According to the report by Expert Market Research (EMR), the Global Cryogenic Pump Market Size is projected to grow at a CAGR of 5.90% between 2023 and 2028. Aided by the rising demand in applications such as healthcare, power generation, and metallurgy, along with the expanding space exploration activities, the market is expected to grow significantly by 2028.
Cryogenic pumps are specially designed to handle extremely cold liquids and gases. They are primarily used in applications where temperatures below -150 degrees Celsius are required, such as in the storage and transportation of liquefied gases, including nitrogen, oxygen, helium, and hydrogen. Cryogenic pumps play a crucial role in industries like healthcare, energy, metallurgy, and chemical, where the ability to maintain extremely low temperatures is essential.
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The growing healthcare industry is one of the significant factors driving the global cryogenic pump market growth. Cryogenic pumps are widely used in the healthcare sector for applications such as Magnetic Resonance Imaging (MRI), cryosurgery, and in the storage and transport of biological samples, and vaccines. With the increasing need for advanced healthcare services and the rising prevalence of chronic diseases, the demand for cryogenic pumps in the healthcare sector is expected to increase significantly.
Furthermore, the growing emphasis on renewable energy sources, particularly in the power generation sector, has boosted the cryogenic pump market expansion. These pumps play a crucial role in handling Liquefied Natural Gas (LNG), an important alternative to traditional fossil fuels. As countries worldwide aim to reduce carbon emissions and promote sustainable energy, the demand for cryogenic pumps in power generation is projected to grow substantially.
The burgeoning metallurgy sector also contributes significantly to the global cryogenic pump market development. Cryogenic pumps are used for cooling purposes in various metallurgical processes and in the production of high-purity metals. The global industrial growth, accompanied by the increasing demand for pure and high-quality metals, is expected to stimulate the market for cryogenic pumps.
The cryogenic pump market is also positively influenced by the expansion of the chemical industry. Cryogenic pumps are vital in several chemical processes, including the manufacturing of petrochemicals and the handling of hazardous chemical substances at extremely low temperatures. As the chemical industry continues to grow and innovate, the need for cryogenic pumps is set to rise.
Cryogenic Pump Market Segmentation
The market can be divided based on type, gas, end use industry, and region.
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Market Breakup by Type
- Positive Displacement Pumps
- Centrifugal Pumps
Market Breakup by Gas
- Liquid Natural Gas (LNG)
Market Breakup by End Use Industry
- Healthcare Industry
- Power Generation Industry
- Electrical and Electronics Industry
- Metallurgy Industry
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cryogenic pump companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Nikkiso Cryogenic LLC
- Sulzer Ltd.
- The Weir Group PLC
- Fives Group
- Atlas Copco AB
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