Global Cryogenic Pump Market Report and Forecast 2024-2032

Global Cryogenic Pump Market Outlook

The global cryogenic pump market size reached an approximate valuation of USD 2.15 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5.90% to reach USD 3.60 billion by 2032.

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Growing Demand for Pumping of High Viscosity Fluids is Driving the Global Cryogenic Pump Industry

Positive displacement pumps offer accurate dosing along with high pressure output. Hence, these pumps are widely adopted for pumping fluids that have high levels of viscosity, these include various oils resins, paints, as well as foods. Also, positive displacement pumps remain unaffected by pressure, which makes them applicable in situations where there is an irregular supply. These pumps are also utilised for applications that involve the usage of high viscosity fluids including thick oils and slurries.

Moreover, positive displacement pumps can be of different types which have been designed to serve special purposes, which is a driving factor. For instance, the piston pump is based on the concept of positive displacement and is used in high pressure washing, oil production, and paint spraying.

The Asia Pacific Region Accounts for a Substantial Share in the Market for Cryogenic Pumps

The market in the region is being driven by the factors such as strong economic growth of emerging countries, increasing demand for LNG fuel in domestic applications, and transition towards renewable electricity generation. In addition, the thriving power generation sector in the region, fuelled by the increasing demand for power from the industrial sector is anticipated to aid the cryogenic pump market growth.

Cryogenic pumps are crucial in the cooling of small and large laboratory equipment. In this regard, the product is likely to witness a high demand which can be attributed to the growing research and development activities in test laboratories.

Market Segmentation

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A cryogenic pump is defined as a high-vacuum pump which condenses and captures different gases on surfaces cooled to temperatures below 120 K. Cryopumps are capable of pumping all gases, including noble gases, at sufficiently low temperatures. Cryogenic pumps offer absolute cleanliness and oil-free conditions in various end use industries.

Based on type, the market can be segmented into:

• Positive Displacement Pumps

• Centrifugal Pumps

The market can be broadly categorised based on gas into:

• Nitrogen

• Argon

• Liquid Natural Gas (LNG)

• Oxygen

• Others

The significant end user industries for the cryogenic pump market are as follows:

• Healthcare Industry

• Electrical and Electronics Industry

• Power Generation Industry

• Metallurgy Industry

• Others

The regional markets for the product include North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

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Increasing Applications in the Electrical and Electronics Sector to Boost the Growth of the Cryogenic Pump Industry

The increasing application of cryogenic pumps in the electrical and electronics sector for cooling of magnets in superconductors is driving the cryogenic pump market. The expansion of superconductors, fuelled by the advancements in cryogenic engineering, is furthering the demand for the product. The increasing demand for centrifugal pumps for postcardiotomy mechanical assistance in the healthcare sector is likely to be a major driving factor of the market.

Cryogenic pumps are also used in hospitals and ambulatory surgical centres for transportation of medical gases. Over the forecast period, the growing needs for ultra-high vacuum pumps for scientific and engineering research purposes is likely to propel the demand for cryogenic pumps. This is owing to its reliability, cleanliness, and high speed of pumping.

There is an increasing demand for ultra-high vacuum in the healthcare industry for various surface analytical techniques such as thermal desorption spectroscopy and X-ray photoelectron spectroscopy, among others. This is anticipated to provide impetus to the market in the coming years.

Key Players in the Global Cryogenic Pump Market

The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Nikkiso Cryogenic LLC

• Sulzer Ltd.

• The Weir Group PLC

• Fives Group

• Atlas Copco AB

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report