Cryogenic Pump Market Size is projected to reach USD 3.23 Billion by 2030, growing at a CAGR of 5.4%: Straits Research

The global Cryogenic Pump Market size market was valued at USD 2.03 billion in 2021. By 2030, it is predicted to reach USD 3.23 billion with a CAGR of 5.4% during the forecast period (2022-2030). Asia-Pacific, with emerging economies like China, India, and Japan, commands the largest position in the global cryogenic pump market and is expected to grow at a CAGR of 6.8% during the forecast period.

 | Source: Straits Research Straits Research

New York, United States, Aug. 03, 2022 (GLOBE NEWSWIRE) -- A cryogenic pump, also called a vacuum pump, is a device used to trap gases and vapors through condensation on a cold surface. These cryogenic pumps store and maintain gases with a boiling point below -150 degrees Celsius, including oxygen, nitrogen, hydrogen, helium, etc. The demand for cryogenic pumps from the chemical and petrochemical industries to extract gases is a major factor propelling the global cryogenic pump market.

The dynamic cryogenic pump is the most popular and widely used type in the industry due to its advantages, including fewer moving parts, high efficiency, and low installation and maintenance costs. The global cryogenic pump market is segmented primarily on the basis of type and end-use to study the overall market situation. As a result, the global cryogenic pump market is considered one of the few industrial segments growing at a constant rate and will always be present in the profit graph's upper right quadrant due to its widespread industrial applications.


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Increased Demand for Cryogenic Pumps from Chemical and Petrochemical Industries Drives the Market Forward

Cryogenic pumps are widely used in the chemical and petrochemical industries. They have numerous applications, such as sulfur recovery units, coal gasification, oxidation processes, cool reactors, and regenerate catalysts. For a very long time, the global chemical industry has maintained a steady growth rate, and the current market conditions and future projections indicate that this trend will continue for centuries. This results from the increased demand for chemicals and chemical solutions from major economies worldwide. The volume of sales, production, and production capacity are high in major economies like Asia-Pacific, the Middle East, and North and South America. This explains why these regions exhibit a significant growth rate and are advancing in a positive direction.

In addition, the global petrochemical industry is expected to grow at an exceptional rate over the forthcoming years due to increased demand for petrochemical products such as rubbers, dyes, pesticides, etc. According to some reports, the production of petrochemicals is expected to experience a significant increase in the coming years, particularly in Asia and the Middle East. The cryogenic pumps are also used to convert gasoline to liquid natural gas (LNG) for transportation, storage, and use as a liquid natural fuel. In 2019, international LNG trade increased to 354.7 metric tons, an increase of 40.9 metric tons from 2018. This was primarily due to increased exports from the United States, Russia, Australia, Algeria, and Egypt.

Due to favorable government policies aimed at reducing carbon footprint, global LNG consumption has increased dramatically over the past several years. Moreover, in response to rising carbon emissions, governments worldwide have issued numerous guidelines for developing and utilizing LNG infrastructure. The policies are providing a substantial boost to the expansion of the global LNG market, which will likely stimulate the cryogenic pump industry.


Supportive Government Policies for Cryogenic Pumps Create Umpteen Market Opportunities

With the need for gas extractions in the chemical and oil and gas industries, cryogenic pumps have become necessary. In terms of efficiency, cryogenic pumps are considered a superior option. Understanding the need for gas extraction in these chemical and petrochemical plants and the effectiveness of cryogenic pumps, the government endorses the use of cryogenic pumps for this purpose. Various governments worldwide have recognized the necessity and significance of gas extraction and developed new policies to encourage factories to incubate cryogenic pumps.

In addition, the government has declared subsidies and other financial benefits for cryogenic pump manufacturers and distributors. This initiative by the governing body to meet the needs of the chemical and petrochemical industries is proving to be an excellent one. This creates umpteen opportunities for manufacturers, distributors, and suppliers of cryogenic pumps globally.


Report Scope

Report MetricDetails
Market SizeUSD 3.23 Billion by 2030
CAGR5.4% (2022-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion )
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredType, End-User
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsNikkiso Cryogenic industries ,Atlas Copco ,Elliot Group ,KSB SE & Co ,SHI Cryogenics Group ,Ebara Corporation
Key Market OpportunitiesSupportive Government Policies Create Myriad Opportunities for Cryogenic Pumps
Key Market DriversHigh Demand for Cryogenic Pumps from Chemical and Petrochemical Industries

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Regional Analysis

Asia-Pacific, with emerging economies like China, India, and Japan, is the largest shareholder in the global cryogenic pump market and is expected to grow at a CAGR of 6.8% by 2030. This is accredited to the growing end-use industries in Asia-Pacific, catering to the enormous market demands. Further, urbanization, industrialization, infrastructure development, and investments in building new gas-fired combined cycle power generation plants are expected to fuel the need for cryogenic pumps in Asia-Pacific.

