Market Size of Cryogenic Pump Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cryogenic Pump Market Analysis
The cryogenic pump market is expected to register a CAGR of more than 6.5% during the forecast period 2022-2027. With the COVID-19 outbreak in Q1 2020, the market registered slower growth in investments and shutting down of facilities by smaller organizations with relatively weak financial positions, thus, reducing the total industrial manufacturing capacity. Factors such as an increase in gas-based power generation, increasing investments in the energy and power sector, and rising demand for LNG fuel in domestic applications are likely to drive the cryogenic pump market during the forecast period. However, cost constraints and lack of expertise in handling these devices across developing regions are anticipated to be major restraining factors in the growth of the cryogenic pumps market.
The positive displacement cryogenic pumps segment is expected to witness significant demand during the forecast period, owing to its adoption in various end-use industries and its advantages when compared to dynamic pumps.
Growing focus on solar power generation and 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.
Asia-Pacific is expected to dominate the market, with a majority of the demand coming from countries such as China and India.
Cryogenic Pump Industry Segmentation
The cryogenic pump market report includes:
| Type | |
| Dynamic Pump | |
| Positive Displacement Pump |
| Gas | |
| Nitrogen | |
| Oxygen | |
| Argon | |
| LNG | |
| Other Gases |
| End User | |
| Power Generation | |
| Chemicals | |
| Healthcare | |
| Other End Users |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Cryogenic Pump Market Size Summary
The cryogenic pump market is poised for substantial growth, driven by increasing demand in gas-based power generation, energy sector investments, and the rising use of LNG fuel in domestic applications. Despite the initial slowdown due to the COVID-19 pandemic, the market is expected to recover and expand, with positive displacement cryogenic pumps gaining significant traction. These pumps are favored for their ability to handle two-phase fluids, making them ideal for applications involving liquid and solid mixtures. The growing focus on solar power generation and the development of solar PV manufacturing infrastructure present further opportunities, as cryogenic pumps play a crucial role in solar panel production.
The Asia-Pacific region is anticipated to lead the market, with China and India being key contributors due to their expanding industrial infrastructure and increasing LNG demand. The region's economic growth, coupled with high investments in infrastructure and renewable energy, is expected to drive the cryogenic pump market forward. The market is moderately fragmented, with major players like Nikkiso Co. Ltd, Sumitomo Heavy Industries Ltd, and Fives Group actively participating. Recent developments, such as the commissioning of LNG terminals in India and the establishment of new air separation units in China, underscore the region's dominance and the growing need for cryogenic pumps.
Cryogenic Pump Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Dynamic Pump
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2.1.2 Positive Displacement Pump
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2.2 Gas
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2.2.1 Nitrogen
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2.2.2 Oxygen
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2.2.3 Argon
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2.2.4 LNG
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2.2.5 Other Gases
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2.3 End User
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2.3.1 Power Generation
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2.3.2 Chemicals
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2.3.3 Healthcare
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2.3.4 Other End Users
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 South America
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2.4.5 Middle-East and Africa
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Cryogenic Pump Market Size FAQs
What is the current Cryogenic Pump Market size?
The Cryogenic Pump Market is projected to register a CAGR of greater than 6.5% during the forecast period (2024-2029)
Who are the key players in Cryogenic Pump Market?
Fives Group , Nikkiso Co., Ltd. , Sumitomo Heavy Industries, Ltd. , Weir Group PLC and Ebara Corporation are the major companies operating in the Cryogenic Pump Market.
