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Global Cryogenic Pumps Industry Valued at USD 2.2 Billion in 2023, Projected to Hit USD 3.9 Billion by 2034

Global Cryogenic Pumps Industry Valued at USD 2.2 Billion

The cryogenic pumps market, valued at USD 2.2 billion in 2023, is projected to grow at a CAGR of 5.6%, reaching USD 3.9 billion by 2034. This growth is driven by the rising adoption of liquefied gases and increased investment in thermal power generation.

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Analyst Viewpoint

The adoption of cryogenic pumps is rising due to several key factors:

Liquefied Gases: Cryogenic pumps are essential for transporting LNG and LPG, which are seen as cleaner alternatives to traditional fossil fuels.
Thermal Power Generation: Liquid ammonia pumps, which do not emit CO2 during combustion, are becoming more prevalent in thermal power plants.
Technological Advancements: Key players are developing high-performance cryogenic pumps that reduce energy consumption and enhance storage capacity.
Market Introduction

Cryogenic pumps, or cryopumps, are vacuum pumps that operate at temperatures below 120 K to capture gases. They are classified into:

Positive Displacement Pumps: Efficiently move low-temperature liquids and are used in aerospace applications.
Kinetic Pumps: Transfer gas continuously from the inlet to the outlet.
Entrapment Pumps: Capture water vapors on a pumping surface inside the chamber.
Emerging trends include the use of cryogenic technology in LNG and cryogenic transportation, which is designed to keep materials at extremely low temperatures, typically below -150°C.

Key Drivers

Adoption of Liquefied Gases: The demand for LNG and LPG is rising due to their lower emissions compared to other fossil fuels. According to Shell's LNG Outlook 2024, global LNG demand is expected to surge by over 50% by 2040.
Thermal Power Generation Investment: Liquid ammonia pumps, used in thermal power generation, help reduce CO2 emissions. Government initiatives to lower carbon footprints are boosting the adoption of cryogenic technologies for CO2 separation.
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Regional Outlook

Asia Pacific: Held the largest market share in 2023, driven by the adoption of LNG and long-term LNG contracts in countries like India.
North America: Growth in the aerospace sector and the increasing use of electric space propulsion are boosting the demand for cryogenic pumps.
Competitive Landscape

Key players in the cryogenic pumps market include:

Linde PLC
Chart Industries
Nikkiso
Sumitomo Heavy Industries, Ltd.
Cryostar
EBARA CORPORATION
Fives Group
Flowserve Corporation
Sulzer Ltd.
Gardner Denver
Ingersoll Rand
Herose GmbH

These companies focus on developing new technologies and high-performance pumps. For example, Vanzetti Engineering launched the ESK-IMO series of retractable submerged pumps in April 2024, and Nikkiso plans to launch a liquid ammonia pump for thermal power generation in 2026.

Market Segmentation

By Orientation:
Horizontal
Vertical

By Design:
Submersible
Non-submersible

By Type:
Centrifugal
Positive Displacement
Electronic Monitoring Devices
Temperature and Humidity Sensors
Others

By Cryogen Gas:
Nitrogen
Oxygen
Argon
Liquefied Natural Gas (LNG)
Helium
Hydrogen
Others

By End-user:
Metallurgy
Energy & Power
Chemicals
Electronics
Healthcare
Others

Regions Covered:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Key Developments

Vanzetti Engineering: Launched the ESK-IMO series of retractable submerged pumps in April 2024.
Nikkiso: Announced plans to launch a liquid ammonia pump for thermal power generation in 2026, aimed at reducing CO2 emissions.
Conclusion

The cryogenic pumps market is set for steady growth over the next decade, driven by the increasing adoption of liquefied gases and investment in thermal power generation. Technological advancements and environmental benefits further support this growth, with Asia Pacific leading the market dynamics. Key players are focusing on innovation to meet the rising demand for efficient and eco-friendly cryogenic pumps.

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Conclusion

The organic solar cells market is on a robust growth trajectory, propelled by increasing demand for eco-friendly photovoltaic technology, technological advancements, and rising global energy needs. Despite challenges, ongoing research and development efforts promise to enhance the efficiency and lifespan of organic solar cells, driving their adoption across various applications. With substantial opportunities in regions like Europe and Asia Pacific, the market is well-positioned for significant expansion through 2031.

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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