Enjoy complimentary customisation on priority with our Enterprise License!
The cryogenic pump market size is forecast to increase by USD 855.6 million at a CAGR of 5.7% between 2023 and 2028. The market is experiencing significant growth due to groundbreaking advancements in various sectors, including medicine, aerospace, energy, and smart transportation in frigid environments. Key trends driving market growth include the increasing demand for pumps capable of handling substances at temperatures below freezing for high-performance applications. Additionally, the rising need for pump repair and remanufacture services is contributing to market expansion. However, volatility in raw material prices poses a challenge to market growth. Developments in the water and wastewater industry, particularly in the treatment of industrial effluents, are also fueling market demand for cryogenic pumps. In the United States, this market is expected to continue its upward trajectory, driven by the increasing use of cryogenic pumps in applications such as natural gas processing, food and beverage processing, and pharmaceuticals.
The market is witnessing significant growth due to the increasing demand for precise control and efficient handling of cryogenic fluids in various industries, including medicine, aerospace, and energy. These pumps play a crucial role in transporting and compressing substances to temperatures below freezing, enabling advancements in fields such as cryogenic storage, rocket propulsion, and scientific experiments. Centrifugal pumps and positive displacement pumps are the two primary types of cryogenic pumps used in the market. Centrifugal pumps, which utilize an impeller to create a centrifugal force, are commonly used for high-flow, low-pressure applications. On the other hand, positive displacement pumps, which displace a fixed volume of fluid with each revolution of the pump, offer better suction capabilities and are suitable for handling cryogenic fuels like liquid hydrogen.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The positive displacement pump segment is estimated to witness significant growth during the forecast period. Positive displacement pumps are essential machinery used to transport and compress various substances, including gases, in industries such as medicine, aerospace, and energy. These pumps operate by mechanically trapping a volume of gas and moving it to the next stage or chamber, where the gas is compressed to a smaller volume at a higher pressure. The compressed gas is then expelled either to the atmosphere or the next stage.
Get a glance at the market share of various segment Download the PDF Sample
The positive displacement pump segment was the largest segment and valued at USD 1.50 billion in 2018. To generate higher vacuum and flow rates, two transfer pumps are typically used in series. In the field of medicine, cryogenic positive displacement pumps are utilized to transport and compress gases and liquids at extremely low temperatures, below freezing, for various applications. In aerospace, these pumps are used to transport and compress fuels and other substances in frigid environments. Moreover, positive displacement pumps play a crucial role in the energy sector, particularly in the compression of natural gas and other hydrocarbons. Hence, such factors are fuelling the growth of this segment during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is experiencing significant growth due to the expanding industrial sector and increasing demand for cryogenic fuels, particularly liquid hydrogen, for rocket propulsion and scientific experiments. The economic growth in the region, driven by industrialization and the shift towards cleaner energy sources, is creating ample opportunities for market expansion. In addition, the adoption of cryogenic technology in emerging smart cities and infrastructural development projects in countries like India and China is further fueling market growth during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Developments in water and wastewater industry is notably driving market growth. The global demand for clean water continues to escalate due to population growth and increasing requirements for household, commercial, and industrial uses. This increase in water demand is leading to significant investments in upgrading and constructing new water treatment equipment facilities worldwide.
The market is poised to benefit from this trend, as these pumps are essential for various water treatment processes, such as condensation of gases and vapors, and cooling of cold surfaces in evaporator units and refrigerators. Thus, such factors are driving the growth of the market during the forecast period.
Rising demand for pump repair and remanufacture from high-performance applications is the key trend in the market. In the realm of large-scale and capital-intensive industries such as offshore oil and gas, chemical processing, and petrochemicals, the expense of pumping systems can account for a substantial portion of the total investment.
Given the high cost of replacement, many end-users prefer to opt for repair or remanufacturing of these components. In industries with corrosive and harsh environments, material deposition technologies like plasma arc welding and laser cladding are commonly employed for the repair and renovation of worn-out mechanical components. Thus, such trends will shape the growth of the market during the forecast period.
