Cryogenic Pump Market by Type (Positive Displacement Pump, Centrifugal Pump), by Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Other), by End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Others), by North America (U.S., Canada), by Europe (UK, Germany, France, Italy, Russia, Rest of Europe), by Asia Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific), by Latin America (Brazil, Mexico, Rest of Latin America), by The Middle East & Africa (GCC, South Africa, Rest of the Middle East & Africa) Forecast 2024-2032
The Cryogenic Pump Market size was valued at USD 3.41 USD billion in 2023 and is projected to reach USD 7.55 USD billion by 2032, exhibiting a CAGR of 12.02 % during the forecast period. A cryogenic pump is a device comprising of a pumping system that moves or circulates cryogenic fluids at low, or in some cases very low temperatures, this cryogenic fluid includes liquid nitrogen, helium and oxygen among others. These pumps find applications in many sectors such as the medical, aerospace, power, and laboratory industries. Centrifugal, reciprocating and turbopumps are the common types of cryogenic pumps, with each being appropriate for certain flow rates and pressure regimes. Some of the benefits of cryogenic pumps are, that the use of cryogenic pumps is helpful in the transport of low-temperature fluids, the pumps work efficiently even under harsh conditions, and the purity of the gases is always maintained whichever place they are transporting them to. Recent trends in the market of cryogenic pumps include its steady development due to the constantly growing LNG market, further development of medicine which requires pumps that could work during even lower temperatures and the expansion of space exploration leading to pump development and the use of new high-performance material for the construction of cryogenic pumps.
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Cryogen Type:
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 12.02% from 2018-2032 |
Segmentation |
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 12.02% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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