Cryogenic Pump Market Report 2023-2028: Size, Share, Industry Trends, Competition Analysis

How Big is the Cryogenic Pump Market?

The global cryogenic pump market size reached US$ 690.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 994.52 Million by 2028, exhibiting a growth rate (CAGR) of 6.12% during 2023-2028.

What is Cryogenic Pump?

A cryogenic pump is a mechanical device designed to pump, transfer, or compress cryogenic fluids, such as liquid nitrogen, liquid helium, and liquid oxygen. It functions on the principle of thermal expansion, taking advantage of the dramatic volume change that occurs when a cryogenic fluid transitions from a liquid to a gas state. It is created to operate at extremely low temperatures, ensuring the preservation of cryogenic fluids. It incorporates advanced insulation materials and techniques to minimize heat transfer from the environment, maintaining the low temperatures of fluid. It contributes to the efficiency of industrial processes, such as liquefying gases for transportation and storage and enables the development of cutting-edge electronics.

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What are the growth prospects and trends in the cryogenic pump industry?

At present, the increasing demand for cryogenic pumps in laboratories and research facilities for cooling and maintaining the temperatures required for experiments in fields like physics, chemistry, and material science represents one of the crucial factors impelling the growth of the market.

Besides this, the rising utilization of cryogenic pumps in medical imaging devices like magnetic resonance imaging (MRI) machines, which rely on liquid helium for cooling the superconducting magnets, is contributing to the growth of the market.

In addition, the growing integration of cryogenic pumps in rockets and spacecraft for fueling and propulsion, as they enable the efficient transfer of cryogenic propellants like liquid hydrogen and oxygen, is offering a favorable market outlook.

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:
• Centrifugal Pumps
• Positive Displacement Pump

Breakup by End Use Industry:
• Energy and Power Generation Industry
• Healthcare Industry
• Electricals and Electronics Industry
• Metallurgy Industry
• Chemicals
• Others

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Some of the Top Key players in the Cryogenic Pump Market

Atlas Copco
Cryostar SAS (Linde plc)
Ebara Corporation
Fives (Novafives S.A.S.)
Flowserve Corporation
Nikkiso Co. Ltd
PHPK Technologies Inc.
Ruhrpumpen Group (Corporación EG)
Sulzer Ltd.
Sumitomo Heavy Industries Ltd
Weir Group PLC.

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.