Europe is the second-largest shareholder in the market and is expected to be worth USD 752 million in 2030, growing at a CAGR of 6.9%. Europe is likely to witness an increase in the construction of gas-based power plants in the near future, which is expected to drive the demand for cryogenic pumps in newly built LNG terminals in the region. The UK will be the biggest contributor in Europe, which can significantly boost the market during the forecast period.

North America, with the presence of the US and Canada, has achieved the highest level of development. The increase in the demand for cryogenic pumps in the region is anticipated mostly from the pharmaceuticals and fertilizers industry. Additionally, the reliance on natural gas has increased the demand for cryogenic pumps required for the LNG terminals in the region. Hence, with the increasing number of natural gas-fired power plants, the need for cryogenic pumps is expected to increase during the forecast period.


Key Highlights

  • The global cryogenic pump market size was worth USD 2,039 million in 2021. It is expected to reach USD 3,233 million by 2030, growing at a CAGR of 5.4% during the forecast period (2022–2030).
  • Type-wise, the global cryogenic pump market is segmented into Dynamic Pump and Positive Displacement Pump. Dynamic Pumps acquire the largest market share and are expected to grow at a CAGR of 4.8% during the forecast period. 
  • End-user-wise, the global cryogenic pump market is segmented into Oil & Gas, Healthcare, and Chemicals. The Oil & Gas industry accounts for the highest market share and is expected to grow at a CAGR of 5.8% during the forecast period.
  • The global cryogenic pump market is primarily segmented into three major regions, namely North America, Europe, and Asia-Pacific. Asia-Pacific commands the largest position in the global cryogenic pump market and is expected to grow at a CAGR of 6.8% during the forecast period


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Competitive Players

The major players in the global cryogenic pump market are

  • Nikkiso Cryogenic industries
  • Atlas Copco
  • Elliot Group
  • KSB SE & Co.
  • SHI Cryogenics Group
  • Ebara Corporation, etc.


Global Cryogenic Pump Market: Segmentation

By Type

  • Dynamic Pump 
  • Positive Displacement Pump

By End-User

  • Oil & Gas
  • Healthcare
  • Chemicals

By Regions 

  • North America
  • Europe 
  • Asia-Pacific


TABLE OF CONTENT

  1. Introduction
    1. Cryogenic Pump Market Definition
    2. Cryogenic Pump Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Cryogenic Pump Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. End-User Overview
    1. Introduction
      1. Market Size & Forecast
    2. Oil & Gas
      1. Market Size & Forecast
    3. Healthcare
      1. Market Size & Forecast
    4. Chemicals
      1. Market Size & Forecast
  5. Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Dynamic Pump
      1. Market Size & Forecast
    3. Positive Displacement Pump
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Type
        2. By End-User
      3. Canada
        1. By Type
        2. By End-User
      4. Mexico
        1. By Type
        2. By End-User
      5. Latin America
        1. By Type
        2. By End-User
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Type
        2. By End-User
      3. France
        1. By Type
        2. By End-User
      4. U.K.
        1. By Type
        2. By End-User
      5. Italy
        1. By Type
        2. By End-User
      6. Spain
        1. By Type
        2. By End-User
      7. Rest of Europe
        1. By Type
        2. By End-User
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Type
        2. By End-User
      3. China
        1. By Type
        2. By End-User
      4. Australia
        1. By Type
        2. By End-User
      5. India
        1. By Type
        2. By End-User
      6. South Korea
        1. By Type
        2. By End-User
      7. Rest of Asia-Pacific
        1. By Type
        2. By End-User
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Type
        2. By End-User
      3. South Africa
        1. By Type
        2. By End-User
      4. Kuwait
        1. By Type
        2. By End-User
      5. Rest of Middle East & Africa
        1. By Type
        2. By End-User
  7. Company Profile
    1. Nikkiso Cryogenic industries
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Atlas Copco
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Elliot Group
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    4. KSB SE & Co
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio


Table of Content and Figure @ https://straitsresearch.com/report/cryogenic-pump-market/toc


Market News

  • In June 2022, Atlas Copco acquired Brook's Semiconductor Cryogenics Business to increase worldwide sales and earn a whopping revenue.
  • In April 2022, Elliot groups introduced its plans for towering development and acquired Queen’s Dock to register its new venture.
  • In January 2022, Nikkiso Cryogenic industries signed new business agreements with LEWA and Geveke for its business expansion.


News Media

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