Press release
Steady Expansion Forecast for Cryogenic Pump Market, Projected to Reach $3.26 Billion by 2029
Cryogenic Pump
Cryogenic Pump Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent years, the cryogenic pump market has experienced a substantial increase in size. It's projected to expand from a size of $2.4 billion in 2024 to $2.54 billion in 2025, representing a compound annual growth rate (CAGR) of 6.1%. This significant growth in the historical period is attributable to factors such as the expansion of industrial gas applications including lng, lpg, and liquid nitrogen, growth in the healthcare and medical gases market, an upsurge in demand for cryogenic equipment in aerospace and defense sectors, a rising preference for lng as a more environmentally friendly fuel alternative, and increased growth in the food processing and cryogenic cooling applications.
Cryogenic Pump Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the cryogenic pump market is predicted to experience robust growth, expanding to $3.26 billion by 2029, with a compound annual growth rate (CAGR) of 6.4%. This growth during the forecasted timeframe can be credited to the uptake of hydrogen as an eco-friendly energy source, the increasing demand for cryogenic pumps in superconductor applications, growth in the biotech and pharmaceutical cryopreservation sector, as well as emerging economies and developing regions' market growth and focus on sustainable and environment-friendly cryogenic solutions. Key trends for the forecast period involve progressions in energy storage and transport technologies, technological advances in cryogenic pump efficiency and design, the use of cryogenic pumps for hydrogen applications, the adoption of cryogenic pumps in cryopreservation, and the integration of variable frequency drives (vfds).
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What Are the Drivers Transforming the Cryogenic Pump Market?
The growth of the cryogenic pump market is anticipated to be driven by an increase in electricity production from renewable resources. This refers to eco-friendly energy that is harnessed from renewable sources such as biomass energy, hydropower, geothermal power, wind energy, and solar energy. Cryogenic pumps play a crucial role in producing this renewable electricity as they depressurize high-pressure gases through power production equipment, leading to electricity generation. For instance, data from the Government Digital Service, a UK-based government entity, reveals that in the second quarter of 2023, renewable sources were accountable for 42.1% of the total power produced, surpassing the share from fossil fuels at 38.8% and the previous year's same quarter at 38.7%. Consequently, the surge in electricity production from renewable resources is fueling the cryogenic pump market's expansion.
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What Long-Term Trends Will Define the Future of the Cryogenic Pump Market?
Technological advancement is emerging as a major trend in the cryogenic pump industry. Major industry participants are striving to create novel technology-based solutions to solidify their stand in the market. For example, in January 2023, Nikkiso Cryo Pump Series, a company based in Dubai, UK, and a supplier of cryogenic pumps, unveiled a new addition to their line of cryogenic pumps. These redesigned models are tailored specifically for enhanced performance and increased efficiency in LNG and hydrogen applications, showcasing improved sealing technology and minimized energy wastage. This product introduction underlines Nikkiso's pledge to push technological boundaries in the cryogenic pump market to meet the increasing needs in the industrial and clean energy sectors.
Which Segments in the Cryogenic Pump Market Offer the Most Profit Potential?
The cryogenic pump market covered in this report is segmented -
1) By Type: Positive Displacement Pump, Centrifugal Pump
2) By Cryogen Type: Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Other Cryogen Type
3) By Orientation: Horizontal, Vertical
4) By End-User: Oil And Gas, Metallurgy, Power Generation, Chemical And Petro Chemical, Marine, Other End-Users
Subsegments:
1) By Positive Displacement Pump: Reciprocating Pumps, Rotary Pumps, Diaphragm Pumps
2) By Centrifugal Pump: Horizontal Centrifugal Pumps, Vertical Centrifugal Pumps, Multistage Centrifugal Pumps
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Which Firms Dominate the Cryogenic Pump Market by Market Share and Revenue in 2025?
Major companies operating in the cryogenic pump market include Ebara Corporation, Fives Group SAS, Nikkiso Co Ltd., Sumitomo (SHI) Cryogenics of America Inc., Trillium Flow Technologies, Barber-Nichols, CryoVation LLC., ChampionX Production Systems Technologies LP, KRYTEM Cryogenic Systems, Sehwa Tech Inc., Vanzetti Engineering S.p.A., Xinxiang Chengde Energy Technology Equipment Co.Ltd., Brooks Automation Inc., Cryostar SAS, Flowserve Corporation, Linde AG, Chart Industries Inc., Cryoquip LLC, Atlas Copco AB, INOXCVA, Hydro-Pac Inc., Pentair plc, Advanced Thermal Products Inc., Acme Cryogenics, Surrey Pumps Ltd., HSME Corp., CIRCOR International Inc., Dk-Tech Corporation, Hangzhou Chuankong General Equipment Co. Ltd., Taylor-Wharton International LLC, ACD LLC
Which Regions Offer the Highest Growth Potential in the Cryogenic Pump Market?
Asia-Pacific was the largest region in the cryogenic pump market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cryogenic pump market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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