Global Cryogenic Pump Market Size, Share, and 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 By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Industry: Energy & Power

RELEASE DATE Jul 2024
REPORT ID SI4999
PAGES 220
REPORT FORMAT PathSoft

Global Cryogenic Pump Market Insights Forecasts to 2033

  • The Global Cryogenic Pump Market Size was Valued at USD 3.82 Billion in 2023
  • The Market Size is Growing at a CAGR of 10.67% from 2023 to 2033
  • The Worldwide Cryogenic Pump Market Size is Expected to Reach USD 10.53 Billion by 2033
  • North America is Expected to Grow the fastest during the forecast period.

Global Cryogenic Pump Market

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The Global Cryogenic Pump Market Size is Anticipated to Exceed USD 10.53 Billion by 2033, Growing at a CAGR of 10.67% from 2023 to 2033.

 

Market Overview

The accumulating vacuum pump is known as a cryogenic pump. In order the purpose of developing a situation from high vacuum to ultra-high vacuum, the pump condenses and absorbs gases on a cryogenic surface that is mounted in the pump. In addition, in comparison to other vacuum pumps, this one can achieve a cleaner, oil-free vacuum and operate at a faster pumping speed. Cryogenic pumps generate, endure, and function at temperatures as low as -1200 C. In the testing and production of semiconductors, cryogenic pumps are extensively utilized. By increasing their electrical and thermal conductivity and reducing their operational power, cryogenic pumps help increase the dependability of electronics. Growing demand for LNG, power generation, the household and commercial energy industries, the need for medicinal gases in healthcare facilities, and the production of electricity from renewable resources are the main factors driving this market. The growing need for cryogenic gases from the energy and power sector, particularly the oil and gas industry, is the main factor driving the cryogenic pump market. The rising need for liquid gases in numerous end-user sectors, including metallurgy and chemicals, is primarily responsible for the growth of the cryogenic pump market.

 

Report Coverage

This research report categorizes the market for the global cryogenic pump market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global cryogenic pump market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global cryogenic pump market.

 

Global Cryogenic Pump Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023 :USD 3.82 Billion
Forecast Period:2023 – 2033
Forecast Period CAGR 2023 – 2033 :10.67%
023 – 2033 Value Projection:USD 10.53 Billion
Historical Data for:2019-2022
No. of Pages:220
Tables, Charts & Figures:110
Segments covered:By Type, By Cryogen Type, By End-User, By Region
Companies covered::Linde PLC, Chart Industries, Nikkiso, Vanzetti Engineering, Sumitomo Heavy Industries, Ltd., EBARA CORPORATION, SHI Cryogenics Group, Ebara Corporation, The Weir Group PLC, Sulzer, Atlas Copco, Flowserve Corporation, INOXCVA, Cryostar, Others
Pitfalls & Challenges:Covid-19 Impact, Challenge, Future,Growth and Analysis

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Driving Factors

The rise in gas-based power-generating efficiencies, which take fewer gasses to create more power while reducing greenhouse gas emissions, is the main factor propelling the growth of the global cryogenic pump market. Global government programs also support the development of the cryogenic pump industry while encouraging the production of gas-based electricity while taking environmental considerations into account. Moreover, the market for cryogenic pumps will grow as a result of rising LNG (liquefied natural gas) use. For many household uses, natural gas is the fuel of choice since it is efficient. Natural gas provides an affordable, clean energy source for the home, in addition to energy efficiency improvements and renewable energy technologies. 

 

Restraining Factors

High-quality raw materials, like stainless steel, are needed to manufacture cryogenic pumps. The rising cost of raw materials has caused high pricing competition among major cryogenic pump manufacturers. The rising cost of cryogenic pumps has also resulted in a growing preference for small-scale manufacturers in the unorganized market. As a result, market volatility related to metal prices has developed.

 

Market Segmentation

The global cryogenic pump market share is classified into type, cryogen type, and end-user.

 

  • The centrifugal pump segment dominates the market with the largest market share through the forecast period.

Based on the type, the global cryogenic pump market is categorized into positive displacement and centrifugal pumps. Among these, the centrifugal pump segment dominates the market with the largest market share through the forecast period. In the conversion of rotational energy from an external motor or engine into fluid-moving energy, a centrifugal pump transfers fluid. Only two-phase (gas-liquid) fluid can be used for centrifugal pump operation during pump priming. Because of these benefits, centrifugal pumps are being used more and more in the steel, food and beverage, metal and mining, and oil and gas industries.    

