The global cryogenic pump market is anticipated to be valued at USD 1,083.6 million in 2023, forecast to grow at a CAGR of 6.8% to be valued at USD 2,092.2 million from 2023 to 2033. Growth is attributed to a growing focus on solar power generation and the development of solar PV manufacturing infrastructure.
| Attributes | Details |
|---|---|
| Historical Value (2022) | USD 1,035 million |
| Current Year Value (2023) | USD 1,083.6 million |
| Expected Forecast Value (2033) | USD 2,092.2 million |
| Historical CAGR (2018 to 2022) | 4.7% |
| Projected CAGR (2023 to 2033) | 6.8% |
A cryogenic pump is a vacuum pump that captures gases by condensing them on a cooled surface which is at a very low temperature of about 120 K. However, the efficiency of the pump is largely dependent upon the boiling and freezing temperature of the gases involved.
These pumps find wide application in the handling, transportation, and transfer of cryogenic fluids such as hydrogen, oxygen, nitrogen, argon, and liquefied hydrocarbons. As the demand for liquid gases increases across various industries, the usage of cryogenic pumps becomes inevitable. The global demand for cryogenic pumps is anticipated to expand with a decent CAGR throughout the forecast period.
The increasing demand for cryogenic gases from the energy & power industry, especially in the oil & gas sector is one of the major factors that is anticipated to accelerate the growth of the Cryogenic Pump Market over the analysis period.
On the contrary, leakage, and loss of cryogens is among the major challenges faced by cryogenic pump manufacturers, which is expected to restrain the growth of the Cryogenic Pump Market during the forecast period.
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The increase in demand for cryogenic pumps across multiple end-use industries, including power generation and healthcare is one of the major factors that is expected to augment the growth of the Cryogenic Pump Market during the forecast period. In addition, complex industrial processes incorporate the use of liquid gases, thus fueling the demand for cryogenic pumps at a rapid pace.
The oil industry is a major consumer of cryogenic gases. In oil & gas refining and other downstream processes, industrial gases such as nitrogen, hydrogen, oxygen, and carbon dioxide are consumed for chemical synthesis. In addition, nitrogen and carbon dioxide are effectively used as injection fluids for enhanced oil recovery (EOR) and are widely used in oil field processes for gas cycling, reservoir pressure maintenance, and gas lift.
An increase in demand for energy and power is expected to boost the overall demand for LNG, thus arrangements to handle its transportation boost the growth of the cryogenic pump market.
An increase in the usage of cryogenic pumps to extract the regenerated energy from exhaust gases of an engine and a rise in demand for efficient transportation of medical gases are some other aspects that are anticipated to supplement the market growth in the near future.
Cryogenic electronics (low-temperature electronics or cold electronics) can be based on semiconductive devices, superconductive devices, or a combination of the two. Applications of cryogenic electronics are increasing. For instance, power-conversion circuits can be applied to superconducting power generation, management, and distribution applications.
Also, with increased investments in the renewable energy space, the need for cryogenic signal-processing systems or sensors will increase for instrumentation in wind tunnels. In addition, increasing applications of cryogenic electronics in research studies, superconducting magnet systems, low-temperature detector systems, and infrared array systems are likely to bring opportunities for the cryogenic pump market.
Cryogenic pumps are made from materials such as stainless steel, bronze, carbon steel, and specialized alloys. Over the years, the prices of iron and other ores have been rising rapidly, due to which there has been a steady increase in stainless steel and other metal prices globally.
The largest steel producer and exporter-China-has witnessed volatility in processed metal prices, affecting many industries. The manufacturing of cryogenic pumps requires high-quality raw materials, such as stainless steel. The increase in the cost of raw materials has led to intense competitive pricing among key manufacturers of cryogenic pumps.
The rise in the prices of cryogenic pumps has also led to the growing preference for small-scale manufacturers in the unorganized market in countries such as China and India. Hence, volatility in metal prices has become a restraint for the market.
