Asia-Pacific Cryogenic Pump Market Size (2024 - 2029)

The Asia-Pacific cryogenic pump market is projected to experience growth driven by factors such as increased gas-based power generation, rising investments in the energy sector, and heightened demand for LNG fuel in domestic applications. Despite challenges like cost constraints and a lack of expertise in handling cryogenic pumps, the market has rebounded to pre-pandemic levels. Opportunities are anticipated from the growing focus on solar power generation and the development of solar PV manufacturing infrastructure, as cryogenic pumps play a crucial role in solar panel production. India is expected to see notable expansion within this market during the forecast period.

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Market Size of Asia-Pacific Cryogenic Pump Industry

Asia-Pacific Cryogenic Pump Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.01 %
Market Concentration Medium

Major Players

Asia-Pacific Cryogenic Pump Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Cryogenic Pump Market Analysis

The Asia-Pacific cryogenic pump market is expected to register a CAGR of more than 5.01% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. It has now reached pre-pandemic levels.

  • Over the long term, the major driving factors of the market are expected to be the increase in gas-based power generation, increasing investments in the energy and power sector, and rising demand for LNG fuel in domestic applications.
  • On the flip side, cost constraints and a lack of expertise in handling these devices across major countries are anticipated to restrain the growth of the market.
  • Growing focus on solar power generation and the development of solar PV manufacturing infrastructure can create immense opportunities over the coming years because cryogenic pumps are majorly used in the manufacturing of solar panels.
  • India is likely to witness significant growth in the Asia-Pacific cryogenic pump market during the forecast period.

APAC Cryogenic Pump Industry Segmentation

A cryogenic pump, also known as a cryopump, is a vacuum pump that traps gases and vapors by condensing them on a cold surface. Cryogenic pumps are used to hold gases with boiling points below -150oC, like oxygen, nitrogen, hydrogen, helium, and LNG, among others. For cooling purposes, cryogenic pumps normally use compressed helium, dry ice, liquid nitrogen, or stand-alone versions that may include a built-in cryocooler.

The Asia-Pacific cryogenic pump market is segmented by type, gas, end-user, and geography. By type, the market is segmented into dynamic pumps and positive displacement pumps. By gas, the market is segmented into nitrogen, oxygen, argon, LNG, and other gases. By end-user, the market is segmented into oil and gas, healthcare, chemicals, and other end-users. The report also covers the market size and forecasts across major countries in the Asia-Pacific region. For each segment, the market sizing and forecasts are calculated based on revenue (in USD million).

By Type
Dynamic Pump
Positive Displacement Pump
By Gas
Nitrogen
Oxygen
Argon
LNG
Other Gases
By End-user
Oil and Gas
Healthcare
Chemicals
Other End-users
By Geography
China
India
Japan
Rest of Asia-Pacific
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Asia-Pacific Cryogenic Pump Market Size Summary

The Asia-Pacific cryogenic pump market is poised for significant growth, driven by increasing gas-based power generation, investments in the energy sector, and rising demand for LNG fuel in domestic applications. Despite the initial setbacks due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. However, challenges such as cost constraints and a lack of expertise in handling cryogenic pumps may hinder growth. The market is expected to benefit from the growing focus on solar power generation, as cryogenic pumps play a crucial role in manufacturing solar panels. India is anticipated to experience substantial growth in this market, supported by its expanding chemical and pharmaceutical industries and government initiatives to enhance electricity supply and reduce carbon emissions.

Positive displacement cryogenic pumps (PDPs) are favored over centrifugal pumps due to their ability to handle mixtures of liquid and solid particles, although they come with higher initial costs and efficiency losses. These pumps are extensively used in LNG and CO2 applications, with the LNG fuel station industry expected to see increased investments in countries like India and China. The demand for cryogenic pumps is further bolstered by India's emphasis on natural gas-fired power plants and its goal to become a manufacturing hub under the 'Make in India' program. The market is moderately fragmented, with key players such as Nikkiso Co. Ltd, SHI Cryogenics Group, Ebara Corporation, Fives Group, and KSB SE & Co. KGaA actively contributing to its development.

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Asia-Pacific Cryogenic Pump Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast, in USD million, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Market Drivers

      2. 1.5.2 Market Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Dynamic Pump

      2. 2.1.2 Positive Displacement Pump

    2. 2.2 By Gas

      1. 2.2.1 Nitrogen

      2. 2.2.2 Oxygen

      3. 2.2.3 Argon

      4. 2.2.4 LNG

      5. 2.2.5 Other Gases

    3. 2.3 By End-user

      1. 2.3.1 Oil and Gas

      2. 2.3.2 Healthcare

      3. 2.3.3 Chemicals

      4. 2.3.4 Other End-users

    4. 2.4 By Geography

      1. 2.4.1 China

      2. 2.4.2 India

      3. 2.4.3 Japan

      4. 2.4.4 Rest of Asia-Pacific

Asia-Pacific Cryogenic Pump Market Size FAQs

The Asia-Pacific Cryogenic Pump Market is projected to register a CAGR of greater than 5.01% during the forecast period (2024-2029)

KSB SE & Co. KGaA, Nikkiso Co. Ltd, SHI Cryogenics Group, Ebara Corporation and Fives Group are the major companies operating in the Asia-Pacific Cryogenic Pump Market.

Asia-Pacific Cryogenic Pump Report Snapshots

Asia-Pacific Cryogenic Pump Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)