As projected by Future Market Insight, the global cryogenic pump market is poised to surge to US$ 2,092.2 million by 2033, exhibiting a CAGR of 6.8%. This growth marks a substantial leap from its estimated value of US$ 1,083.6 million in 2023.
The growing adoption of cryogenic applications, such as cryosurgery, cryopreservation, and cryogenic cooling, across various industries creates a demand for cryogenic pumps. These pumps are essential for maintaining the required low temperatures in these applications, driving market growth.
The global expansion of liquefied natural gas (LNG) infrastructure drives the demand for cryogenic pumps. Cryogenic pumps are crucial for transferring and storing LNG in terminals, liquefaction plants, and regasification facilities, ensuring efficient and safe operations.
The global trade of LNG is expanding, necessitating the construction and expansion of LNG terminals and facilities. Cryogenic pumps are essential for the loading, unloading, and storage of LNG, driving the market growth to meet the rising demand for efficient and reliable LNG handling.
Industries such as metal fabrication, chemicals, and electronics rely on industrial gases like nitrogen, oxygen, and argon. Cryogenic pumps are needed for their production, transportation, and storage. The increasing demand for industrial gases contributes to the growth of the cryogenic pump market.
The growing focus on renewable energy sources, such as hydrogen and liquefied natural gas, leads to an increased demand for cryogenic pumps. These pumps are used for the production, transportation, and storage of these energy sources, supporting the expansion of the renewable energy market.
Technological advancements in cryogenic pump designs, materials, and efficiency propel the market. Innovations such as magnetic bearings, improved insulation materials, and advanced control systems enhance the performance and reliability of cryogenic pumps, driving their adoption.
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Governments worldwide are investing in the development of cryogenic infrastructure and promoting the use of cryogenic applications. These initiatives and investments provide support and create favorable conditions for the cryogenic pump market to grow.
Superconductors, which require cryogenic temperatures for their operation, find applications in various industries. The increasing demand for superconductors drives the need for cryogenic pumps to maintain the required low temperatures, boosting the market.
Cryogenic pumps are extensively used for low-temperature cooling in scientific research, material testing, and semiconductor manufacturing. The demand for these applications drives the market for cryogenic pumps, as they are crucial for achieving and maintaining extremely low temperatures.
Cryogenic pumps are utilized in the food processing industry for freezing and quick cooling applications. As the food processing industry grows, the demand for cryogenic pumps increases, facilitating efficient and rapid cooling processes.
With increasing environmental concerns and regulations regarding emissions and energy efficiency, cryogenic technologies, including cryogenic pumps, are preferred for their lower environmental impact. The adoption of cryogenic pumps aligns with these regulations, contributing to market growth.
Key Takeaways from the Cryogenic Pump Market
- The cryogenic pump industry in the United Kingdom is expected to rise sizably, exhibiting a CAGR of 5.8% through 2033, driven partly by the country’s increasing focus on expanding its renewable energy infrastructure.
- In 2022, the United States held a significant share of 33.2% in the global cryogenic pump industry, driven by its robust demand for cryogenic pumps in the rapidly expanding LNG sector.
- With a projected CAGR of 7% over the forecast period, India is poised for rapid development in the cryogenic pump industry, driven in part by the country’s increasing investments in space exploration.
- In 2022, Japan held a 3.3% share of the global cryogenic pump industry, supported by its strong focus on technological advancements in the healthcare sector.
- China’s cryogenic pump industry is set to flourish at a rapid pace, registering a CAGR of 6.2% over the forecast period, driven by the country’s significant investments in the aerospace sector.
- In 2022, Germany accounted for 7.9% of the global cryogenic pump industry, driven by the country’s transition toward clean and sustainable energy solutions.
Competitive Landscape in the Cryogenic Pump Market
Key players are actively engaged in various activities to strengthen their market position. They are investing in research and development to enhance pump efficiency, reliability, and performance. Additionally, they are focusing on expanding their product portfolios to cater to diverse application needs. Key players are also adopting strategic partnerships, collaborations, and acquisitions to broaden their market reach and gain a competitive edge. Furthermore, they are actively involved in marketing and promotional activities to create awareness and establish their brands as industry leaders.
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Recent Developments by Key Players
In December 2021, Edwards Vacuum introduced a cutting-edge cryopump called the CTI-Cryogenics On-Board IS 320F XVS Cryopump. It is specifically designed for semiconductor applications. This innovative cryopump sets out to provide unparalleled reliability and exceptional performance, making it the top choice in the market.
In November 2022, to mark the successful completion of Elliott’s advanced cryogenic pump testing facility in the United States, Elliot Group, a subsidiary of EBARA CORPORATION (EBARA), organized a ribbon-cutting ceremony.
Key Companies Profiled
- ACD Cryo AG
- Cryostar SAS
- Sumitomo Heavy Industries Ltd.
- Flowserve Corporation
- Brooks Automation Inc.
- Ebara Corporation
- Nikkiso Cryo Ltd.
- PHPK Technologies Inc.
- Fives S.A
- Cryoquip Australia
Key Segments Profiled In The Cryogenic Pump Industry Survey
By Pump Functionality:
- Centrifugal
- Positive Displacement
By Type:
- Bath
- Refrigerator Cooled
- Supercritical Helium Cooled
- Others
By Application Gas:
- Nitrogen-based
- Oxygen-based
- LNG-based
- Argon-based
- Other Gases-based
By End Use Industry:
- Energy & Power
- Metallurgy and Mining
- Chemicals
- Other End-Use Industries
By Region:
- North America
- Europe Cryogenic
- Latin America
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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