According to a research report published by Spherical Insights & Consulting, the Global Cryogenic Pump Market Size is Expected to Grow from USD 3.82 Billion in 2023 to USD 10.53 Billion by 2033, at a CAGR of 10.67% during the forecast period 2023-2033.

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A cryogenic pump is a type of vacuum pump that uses a cryogenic surface to absorb and condense gases to transform high vacuum into ultra-high vacuum. It can function at temperatures as low as -1200 C and produces a cleaner, oil-free vacuum while operating at faster pumping speeds. Cryogenic pumps are used extensively in semiconductor production and testing because of their improved thermal and electrical conductivity, lower operating power consumption, and increased electronic reliability. The market is driven by rising demand for LNG, power generation, energy for homes and businesses, healthcare, and the production of renewable energy. The growing need for cryogenic gases from the energy and power sectors especially the oil and gas industry as well as liquid gases from different end-user sectors is the main factor propelling the cryogenic pump market. Increased gas-based power efficiency, government initiatives, and the growing use of LNG, which offers an inexpensive, clean energy source, are driving growth in the global cryogenic pump market. For instance, the National Mission on Transformative Mobility and Battery Storage of India seeks to advance clean energy technologies, such as cryogenic pumps for the transportation and storage of hydrogen. However, increased pricing competition and a preference for small-scale manufacturers as a result of rising raw material costs in cryogenic pumps have caused market volatility brought on by metal prices.

Browse key industry insights spread across 230 pages with 120 Market data tables and figures & charts from the report on the Global Cryogenic Pump Market Size, Share, and COVID-19 Impact Analysis, By Type (Positive Displacement Pump and Centrifugal Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, and Other), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

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The centrifugal pump segment is predicted to hold the greatest market share through the forecast period.

Based on the type, the cryogenic pump market is classified into positive displacement pumps and centrifugal pumps. Among these, the centrifugal pump segment is predicted to hold the largest market share through the forecast period. Centrifugal pumps use only two-phase gas-liquid fluid for priming, converting engine rotational energy into fluid-moving energy. Steel, food and beverage, metal and mining, and oil and gas are among the industries that are using them more and more.

The nitrogen segment is anticipated to hold the greatest market share during the projected timeframe. 

Based on the cryogen type, the cryogenic pump market is divided into nitrogen, oxygen, argon, liquefied natural gas, and others. Among these, the nitrogen segment is anticipated to hold the fastest market share during the projected timeframe. Nitrogen is an essential cryogenic gas utilized in a variety of industries, including food and beverage and polymers. It is a well-liked option in the sector since it can also be used as a high-pressure gas for laser-cutting metal and steel.

The oil & gas segment is anticipated to hold the greatest market share during the projected timeframe.   

Based on the end-user, the cryogenic pump market is divided into oil & gas, metallurgy, power generation, chemical & petrochemical, marine, and others. Among these, the oil & gas segment is anticipated to hold the largest market share during the projected timeframe. The market share of the oil and gas segment, which includes cryogenic liquefied natural gas pumps, is the largest because of their extensive use in gas-to-liquid operations.

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Asia Pacific is estimated to hold the largest share of the cryogenic pump market over the forecast period.

Asia Pacific is estimated to hold the largest share of the cryogenic pump market over the forecast period. The expansion of the energy and metallurgy industries in China and India, as well as the growing emphasis on renewable energy sources and the increased demand for chemicals and metallurgy, are driving the cryogenic pump market in the Asia Pacific region. One major element influencing this growth is urbanization.

North America is predicted to have the fastest CAGR growth in the cryogenic pump market over the forecast period. Growing industrial infrastructure and increased investment in the oil and gas industry are the main drivers of the demand for LNG exports in the US and Canada. LNG-based power plants are necessary due to the depletion of coal resources. The largest market share for cryogenic pumps is found in the United States.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global cryogenic pump market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

Major key players in the cryogenic pump market include Linde PLC, Chart Industries, Nikkiso, Vanzetti Engineering, Sumitomo Heavy Industries, Ltd., EBARA CORPORATION, SHI Cryogenics Group, Ebara Corporation, The Weir Group PLC, Sulzer, Atlas Copco, Flowserve Corporation, INOXCVA, Cryostar, and Others.

Recent Development

• In June 2023, the NEP Storage Tank Permanent Magnet Cryogenic Pump was unveiled. With its sophisticated design and production methods, this pump—which was created in partnership with Huaying Natural Gas Co., Ltd.—is a noteworthy addition to the market.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the cryogenic pump market based on the below-mentioned segments:

Global Cryogenic Pump Market, By Type

• Positive Displacement Pump
• Centrifugal Pump

Global Cryogenic Pump Market, By Cryogen Type

• Nitrogen
• Oxygen
• Argon
• Liquefied Natural Gas
• Other

Global Cryogenic Pump Market, By End-User

• Oil & Gas
• Metallurgy
• Power Generation
• Chemical & Petrochemical
• Marine
• Others

Global Cryogenic Pump Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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