Apart from the major raw material providers, the presence of several local suppliers who offer raw materials of international standards at competitive prices provides manufacturers with a choice of procurement.
This interruption by the unorganized gray market players consequently hinders the growth of the market. Additionally, leakage and loss of cryogens are among the major challenges faced by cryogenic pump manufacturers.
The risk of cryogen leakage and the threat of greenhouse emissions are directly proportional to the number of modular cryogenic processing plants rising. i.e., as the number of plants increases the risk of leakage and emission also increases.
Despite regular maintenance, cryogenic pumps are bound to face issues, which might lead to leakage and loss of cryogens. These cryogens are not environment-friendly, and if released in a closed area, they can lead to oxygen deficiency in the region.
Prolonged exposure to cryogen can cause frostbite and damage to the lungs. 38% of leakage accidents are observed to take place during maintenance, while the rest happen during the normal course of work.
In order to avoid such instances, cryogenic pump designers, manufacturers, and operators are expected to be provided with proper leak detection equipment to detect leakages and emissions while the pump is operating, thus enabling them to take counteractive measures to control the leakage.
Principal Consultant
In terms of regional platforms, North America holds the largest market share in the Cryogenic Pump market. The region surged to over 35.7% share in 2022.
The increasing investment in the oil & gas industry is one of the major factors that will propel the market growth in the region during the forecast period. In addition, in the near future, the growing industrial infrastructure sectors are expected to augment the market demand in the region.
In the region, USA & Canada holds a potential market for LNG exports, as the depleting coal resource propels the need for LNG-based power plants, which drives the market demand.
According to Future Market Insights, Europe is expected to hold significant growth opportunities for Cryogenic Pump Market since the region reached a share of 20.9% in 2022.
In Europe, the increasing focus on developing a clean energy source, which increases demand for LNG and decreases the number of reloading cargoes at European import terminals, drives the need for the market.
The region holds potential growth opportunities for LNG demand due to new investment schemes and innovations, governments, and corporations implementing investment assignments on construction, development, and transformation of LNG regasification and LNG production factories in the region.
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According to Future Market Insights, Asia-Pacific is expected to grow with lucrative growth opportunities for Cryogenic Pump Market as it reached a significant share of 15.5% in 2022.
The demand for Cryogenic pumps in the Asia Pacific is rising from gas-based power plants, owing to depleting energy resources and stringent regulations for emissions.
The growing awareness and increasing government policies to develop clean power generation from the gas-based power plant and the increasing investment from healthcare, food & beverage, and steel are also expected to propel regional growth in the forthcoming years.
According to Future Market Insights, Asia-Pacific is expected to grow with lucrative growth opportunities for Cryogenic Pump Market as it reached a significant share of 15.5% in 2022.
The demand for Cryogenic pumps in the Asia Pacific is rising from gas-based power plants, owing to depleting energy resources and stringent regulations for emissions.
The growing awareness and increasing government policies to develop clean power generation from the gas-based power plant and the increasing investment from healthcare, food & beverage, and steel are also expected to propel regional growth in the forthcoming years.
According to Future Market Insights, the Middle East & Africa are expected to provide significant growth opportunities for Cryogenic Pump Market as they reached a share of 9.0% in 2022.
The Middle East & Africa is the prominent region indulged in the business of oil & gas as it is indulging more in natural gas dealings and production. Gulf countries in the Middle East are the fastest-growing in energy demand due to increasing power consumption, seasonal volatility, and rapid industrial growth.
The growth of the Cryogenic Pump market in the Middle East & Africa is primarily driven by the development of metallurgy and energy & power industries in the region.
| Countries | 2022 Value Share in Global Market |
|---|---|
| United States | 33.2% |
| Germany | 7.9% |
| Japan | 3.3% |
The United States cryogenic pump market is witnessing significant growth, driven by the expanding LNG sector, aerospace industry developments, and technological advancements. The United States is one of the largest consumers of cryogenic pumps globally, primarily driven by the increasing demand for LNG. The country has witnessed a surge in LNG production and exports, supported by the shale gas boom.
