The global cryogenic pump market is projected to reach a valuation of US$ 1,979.6 Mn in 2032, with sales growing at a healthy CAGR of 6.7% over the forecast period of 2022 to 2032. Rising from an average growth rate of 4.6% from 2016 to 2021, the cryogenic pump market is likely to reach an estimated US$ 1,035 Mn by the end of 2022.
Elevated emphasis on solar power generation and focus on the development of solar PV manufacturing have resulted in the market expansion of cryogenic pumps over the forecast period. A vacuum pump that captures gases via condensation on a much cooled surface at a very low temperature of around 120K is categorized as a cryogenic pump.
These pumps are used on a large scale for the transportation, handling, and transfer of cryogenic fluids and liquefied hydrocarbons. The market for cryogenic pumps looks at multiple lucrative opportunities as there is a notable swell in the demand for the product from various end-use industry verticals such as power generation, healthcare, and many others.
Competitive Landscape
ACD Cryo AG, Cryostar SAS, Sumitomo Heavy Industries Ltd., Flowserve Corporation, Brooks Automation Inc., Ebara Corporation, Nikkiso Cryo Ltd., PHPK Technologies Inc., Fives S.A., Cryoquip Australia and others are some of the major players in the cryogenic pump market that are profiled in the full version of the report.
In a highly competitive market, major players are concentrating on product development and new releases. These organizations are also engaged in strategies like facility expansions, partnerships and collaborations to enhance their market presence.
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Key Segments Profiled In the Cryogenic Pump Industry Survey
Cryogenic Pump Market by Pump Functionality:
- Centrifugal Cryogenic Pumps
- Positive Displacement Cryogenic Pumps
Cryogenic Pump Market by Type:
- Bath Cryopumps
- Refrigerator Cooled Cryopumps
- Supercritical Helium Cooled Cryopumps
- Others
Cryogenic Pump Market by Application Gas:
- Nitrogen-based Cryogenic Pump
- Oxygen-based Cryogenic Pump
- LNG-based Cryogenic Pump
- Argon-based Cryogenic Pump
- Other Gases-based Cryogenic Pump
Cryogenic Pump Market by End Use Industry:
- Cryogenic Pump for Energy & Power
- Cryogenic Pump for Metallurgy and Mining
- Cryogenic Pump for Chemicals
- Cryogenic Pump for Other End Use Industries
More Insights into the Cryogenic Pump Market Report
In its latest report, FMI offers an unbiased analysis of the global cryogenic pump market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032.
According to the latest FMI reports, based on region, the cryogenic pump market in North America is anticipated to exhibit impressive growth over the forecast period. Accounting for more than 35.7% of the global market share, this regional market is driven by the expanding industrial infrastructure and the growing investments in the oil and gas sector.
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