 9.81% during the Forecast Period

January 16, 2024 | Energy & Power

The cryogenic pump market size is projected to grow from USD 3.90 billion in 2023 to USD 7.51 billion by 2030. As per a report by Fortune Business Insights™ titled, “Cryogenic Pump Market Size, Share & COVID-19 Impact Analysis, By Type (Positive Displacement Pump and Centrifugal Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, and Other), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others), and Regional Forecast, 2023-2030”, the market stood at USD 3.65 billion in 2022. It is set to exhibit a CAGR of 9.81% during 2023-2030.


Cryogenic pumps are capable of producing, maintaining, and operating in temperatures as low as -1200 C. Moreover, they are commonly used for refrigeration applications. This market is primarily driven by the increasing demand for Liquefied Natural Gas (LNG) in the power generation and domestic and commercial fuel sectors. Also, the increasing demand for medical gases within healthcare settings and the generation of electricity from renewable energy sources are set to augment market growth.


Stringent Restrictions Hindered the Market Growth during Pandemic


The coronavirus pandemic had a devastating impact on all sectors of the global economy. Industries experienced considerable losses in productivity due to the implementation of stringent regulations, such as national restrictions, in order to contain the virus. Consequently, the pandemic impacted the demand for pumps.


Atlas Copco Acquired CPC Pumps International to Strengthen the Its Product Portfolio


In August 2021, CPC Pumps International was acquired by the Atlas Copco. The acquisition strengthened the product portfolio of the Atlas Copco. The acquisition also helped in the enhancing the market position of the company.


Increasing Rate Of Industrialization And Urbanization To Augment Market Growth


Increasing rate of industrialization and urbanization has given rise to the need for power. With the depletion of non-renewable sources, there has been a need for substitute which is equally able to provide power generation in the future. The growing demand for power generation from LNG-based power plants is also one of the key factors impacting the market growth positively.  


On the other hand, high prices of the raw materials to hamper the market growth.


Leading Market Players Have Been Investing in R&DC Activities To Increase the Customer Reach 


The market has been experiencing numerous technological advancements. Ebara Corporation, Nikkiso Co., Ltd, and Fives are the leading manufacturers which have been investing highly in the research and development activities of pumps and to have widening customer reach.


Notable Industry Development:



  • January 2023: Crypmotive and Fives signed an agreement in order to develop and validate a cryogenic pump for generating CROGAS hydrogen based on Fives’ cryogenic reciprocating pump technology.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/cryogenic-pump-market-100824


List of the Companies Profiled in the Report:



  • Nikkiso Co., Ltd (Japan)

  • SHI Cryogenics Group (Japan)

  • Ebara Corporation (Japan)

  • The Weir Group PLC (Scotland)

  • Fives (France)

  • Sulzer (Switzerland)

  • Flowserve Corporation (U.S.)

  • INOXCVA (India)

  • Cryostar (France)

  • Phpk Technologies (U.S.)

  • Vanzetti Engineering (Italy)


Further Report Findings:



  • Asia Pacific dominated the market growth. The need for cryogenic pumps from gas-based power plants is increasing due to diminishing energy resources and stringent emissions regulations. Furthermore, the increasing awareness and growing government policies to improve clean power generation from gas-based power plants.

  • North America also accounts for a significant global cryogenic pump market share due to the growing demand from the oil & gas sector and the increasing demand from the industrial infrastructure sectors.

  • The Middle East & Africa is the largest region in the oil & gas industry, increasingly involved in natural gas trading and production. The Gulf Countries in the Middle East are the fastest-growing region in terms of energy demand, driven by rising energy demand, seasonal fluctuations, and fast industrial growth.


Table of Segmentation:























































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year 



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 9.81% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Type, By Cryogen Type, By End-user, and By Regio



Segmentation



By Type



  • Positive Displacement Pump

  • Centrifugal Pumps



By Cryogen Type



  • Nitrogen

  • Oxygen

  • Argon

  • Liquefied Natural Gas

  • Others



By End-user



  • Oil & Gas

  • Metallurgy

  • Power Generation

  • Chemical & Petrochemicals

  • Marine

  • Others



By Region



  • 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)


    • UK (By End-user)

    • Germany (By End-user)

    • France (By End-user)

    • Italy (By End-user)

    • Russia (By End-user)

    • Rest of Europe (By End-user)


  • 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)



Cryogenic Pump Market
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