Global cryogenic market is anticipated to grow at a CAGR of 9.1% during the forecast period (2024-2031). A major factor supporting the growth of the market is the increasing use of liquefied natural gas (LNG) in numerous countries as a cleaner substitute to coal for electricity generation is impelling the cryogenic pump market growth. Cryogenic pumps are used for transfer in fuel gas systems, LNG or CNG stations, vehicle loading & trailer off-loading, bulk transfer, and bunkering. Some end-user industries employing these gases include construction & mining equipment, locomotives, and marine vessels. Liquid oxygen pumps are designed with extreme care, as liquid oxygen is not compatible with all components of the machines.
Browse the full report description of “Cryogenic Pump Market Size, Share & Trends Analysis Report by Type (Centrifugal Pumps, Positive Displacement Pumps, Kinetic Pumps, and Entrapment Pumps) by Gas (Nitrogen, Hydrogen, Helium, and LNG) and by End-Use Industry (Healthcare Industry, Energy & Power Generation Industry, Electricals & Electronics Industry, Metallurgy Industry, and Chemicals) Forecast Period (2024-2031).” at https://www.omrglobal.com/industry-reports/cryogenic-pump-market
According to the statistics from Natural Gas Monthly, in 2023, the United States emerged as the leading exporter of liquefied natural gas (LNG), with an average daily cargo of 11.9 billion cubic feet (Bcf/d), which is a 12.0% increase from 2022. Cryogenic pumps are essential for supporting several activities in the LNG value chain, such as distribution, liquefaction, production, and storage. These pumps support the overall integrity and efficacy of the process by safely and effectively delivering LNG at the necessary low temperatures. The rising demand for liquefied natural gas (LNG) influences the cryogenic pump market price, as increased LNG usage necessitates more efficient and scalable cryogenic pumping solutions.
Moreover, the demand is anticipated to increase due to expanding investments in the industrial sectors of metallurgy, healthcare, food & beverage, and electronics in developing nations. The applications of cryogenic gases like nitrogen, argon, oxygen, and LNG for transportation, storage, and regasification have significant growth potential. The highest portion of FDI inflow is from Asia, according to the World Investment Report 2020, which was released by United Nations publications. In 2019, this amount decreased by 4.9% to $473.8 billion. In addition, China has $141.0 billion in FDI investment, making it the largest developing economy in Asia. Additionally, 3.0% of FDI investments totaling $45.0 billion are in Africa. Therefore, growing industrial sector investment requires pump deployment across various end-use sectors, driving the market's expansion throughout the anticipated timeframe.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Type
o By Gas
o By End-Use Industry
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Cryostar Group, EBARA CORP., Fives Group, and Nikkiso Co., Ltd., among others.
Key questions addressed by the report.
Global Cryogenic Pump Market Report Segment
By Type
By Gas
By End-Use Industry
Global Cryogenic Pump Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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