The United States aerospace industry is witnessing robust growth, driven by increasing investments in space exploration and satellite launches. Cryogenic pumps are critical in rocket propulsion systems, as they provide the necessary cooling and pressure for the engines. The growth of this sector directly impacts the demand for cryogenic pumps.
The Germany cryogenic pump market has experienced steady growth over the past few years. Factors driving this growth include:
Germany has a steadfast dedication to shifting toward renewable energy sources. Cryogenic pumps are crucial to store, and transport liquefied hydrogen. The increasing focus on hydrogen as an alternative energy source is expected to drive the demand for cryogenic pumps.
Germany has a robust industrial sector, including chemicals, pharmaceuticals, and manufacturing, which are key end-users of cryogenic pumps. The country's emphasis on innovation and quality makes it an attractive market for cryogenic pump manufacturers.
The Japan cryogenic pump market is witnessing substantial growth. Japan is one of the leading importers of LNG, and the country's demand for clean energy sources is driving the development of the LNG industry. The increasing adoption of LNG in Japan is creating a significant demand for cryogenic pumps.
Japan has a strong presence in the global electronics industry, which requires the use of cryogenic pumps in the production of semiconductors, flat-panel displays, and superconductors. The increasing demand for electronic devices, such as smartphones, tablets, and high-resolution displays, is driving the expansion of the electronics industry in Japan, consequently fueling the demand for cryogenic pumps.
| Countries | Value CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 5.8% |
| China | 7% |
| India | 6.2% |
The government has been actively promoting renewable energy sources such as wind and solar power. As the country transitions towards a greener energy mix, cryogenic pumps are being used in applications such as the liquefaction of biomethane and hydrogen, contributing to market growth. The energy sector, particularly LNG, dominates the United Kingdom cryogenic pump market.
The country's focus on clean energy sources and the need for efficient LNG handling infrastructure drive the demand for cryogenic pumps. The manufacturing industry in the United Kingdom relies on cryogenic pumps for various applications, including metal treatment, cryogenic grinding, and superconducting applications. The growth of the manufacturing sector directly influences the demand for cryogenic pumps.
China is a large country with high demand in the electronics and semiconductor industries. Manufacturers in China are concentrating their efforts on improving their skills in the areas of materials, components, and equipment. Cryogenic pumps are widely used in the manufacturing processes of semiconductors, superconductors, and high-precision electronics, contributing to market growth.
Fives Group was granted an agreement in January 2021 to provide 13 Cryomec® cryogenic centrifugal pumps to a freshly constructed Air Separation Unit in China. The Chinese government has implemented favorable policies and initiatives to encourage the adoption of clean energy and advanced technologies. This support has positively influenced the China cryogenic pump market, particularly in the LNG sector.
India's push towards renewable energy sources has led to the installation of large-scale cryogenic systems for energy storage. India has been focusing on diversifying its energy mix, leading to a significant increase in LNG demand. In 2020, India opened its sixth LNG terminal at Mundra. Four new LNG import facilities were under development in 2020 and were projected to be operational by 2023, adding 2.5 billion cubic feet per day of LNG import capacity. The terminals are expected to increase the demand for cryogenic pumps in the nation.
The terminals are projected to enhance the country's need for cryogenic pumps. The government's focus on developing infrastructure, such as LNG terminals, pipelines, and cold chain storage facilities, has positively influenced the market. Initiatives like "Make in India" and "Atmanirbhar Bharat" are encouraging domestic manufacturing and creating opportunities for local cryogenic pump manufacturers.
| Segments | 2022 Value Share in Global Market |
|---|---|
| Centrifugal Pump Functionality | 62.4% |
| Energy & Power End-use Industry | 48.1% |
Centrifugal pumps have established their dominance in the market due to their exceptional functionality and suitability for handling low-temperature fluids. These pumps excel in cryogenic applications by efficiently transporting cryogenic fluids while minimizing heat loss. They offer high flow rates, robust construction with few moving parts, and an extended operational lifespan, resulting in reduced maintenance costs.
