The global cryogenic pump market is projected to reach USD 1.5 billion by 2027 from an estimated market size of USD 1.2 billion in 2022, at a CAGR of 4.6% during the forecast period. The rise in demand for cryogenic pumps from the energy & power industry, especially the oil & gas sector, is the primary driver of market growth. On the contrary, the volatility in raw material prices and interference from gray market players restrain the growth of the market.
The Asia Pacific region is estimated to be the largest market for the Cryogenic pump market, followed by Europe. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the North American cryogenic pump market is expected to be driven by increasing E&P activities concerned with clean energy revolution.
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The cryogenic pump market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global cryogenic pump market include Atlas Copco AB (Sweden), EBARA CORPORATION (Japan), SHI Cryogenics Group (Japan), Nikkiso Co., Ltd. (Japan) And Fives Group (France).
- In April 2022, TRILLIUM FLOW TECHNOLOGIES acquired Termomeccanica Pompe, an Italian manufacturer of highly engineered vertical turbine and split case pumps.
- In April 2022, Cyostar had been contracted to provide 15 NeoVP vertical pumps to be installed in an ASU in China.
- In November 2021, Elliot Group inaugurated a new state-of-the-art cryogenic pump testing facility in Jeannette, pennsylvania, US.
- In November 2021, Fives Group was contracted to provide its cryomec pumps for installation in a major industrial gas complex in Jubail industrial city, Saudi Arabia.
Nitrogen: The largest segment of the Cryogenic pump market, by equipment
The cryogenic pump market, by cryogen, is segmented into nitrogen, argon, oxygen, LNG, helium, hydrogen, and other cryogens. Other cryogens include nitrous oxide, ethylene, and carbon dioxide. The nitrogen segment is expected to hold the largest size of the market for cryogenic pump market. The high market share of the nitrogen segment can be attributed to the high demand for liquified nitrogen from the energy & power and electronics industries.
The energy & power segment is expected to be the most significant cryogenic pump market, by end user
The cryogenic pump market, by cryogen, is segmented metallurgy, energy & power, chemicals, electronics, healthcare & pharmaceuticals and others. Others include food & beverage, shipping and infrastructure industries. The enhanced demand from the energy & power industry, especially from the oil & gas sector is expected to drive the growth of the segment.
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Asia Pacific is expected to dominate the global cryogenic pump market
The Asia Pacific region is estimated to be the largest market for the cryogenic pump market, followed by North America. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the Asia Pacific cryogenic pump market is expected to be primarily driven by the development of energy & power and metallurgy industries in the emerging economies such as India and China.