IMARC Group, a leading market research company, has recently releases report titled “Cryogenic Pump Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global cryogenic pump market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

A cryogenic pump is a specialized mechanical device designed to handle extremely low-temperature fluids, often in the form of cryogenic gases or liquids. It has fewer moving parts, reducing the chances of mechanical failure and can minimize the risk of contamination since they are typically hermetically sealed. It offers superior performance in terms of flow rates and pressure differentials, making them suitable for demanding processes. It assists in efficiently transferring heat away from the pumped medium due to their low-temperature operation, which prevents overheating and ensures stability during long-term use. It is used in various industrial applications, particularly in fields like aerospace, healthcare, and energy production, where maintaining and handling substances at ultra-low temperatures is crucial.

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.

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

The global shift towards cleaner energy sources is leading to increased liquified natural gas (LNG) production and distribution. Cryogenic pumps are essential for the transportation and storage of LNG, as they are instrumental in maintaining the super-low temperatures required for liquefaction and regasification processes. Besides this, the growing demand for advanced healthcare services and research in fields like biotechnology and regenerative medicine is offering a favorable market outlook.

In addition, the semiconductor industry relies heavily on cryogenic pumps for cooling and vacuum processes during chip fabrication. As demand for high-performance computing and electronics continues is rising, the thriving semiconductor sector is contributing to the growth of the market. Apart from this, the increasing interest in space exploration and satellite deployment is leading to a higher demand for cryogenic pumps.

They are essential in rocket propulsion systems and ensuring proper fuel handling in the harsh environment of outer space. Moreover, cryogenic pumps are integral to the production and distribution of industrial gases like nitrogen, oxygen, and argon. These gases are crucial in various industrial processes, including metal manufacturing and healthcare, which is strengthening the growth of the market.

What is included in market 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

Who are the key players operating in the industry?

The report covers the major market players including:

  • 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 require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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