Centrifugal pumps can be customized to meet specific cryogenic process requirements. Their availability in various materials ensures compatibility with extreme conditions. Their reliability, efficiency, and adaptability have made them the preferred choice in industries such as aerospace, healthcare, energy, and research. With their ability to handle cryogenic fluids effectively, centrifugal pumps continue to gain traction, cementing their position as the dominant segment in the market.
The energy & power segment holds a dominant position in the market's end-use industry due to several key factors.
There are many prominent market players in the Cryogenic Pump Market such as Kiutra, Applied Cryo Technologies, P3 Technologies, Intelline, Kaszink, Cryomec, and CryoVation, Delft Circuits, among others, which are working hand-in-hand to provide the best-in-class Cryogenic Pump for enhancing the global arena.
However, there are many global start-ups in the Cryogenic Pump Market that are stepping forward in matching the requirements of the Cryogenic Pump domain.
Founded in 2018, German startup Kiutra manufactures cryogen-free superconducting magnets for cryostats in general research, quantum, and detector applications. They apply multi-stage magnetic refrigeration, closed-cycle pre-cooling, and direct magnetic control to constantly sustain at very low temperatures.
Established in 2012, Cryogenic tanks aim to minimize the storage and maintenance costs of liquid gases and fuels in chemical, metal processing, and manufacturing industries. The USA-based startup Applied Cryo Technologies produces containers and mobile storage facilities for liquified natural gas (LNG) and cryogenic gases. High vacuum conditions and a super-insulated structure enable efficient and safe operations while extending product longevity.
Founded in 2018, the USA-based startup P3 Technologies develops high-speed rotating cryopumps and cryogenic turbopumps for rocket and military applications. Using a combination of advanced physics in aerospace design, conjugate heat transfer, and fluid dynamics, P3 cryopumps enable the rapid transfer of liquid methane, liquid oxygen, and rocket propellants.
Some of the key participants present in the global Cryogenic Pump market include ACD Cryo AG, Cryostar SAS, Sumitomo Heavy Industries Ltd., Flowserve Corporation, Brooks Automation Inc., and Ebara Corporation, among others.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as ACD Cryo AG, Cryostar SAS, and Sumitomo Heavy Industries Ltd., account for a considerable market size, several regional-level players are also operating across key growth regions, particularly in North America.
Recent Development
The cryogenic pump market is expected to be USD 1,083.6 million in 2023.
The projected value of the cryogenic pump market is USD 2,092.2 million by 2033.
The market is expected to expand at a CAGR of 6.8% over the review period.
The CAGR of the India market is 6.2% from 2023 to 2033.
ACD Cryo AG, Cryostar SAS, and Sumitomo Heavy Industries Ltd. are the top manufacturers of cryogenic pumps.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Pump Functionality 5.1. Centrifugal 5.2. Positive Displacement 6. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 6.1. Bath 6.2. Refrigerator Cooled 6.3. Supercritical Helium Cooled 6.4. Others 7. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application Gas 7.1. Nitrogen-based 7.2. Oxygen-based 7.3. LNG-based 7.4. Argon-based 7.5. Other Gases-based 8. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use Industry 8.1. Energy & Power 8.2. Metallurgy and Mining 8.3. Chemicals 8.4. Other End-Use Industries 9. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. ACD Cryo AG 19.2. Cryostar SAS 19.3. Sumitomo Heavy Industries Ltd. 19.4. Flowserve Corporation 19.5. Brooks Automation Inc. 19.6. Ebara Corporation 19.7. Nikkiso Cryo Ltd. 19.8. PHPK Technologies Inc. 19.9. Fives S.A 19.10. Cryoquip Australia 20. Assumptions & Acronyms Used 21. Research Methodology
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Cryogenic Pump Market