 

  • The nitrogen segment is anticipated to grow at the fastest CAGR growth through the forecast period.

Based on the cryogen type, the global cryogenic pump market is categorized into nitrogen, oxygen, argon, liquefied natural gas, and others. Among these, the nitrogen segment is anticipated to grow at the fastest CAGR growth through the forecast period. These gases are used in a variety of industries, including polymers, food and beverage, and others, there is an increasing need for nitrogen. Liquified natural gases are another product made with nitrogen. Since it is utilized as a high-pressure gas for laser cutting steel and metal, nitrogen is regarded as the cryogenic gas that is used in the industry the most.     

         

  • The oil & gas segment accounted for the largest revenue share through the forecast period.

Based on the end-user, the global cryogenic pump market is categorized into oil & gas, metallurgy, power generation, chemical & petrochemical, marine, and other. Among these, the oil & gas segment accounted for the largest revenue share through the forecast period. Due to the highest usage of these pumps in the gas-to-liquid operations throughout the oil and gas sector, the oil and gas segment which includes pumps for oil and gas activities involving cryogenic liquefied natural gas has the largest market share.  

    

Regional Segment Analysis of the Global Cryogenic Pump Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific is anticipated to hold the largest share of the global cryogenic pump market over the predicted timeframe.

 

Global Cryogenic Pump Market

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Asia Pacific is anticipated to hold the largest share of the global cryogenic pump market over the predicted timeframe. The expansion of the metallurgy and energy & power sectors in China and India is the main factor driving the cryogenic pump market in the Asia Pacific region. The Asia Pacific is a result of the rise in demand in numerous end-user sectors, including chemicals and metallurgy. The region's explosive expansion is explained by the rising need for energy and a growing focus on renewable energy sources. One of the key elements affecting its expansion is urbanization, which is present in the majority of countries in the region.

 

North America is expected to grow at the fastest CAGR growth of the global cryogenic pump market during the forecast period. The demand will be driven by rising investment in the oil and gas sector as well as expanding industrial infrastructure. Additionally, the United States and Canada represent a potential market for LNG exports in the region, given that the need for LNG-based power plants is driven by the depletion of coal resources. Moreover, the market for cryogenic pumps in the United States had the most market share, while the market in Canada had the fastest rate of growth in this region.  

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global cryogenic pump market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Linde PLC
  • Chart Industries
  • Nikkiso
  • Vanzetti Engineering
  • Sumitomo Heavy Industries, Ltd.
  • EBARA CORPORATION
  • SHI Cryogenics Group
  • Ebara Corporation
  • The Weir Group PLC
  • Sulzer
  • Atlas Copco
  • Flowserve Corporation
  • INOXCVA
  • Cryostar
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Developments

  • In April 2024, the Italian producer of industrial equipment, Vanzetti Engineering, launched the ESK-IMO line of retractable submerged pumps. These pumps can be utilized as emergency pumps, cargo/stripping pumps in the maritime industry, and small-scale LNG terminals. 

 

  • In April 2023, the vacuum pump services supplier Trillium US Inc. was bought by Atlas Copco, the company announced. Additionally, it produces cryogenic and piston pumps.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cryogenic pump market based on the below-mentioned segments: 

 

Global Cryogenic Pump Market, By Type

  • Positive Displacement Pump
  • Centrifugal Pumps

 

Global Cryogenic Pump Market, By Cryogen Type

  • Nitrogen
  • Oxygen
  • Argon
  • Liquefied Natural Gas
  • Others

 

Global Cryogenic Pump Market, By End User

  • Oil & Gas
  • Metallurgy
  • Power Generation
  • Chemical & Petrochemicals
  • Marine
  • Others

 

Global Cryogenic Pump Market, By Regional Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions (FAQ)

  • 1. Which are the key companies that are currently operating within the market?
    Linde PLC, Chart Industries, Nikkiso, Vanzetti Engineering, Sumitomo Heavy Industries, Ltd., EBARA CORPORATION, SHI Cryogenics Group, Ebara Corporation, The Weir Group PLC, Sulzer, Atlas Copco, Flowserve Corporation, INOXCVA, Cryostar, and Others.
  • 2. What is the size of the global cryogenic pump market?
    The Global Cryogenic Pump Market Size is Expected to Grow from USD 3.82 Billion in 2023 to USD 10.53 Billion by 2033, at a CAGR of 10.67% during the forecast period 2023-2033.
  • 3. Which region is holding the largest share of the market?
    Asia Pacific is anticipated to hold the largest share of the global cryogenic pump market over the predicted timeframe.

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