Cryogenic Pump Global Market Report 2024

The cryogenic pump is a vacuum pump designed to capture gases and vapors by causing them to condensate on a cold surface. These pumps play a crucial role in various operations involving pure and mixed industrial gases. Cryogenic pumps are utilized for handling, transporting, and transferring cryogenic fluids.

There are two main types of cryogenic pumps such as positive displacement pumps and centrifugal pumps. Positive displacement pumps mechanically displace liquid by repeatedly enclosing a fixed volume and moving it cyclically through the system. Cryogenic pumps handle gases such as nitrogen, oxygen, argon, liquefied natural gas, and others. They can be oriented horizontally or vertically. End-users include the oil and gas industry, metallurgy, power generation, chemicals and petrochemicals, marine applications, and other industries.

The cryogenic pumps market research report is one of a series of new reports that provides cryogenic pumps market statistics, including cryogenic pumps industry global market size, regional shares, competitors with a cryogenic pumps market share, detailed cryogenic pumps market segments, market trends and opportunities, and any further data you may need to thrive in the cryogenic pumps industry. This cryogenic pump market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cryogenic pump market size has grown strongly in recent years. It will grow from $2.27 billion in 2023 to $2.42 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to several factors, including the expansion of industrial gas applications such as LNG, LPG, and liquid nitrogen. Additionally, there was increased demand for cryogenic equipment in the healthcare and medical gases market, a rising adoption of LNG as a cleaner fuel alternative, and growth in food processing and cryogenic cooling applications. The aerospace and defense sector also contributed to the increased demand for cryogenic equipment during this period.

The cryogenic pump market size is expected to see strong growth in the next few years. It will grow to $3.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period is expected to be driven by the adoption of hydrogen as a green energy carrier, increased demand for cryogenic pumps in superconducting applications, growth in biotechnology and pharmaceutical cryopreservation, market expansion in emerging economies and developing regions, and a focus on sustainable and environmentally-friendly cryogenic solutions. Additionally, major trends in the forecast period include advancements in energy storage and transportation technologies, technological innovations in cryogenic pump design and efficiency, the use of cryogenic pumps for hydrogen applications, and the integration of variable frequency drives (VFDs).

The anticipated surge in electricity generation from renewable resources is poised to drive the expansion of the cryogenic pump market in the foreseeable future. Renewable energy, derived from sources such as biomass, hydropower, geothermal, wind, and solar, constitutes clean energy. Cryogenic pumps play a pivotal role in generating renewable electricity by depressurizing high-pressure gases through power production equipment, leading to electricity generation. As of Quarter 2, 2023, the UK Government Digital Service reported that 42.1% of power was produced from renewable sources, surpassing both fossil fuel-produced share (38.8%) and the corresponding quarter of the previous year (38.7%). This upswing in renewable electricity generation is a driving force behind the growth of the cryogenic pump market.

The escalating demand for liquefied natural gas (LNG) is projected to fuel the expansion of the cryogenic pump market in the coming years. Liquefied Natural Gas (LNG) undergoes a cooling process to transition from a gaseous to a liquid state. This substance is integral to the functionality of cryogenic pumps, specifically engineered to handle and transport liquefied gases at extremely low temperatures. In March 2023, the UK Government Digital Service noted that UK LNG imports reached a record high of 25.6 billion cubic meters in 2022, marking a 74% increase from the previous year. The heightened demand for LNG is a significant driver of the cryogenic pump market's growth.

Technological innovation emerges as a prominent trend gaining traction in the cryogenic pump market. Leading companies in this sector are actively engaged in developing novel technological solutions to enhance their market position. Notably, in December 2021, Edwards Vacuum, a UK-based company and a key player in cryogenic pumps, introduced a groundbreaking cryopump tailored for semiconductor applications - the CTI-Cryogenics On-Board IS 320F XVS. Distinguished by features such as intelligent self-adjusting technology, variable speed motor and control system, and cryogenic heat load compensation, this product is designed to ensure stable and consistent vacuum performance between regenerations. The sophisticated system control not only enhances process quality and vacuum consistency but also delivers real-time system information for optimal array temperature management. This emphasis on technological innovation underscores the commitment of industry leaders to continuous improvement and advancement within the cryogenic pump market.

Prominent entities in the cryogenic pump market are strategically introducing innovative products like the 320F XVS Cryopump as part of their efforts to bolster market profitability. An illustrative instance is Edwards Vacuum, a UK-based vacuum product company, which unveiled the 320F XVS Cryopump in December 2021. Tailored for semiconductor applications, this cryopump is engineered to deliver optimal hydrogen pumping performance, positioning it as a preferred choice for applications requiring efficient hydrogen handling. The advanced design of the On-Board IS 320F XVS Cryopump, coupled with its high hydrogen pumping capabilities, contributes to improved process yield and throughput. Consequently, this innovation holds the potential to enhance productivity and efficiency across diverse industrial processes.

In a strategic move in March 2021, Torishima Service Solutions Europe Ltd., a wholly owned subsidiary of Torishima Pump Manufacturing Co., successfully acquired Cryo Pump Repairs Ltd for an undisclosed sum. This acquisition was a deliberate step by Torishima Service Solutions Europe Ltd. to penetrate a new market leveraging its pump expertise and optimizing synergies. Cryo Pump Repairs Ltd., based in Scotland, boasts three decades of experience specializing in inspecting, maintaining, installing, and commissioning submerged motors and cryogenic pumps for the liquefied gas industry. This strategic acquisition positions Torishima Service Solutions Europe Ltd. to capitalize on the extensive industry experience of Cryo Pump Repairs Ltd., further solidifying its presence and capabilities in the cryogenic pump market.

Major companies operating in the cryogenic pump market include Ebara Corporation, Fives Group SAS, Nikkiso Co Ltd., Parker-Hannifin Polimer Kauçuk San. ve Paz. A.S Technologies, Sumitomo (SHI) Cryogenics of America Inc., Trillium Flow Technologies, Barber-Nichols, CryoVation LLC., ChampionX Production Systems Technologies LP, KRYTEM Cryogenic Systems, Sehwa Tech Inc., Vanzetti Engineering S.p.A., Xinxiang Chengde Energy Technology Equipment Co.Ltd., Brooks Automation Inc., Cryostar SAS, Flowserve Corporation, Linde AG, Chart Industries Inc., Cryoquip LLC, Atlas Copco AB, INOXCVA, Hydro-Pac Inc., Pentair PLC, Advanced Thermal Products Inc., Acme Cryogenics, Surrey Pumps Ltd., RegO Products, HSME Corp., CIRCOR International Inc., Dk-Tech Corporation, Hangzhou Chuankong General Equipment Co. Ltd., Taylor-Wharton International LLC, ACD LLC

Asia-Pacific was the largest region in the cryogenic pump market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this cryogenic pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the cryogenic pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The cryogenic pump market consists of sales of centrifugal cryo pump, piston or reciprocating cryogenic pumps, and submerged pumps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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