Volatility in raw material prices is the major challenge that affects the growth of the market. The market encounters a significant challenge with the volatile pricing of essential raw materials, including cast iron, bronze, stainless steel, aluminum, and copper. This instability in pricing may hinder the adoption of cryogenic pumps in cost-conscious emerging markets, where affordability is a primary consideration for buyers. In recent times, the prices of these raw materials have seen substantial fluctuations due to factors such as tax increases, additional tariffs, and production halts in metal ore-producing nations.
These price changes can ripple through the entire supply chain, affecting the production and distribution of the final product. Moreover, various versions of cryogenic pumps in the market utilize distinct types and sources of raw materials, leading to price variations over time. In the realm of cryo engineering and refrigeration engineering, managing these price fluctuations and their impact on the supply chain is a critical aspect of maintaining efficiency and profitability. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Celeros Flow Technology: The company offers cryogenic pumps that are designed for cryogenic applications where the pumps are designed with double mechanical seals to effectively seal NGL, LNG, LPG and other low temperature fluids, under the brand name of Celeros.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Cryogenic pumps play a vital role in various industries, including medicine, aerospace, and energy, where substances need to be transported and stored at temperatures below freezing in frigid environments. These pumps are designed to handle cryogenic fluids, such as liquid hydrogen and liquid nitrogen, with precise control over compression and flow. In the field of medicine, cryogenic pumps are used to transport and compress gases and vapors for medical applications. In the aerospace industry, they are essential for rocket propulsion and scientific experiments. In energy, they are used in the production and storage of cryogenic fuels.
The Cryogenic Pump Market encompasses a wide range of pumps designed to handle liquids in their liquid form at very low temperatures. These pumps find extensive applications in various industries, including labs handling biological samples, and in the aerospace sector for rocket fuel systems. In labs, cryogenic pumps are used to transfer and contain liquids in oxygen-enriched atmospheres, requiring face shields and containment systems for safety. In the aerospace industry, they are crucial for transferring liquid oxygen and other cryogens in rocket fuel systems. Cryogenic pumps operate based on the cooling principle, using refrigerating machines, heat exchangers, condensers, and diffusion pumps to reduce the temperature. They can handle water vapor, atmospheric pressure, and gas molecules, making them versatile for different applications. Training is essential for handling these pumps due to the complex nature of the cooling processes involved. Cryogenic pumps are also used in cold water mains and evaporator units to maintain low temperatures. Refrigerator cryopumps and condensate pumps are common types used in chemical processes to remove thermal loads and maintain low temperatures. The market for cryogenic pumps is expected to grow due to increasing demand for advanced cooling systems in various industries.
Centrifugal pumps, with their high-flow and low-pressure capabilities, are commonly used in cryogenic applications. The impeller design and materials used in these pumps are specifically engineered to handle the unique properties of cryogenic fluids. Cryogenic pumps are also used in cryogenic storage systems for both liquid hydrogen and liquid helium. Safety concerns are a top priority in this field, and protective gear, such as insulated gloves, face shields, and ventilation systems, are necessary when working with these fluids. Cryopumps are also used in refrigeration engineering and cooling principles, such as bath cryostats and continuous flow cryopumps.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
137 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.7% |
|
Market growth 2024-2028 |
USD 855.6 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
5.4 |
|
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 45% |
|
Key countries |
China, US, India, Russia, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Celeros Flow Technology, Cryostar, Ebara Corp., FIVES SAS, Flowserve Corp., INOX India Pvt. Ltd., Nikkiso Co. Ltd., PHPK Technologies, Ruhrpumpen Group, SEFCO AG, Sehwa Tech Inc., SHI Cryogenics Group, Sulzer Ltd., Sumitomo Heavy Industries Ltd., Technex Ltd., and Vanzetti Engineering S.p.A. |
|
Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
