Cryogenic Pump Market Forecasts to 2030 – Global Analysis By Type (Centrifugal and Positive Displacement), Gas (Oxygen, Argon, Nitrogen and Other Gases), Orientation, Design, End User and By Geography

Cryogenic Pump Market Forecasts to 2030 – Global Analysis By Type (Centrifugal and Positive Displacement), Gas (Oxygen, Argon, Nitrogen and Other Gases), Orientation, Design, End User and By Geography

According to Stratistics MRC, the Global Cryogenic Pump Market is accounted for $1.28 billion in 2023 and is expected to reach $2.0 billion by 2030 growing at a CAGR of 6.6% during the forecast period. A cryogenic pump is a specialized device used to transfer and manipulate extremely cold fluids, typically in the realm of cryogenics, where temperatures drop well below those achievable with conventional refrigeration methods. These pumps are designed to handle liquefied gases, such as nitrogen, oxygen, or helium, which exist at extremely low temperatures. Cryogenic pumps employ various mechanisms, including centrifugal or displacement methods, to draw in and expel these ultra-cold fluids, ensuring efficient and reliable transfer processes for applications like industrial gas processing, medical imaging, and scientific research involving superconductors and low-temperature physics.

According to the World LNG Report 2022, global trade in liquefied natural gas (LNG) set a record high, averaging 51.7 billion cubic feet per day (Bcf/d), a 5% increase compared with 2021.

Market Dynamics:

Driver:

Rising demand for petrochemical

Petrochemical processes such as liquefied natural gas (LNG) production, ethylene and propylene refining, and nitrogen liquefaction rely heavily on cryogenic pumps for the handling, transfer, and processing of liquefied gases at extremely low temperatures. Furthermore, with increasing global demand for petrochemical products driven by population growth, urbanization, and industrialization, the need for efficient and reliable cryogenic pumping solutions is on the rise. As a result, rising demand for petrochemicals is a significant factor driving market demand.

Restraint:

Fluctuations in raw material prices

Cryogenic pumps require specialized materials such as stainless steel, nickel alloys, and high-performance polymers to withstand the extreme temperatures and corrosive properties of cryogenic fluids. However, the fluctuations in steel prices owing to the regulations for greenhouse gas emissions have reduced steel production, leading to inflation in steel prices, which is hampering the production of cryogenic pumps and, in turn, affecting the growth of the cryogenic pump.

Opportunity:

Technological advancements

Technological advancements serve as a key driver in the growth of the cryogenic pump market, continually enhancing the performance, efficiency, and reliability of cryogenic pump systems. Advancements in materials science have led to the development of new alloys and composites with enhanced properties, such as improved resistance to corrosion, thermal conductivity, and mechanical strength. Furthermore, innovations in pump design, such as optimized impeller geometries, enhanced sealing mechanisms, and advanced bearing technologies, contribute to higher efficiency and performance levels.

Threat:

Safety Concerns

Cryogenic pumps handle extremely low-temperature fluids, often at or below -150 degrees Celsius, presenting inherent risks related to the handling, storage, and transportation of cryogenic liquids such as liquid nitrogen, oxygen, and LNG. However, the potential hazards associated with cryogenic fluids include cryogenic burns, as exposure to these ultra-low temperatures can cause severe tissue damage upon contact with skin or other materials.

Covid-19 Impact

The COVID-19 pandemic has had a notable impact on the cryogenic pump market. Initially, the pandemic led to disruptions in global supply chains, causing delays in the manufacturing and delivery of cryogenic pump components and systems. However, the pandemic also highlighted the critical role of cryogenic technology in healthcare, particularly in the storage and distribution of COVID-19 vaccines, many of which require ultra-low temperatures for preservation. This increased focus on healthcare applications may offset some of the market downturn experienced in other sectors.

The centrifugal segment is expected to be the largest during the forecast period

The centrifugal segment is estimated to hold the largest share. Centrifugal pumps play a crucial role in the efficient transfer and handling of liquefied gases at extremely low temperatures. Centrifugal pumps operate by converting mechanical energy from a motor into kinetic energy, which then drives the fluid through the pump's impeller and into a volute casing. Moreover, centrifugal pumps are particularly well-suited for cryogenic applications due to their ability to handle low-viscosity fluids and operate smoothly at high flow rates.

The energy & power segment is expected to have the highest CAGR during the forecast period

The energy & power segment is anticipated to have lucrative growth during the forecast period. Cryogenic pumps find extensive use in power generation facilities, particularly in the cooling and handling of liquid oxygen (LOX) and liquid hydrogen (LH2) for rocket propulsion systems, fuel cells, and gas turbine power plants. Moreover, cryogenic pumps are utilized in energy-intensive industries such as steelmaking and chemical processing for the handling of liquefied gases like nitrogen and argon, which are essential for various industrial processes including cryogenic cooling and purging.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period. The increasing demand for liquefied natural gas (LNG) as a cleaner energy source has led to a rise in cryogenic pump installations across LNG terminals and facilities. Furthermore, the region's growing semiconductor and electronics industries rely on cryogenic pumps for the production of advanced semiconductor devices and superconducting materials, contributing to the market's growth.

Region with highest CAGR:

North America is expected to witness profitable growth over the projection period due to the burgeoning demand for liquefied natural gas (LNG) infrastructure, North America's strong presence in industries such as semiconductor manufacturing, aerospace, and research also drives the demand for cryogenic pumps for applications ranging from superconducting material production to space exploration.

Key players in the market

Some of the key players in the Cryogenic Pump Market include Nikkiso Co., Ltd., Sumitomo Heavy Industries Ltd., Ebara Corporation, Huzhou Baihui Cryogenic Equipment Co., Ltd, The Weir Group PLC, Indian Compressors Ltd, Cryostar SAS, SMS Pumps & Engineers, Flowserve Corporation, Brooks Automation Inc., PHPK Technologies Inc., Sulzer, Fives, Trillium Flow Technologies and SHI Cryogenics Group.

Key Developments:

In April 2023, Sulzer and Siemens LDA announced digital collaboration bringing together their respective IoT-platforms and services, BLUE BOX™ and SIDRIVE IQ, the two companies are collaborating to deliver an integrated solution that improves equipment reliability and cuts operations costs.

In December 2022, Sumitomo Heavy Industries, Ltd. announced a strategic collaboration with CoreTech System Co., Ltd. to strengthen the integration between virtual CAE simulation and physical injection molding machines.

In November 2022, Sulzer and Blue Planet deepen collaboration to accelerate decarbonization of concrete and the construction sector. The ground-breaking mineralization process permanently stores carbon emissions captured from heavy industries in aggregate form, which can then be used to produce carbon-negative concrete.

Types Covered:
• Centrifugal
• Positive Displacement

Gases Covered:
• Oxygen
• Argon
• Nitrogen
• Other Gases

Orientations Covered:
• Horizontal
• Vertical

Designs Covered:
• Submersible
• Non-Submersible

End Users Covered:
• Energy & Power
• Electronics
• Metallurgy
• Healthcare
• Pharmaceuticals
• Other End Users

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

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements