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Cryogenic Pump Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Published May 01, 2025
Length 246 Pages
SKU # FOB20106876

Description

Growth Factors of Cryogenic Pump Market

The Cryogenic Pump Market is playing a pivotal role in supporting the growing demand for liquefied gases across industries such as energy, healthcare, metallurgy, and chemicals. These specialized pumps are designed to handle extremely low-temperature liquids like liquid oxygen (LOX), nitrogen (LIN), argon (LAR), liquefied natural gas (LNG), and hydrogen, making them critical for applications ranging from fuel transport and storage to medical systems and semiconductor manufacturing.

Market Size and Growth Outlook

According to Fortune Business Insights, the global cryogenic pump market size was valued at USD 3.62 billion in 2022, and it is projected to grow from USD 3.80 billion in 2023 to USD 6.55 billion by 2030, registering a CAGR of 8.1% during the forecast period. This robust growth trajectory reflects increased investments in LNG infrastructure, rising demand for industrial gases, and ongoing efforts to decarbonize the energy sector through hydrogen adoption.

As cryogenics emerge as a key enabler for cleaner fuel transport and cutting-edge manufacturing, the demand for efficient and reliable cryogenic pumps is set to surge globally.

Key Market Drivers

1. Expansion of LNG Infrastructure

Liquefied natural gas is witnessing growing adoption as a cleaner-burning fuel alternative. From LNG terminals and storage tanks to fueling stations, cryogenic pumps are integral to maintaining the cryogenic temperature and ensuring safe and efficient transfer. With countries like the U.S., Qatar, Australia, and China heavily investing in LNG export and import terminals, the cryogenic pump market is gaining substantial momentum.

2. Booming Hydrogen Economy

As hydrogen gains recognition as a critical enabler of the global energy transition, cryogenic pumps are essential in the liquefaction, storage, and transfer of liquid hydrogen (LH2). Hydrogen refueling stations, green hydrogen projects, and fuel cell technologies all rely on cryogenic infrastructure, driving new market opportunities.

3. Growing Use in Healthcare and Pharmaceuticals

Cryogenic pumps are used to transfer and handle liquid oxygen, nitrogen, and other medical gases essential for surgeries, respiratory therapy, and vaccine production. The COVID-19 pandemic highlighted the critical role of cryogenic systems in oxygen supply, leading to heightened investments in hospital gas infrastructure.

4. Rising Demand for Semiconductor Manufacturing

In the electronics industry, cryogenic gases are used in cooling and etching processes. With semiconductor fabrication expanding globally, particularly in East Asia and North America, demand for cryogenic equipment and systems is growing correspondingly.

Regional Market Insights

Asia Pacific holds the dominant share of the global cryogenic pump market. This is largely attributed to:

High industrial gas consumption in China, India, and Japan

Large-scale investments in LNG terminals and steel manufacturing

Booming electronics and semiconductor industries

North America remains a key market, led by the U.S. LNG export capacity, oil & gas operations, and rising hydrogen infrastructure investments supported by federal energy initiatives.

Europe is also expanding its presence, driven by the energy transition, LNG imports to replace Russian gas, and the EU’s Hydrogen Strategy for a Climate-Neutral Europe.

Key Companies and Strategic Developments

The market features several global and regional players focused on technological advancement, capacity expansion, and sustainability. Major companies include:

SHI Cryogenics Group

Nikkiso Co., Ltd.

Cryostar

Ebara Corporation

Fives Group

Flowserve Corporation

Atlas Copco AB

WEG S.A.

Sumitomo Heavy Industries

Herose GmbH

These players are focusing on energy-efficient pump designs, smart control systems, and integrated cryogenic solutions to meet evolving industry demands.

Conclusion

The cryogenic pump market is entering a transformative phase, driven by the clean energy shift, infrastructure development, and the strategic importance of liquefied gases. Whether enabling LNG transport, advancing hydrogen fueling, or supporting critical medical applications, cryogenic pumps are foundational to multiple high-growth industries. With strong regional activity and technological innovation, the market is well-positioned for continued expansion through 2030 and beyond.

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Forecast Period 2025-2032

Historical Period 2019-2022

Growth Rate CAGR of 7.48% from 2025 to 2032

Unit Value (USD Billion)

Segmentation By Type

Positive Displacement Pump

Centrifugal Pumps

By Cryogen Type

Nitrogen

Oxygen

Argon

Liquefied Natural Gas

Others

By End-user

Oil & Gas

Metallurgy

Power Generation

Chemical & Petrochemicals

Marine

Others

By Region

North America (By Type, By Cryogen Type, By End-user, By Country)

U.S. (By End-user)

Canada (By End-user)

Europe (By Type, By Cryogen Type, By End-user, By Country)

UK (By End-user)

Germany (By End-user)

France (By End-user)

Italy (By End-user)

Russia (By End-user)

Rest of Europe (By End-user)

Asia Pacific (By Type, By Cryogen Type, By End-user, By Country)

China (By End-user)

India (By End-user)

Japan (By End-user)

Australia (By End-user)

Southeast Asia (By End-user)

Rest of Asia Pacific (By End-user)

Latin America (By Type, By Cryogen Type, By End-user, By Country)

Brazil (By End-user)

Mexico (By End-user)

Rest of Latin America (By End-user)

The Middle East & Africa (By Type, By Cryogen Type, By End-user, By Country)

GCC (By End-user)

South Africa (By End-user)

Rest of the Middle East & Africa (By End-user)

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Table of Contents

246 Pages
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
4.6. Impact of COVID-19 on the Cryogenic Pump Market
5. Global Cryogenic Pump Market Analysis (USD Billion), Insights and Forecast, 2019-2032
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Type
5.2.1. Positive Displacement Pump
5.2.2. Centrifugal Pump
5.3. Market Analysis, Insights and Forecast – By Cryogen Type
5.3.1. Nitrogen
5.3.2. Oxygen
5.3.3. Argon
5.3.4. Liquefied Natural Gas (LNG)
5.3.5. Other
5.4. Market Analysis, Insights and Forecast – By End-user
5.4.1. Oil & Gas
5.4.2. Metallurgy
5.4.3. Power Generation
5.4.4. Chemical & Petrochemical
5.4.5. Marine
5.4.6. Others
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1. North America
5.5.2. Europe
5.5.3. Asia Pacific
5.5.4. Latin America
5.5.5. Middle East & Africa
6. North America Cryogenic Pump Market Analysis (USD Billion), Insights and Forecast, 2019-2032
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. Positive Displacement Pump
6.2.2. Centrifugal Pump
6.3. Market Analysis, Insights and Forecast – By Cryogen Type
6.3.1. Nitrogen
6.3.2. Oxygen
6.3.3. Argon
6.3.4. Liquefied Natural Gas (LNG)
6.3.5. Other
6.4. Market Analysis, Insights and Forecast – By End-user
6.4.1. Oil & Gas
6.4.2. Metallurgy
6.4.3. Power Generation
6.4.4. Chemical & Petrochemical
6.4.5. Marine
6.4.6. Others
6.5. Market Analysis, Insights and Forecast – By Country
6.5.1. U.S. Market Analysis and Forecast – By End-user
6.5.1.1. Oil & Gas
6.5.1.2. Metallurgy
6.5.1.3. Power Generation
6.5.1.4. Chemical & Petrochemical
6.5.1.5. Marine
6.5.1.6. Others
6.5.2. Canada Market Analysis and Forecast – By End-user
6.5.2.1. Oil & Gas
6.5.2.2. Metallurgy
6.5.2.3. Power Generation
6.5.2.4. Chemical & Petrochemical
6.5.2.5. Marine
6.5.2.6. Others
7. Europe Cryogenic Pump Market Analysis (USD Billion), Insights and Forecast, 2019-2032
7.1. Key Findings
7.2. Market Analysis, Insights and Forecast – By Type
7.2.1. Positive Displacement Pump
7.2.2. Centrifugal Pump
7.3. Market Analysis, Insights and Forecast – By Cryogen Type
7.3.1. Nitrogen
7.3.2. Oxygen
7.3.3. Argon
7.3.4. Liquefied Natural Gas (LNG)
7.3.5. Other
7.4. Market Analysis, Insights and Forecast – By End-user
7.4.1. Oil & Gas
7.4.2. Metallurgy
7.4.3. Power Generation
7.4.4. Chemical & Petrochemical
7.4.5. Marine
7.4.6. Others
7.5. Market Analysis, Insights and Forecast – By Country
7.5.1. U.K. Market Analysis and Forecast – By End-user
7.5.1.1. Oil & Gas
7.5.1.2. Metallurgy
7.5.1.3. Power Generation
7.5.1.4. Chemical & Petrochemical
7.5.1.5. Marine
7.5.1.6. Others
7.5.2. Germany Market Analysis and Forecast – By End-user
7.5.2.1. Oil & Gas
7.5.2.2. Metallurgy
7.5.2.3. Power Generation
7.5.2.4. Chemical & Petrochemical
7.5.2.5. Marine
7.5.2.6. Others
7.5.3. France Market Analysis and Forecast – By End-user
7.5.3.1. Oil & Gas
7.5.3.2. Metallurgy
7.5.3.3. Power Generation
7.5.3.4. Chemical & Petrochemical
7.5.3.5. Marine
7.5.3.6. Others
7.5.4. Italy Market Analysis and Forecast – By End-user
7.5.4.1. Oil & Gas
7.5.4.2. Metallurgy
7.5.4.3. Power Generation
7.5.4.4. Chemical & Petrochemical
7.5.4.5. Marine
7.5.4.6. Others
7.5.5. Russia Market Analysis and Forecast – By End-user
7.5.5.1. Oil & Gas
7.5.5.2. Metallurgy
7.5.5.3. Power Generation
7.5.5.4. Chemical & Petrochemical
7.5.5.5. Marine
7.5.5.6. Others
7.5.6. Rest of Europe Market Analysis and Forecast – By End-user
7.5.6.1. Oil & Gas
7.5.6.2. Metallurgy
7.5.6.3. Power Generation
7.5.6.4. Chemical & Petrochemical
7.5.6.5. Marine
7.5.6.6. Others
8. Asia Pacific Cryogenic Pump Market Analysis (USD Billion), Insights and Forecast, 2019-2032
8.1. Key Findings
8.2. Market Analysis, Insights and Forecast – By Type
8.2.1. Positive Displacement Pump
8.2.2. Centrifugal Pump
8.3. Market Analysis, Insights and Forecast – By Cryogen Type
8.3.1. Nitrogen
8.3.2. Oxygen
8.3.3. Argon
8.3.4. Liquefied Natural Gas (LNG)
8.3.5. Other
8.4. Market Analysis, Insights and Forecast – By End-user
8.4.1. Oil & Gas
8.4.2. Metallurgy
8.4.3. Power Generation
8.4.4. Chemical & Petrochemical
8.4.5. Marine
8.4.6. Others
8.5. Market Analysis, Insights and Forecast – By Country
8.5.1. China Market Analysis and Forecast – By End-user
8.5.1.1. Oil & Gas
8.5.1.2. Metallurgy
8.5.1.3. Power Generation
8.5.1.4. Chemical & Petrochemical
8.5.1.5. Marine
8.5.1.6. Others
8.5.2. India Market Analysis and Forecast – By End-user
8.5.2.1. Oil & Gas
8.5.2.2. Metallurgy
8.5.2.3. Power Generation
8.5.2.4. Chemical & Petrochemical
8.5.2.5. Marine
8.5.2.6. Others
8.5.3. Japan Market Analysis and Forecast – By End-user
8.5.3.1. Oil & Gas
8.5.3.2. Metallurgy
8.5.3.3. Power Generation
8.5.3.4. Chemical & Petrochemical
8.5.3.5. Marine
8.5.3.6. Others
8.5.4. Australia Market Analysis and Forecast – By End-user
8.5.4.1. Oil & Gas
8.5.4.2. Metallurgy
8.5.4.3. Power Generation
8.5.4.4. Chemical & Petrochemical
8.5.4.5. Marine
8.5.4.6. Others
8.5.5. Southeast Asia Market Analysis and Forecast – By End-user
8.5.5.1. Oil & Gas
8.5.5.2. Metallurgy
8.5.5.3. Power Generation
8.5.5.4. Chemical & Petrochemical
8.5.5.5. Marine
8.5.5.6. Others
8.5.6. Rest of Asia Pacific Market Analysis and Forecast – By End-user
8.5.6.1. Oil & Gas
8.5.6.2. Metallurgy
8.5.6.3. Power Generation
8.5.6.4. Chemical & Petrochemical
8.5.6.5. Marine
8.5.6.6. Others
9. Latin America Cryogenic Pump Market Analysis (USD Billion), Insights and Forecast, 2019-2032
9.1. Key Findings
9.2. Market Analysis, Insights and Forecast – By Type
9.2.1. Positive Displacement Pump
9.2.2. Centrifugal Pump
9.3. Market Analysis, Insights and Forecast – By Cryogen Type
9.3.1. Nitrogen
9.3.2. Oxygen
9.3.3. Argon
9.3.4. Liquefied Natural Gas (LNG)
9.3.5. Other
9.4. Market Analysis, Insights and Forecast – By End-user
9.4.1. Oil & Gas
9.4.2. Metallurgy
9.4.3. Power Generation
9.4.4. Chemical & Petrochemical
9.4.5. Marine
9.4.6. Others
9.5. Market Analysis, Insights and Forecast – By Country
9.5.1. Brazil Market Analysis and Forecast – By End-user
9.5.1.1. Oil & Gas
9.5.1.2. Metallurgy
9.5.1.3. Power Generation
9.5.1.4. Chemical & Petrochemical
9.5.1.5. Marine
9.5.1.6. Others
9.5.2. Mexico Market Analysis and Forecast – By End-user
9.5.2.1. Oil & Gas
9.5.2.2. Metallurgy
9.5.2.3. Power Generation
9.5.2.4. Chemical & Petrochemical
9.5.2.5. Marine
9.5.2.6. Others
9.5.3. Rest of Latin America Market Analysis and Forecast – By End-user
9.5.3.1. Oil & Gas
9.5.3.2. Metallurgy
9.5.3.3. Power Generation
9.5.3.4. Chemical & Petrochemical
9.5.3.5. Marine
9.5.3.6. Others
10. Middle East & Africa Cryogenic Pump Market Analysis (USD Billion), Insights and Forecast, 2019-2032
10.1. Market Analysis, Insights and Forecast – By Type
10.1.1. Positive Displacement Pump
10.1.2. Centrifugal Pump
10.2. Market Analysis, Insights and Forecast – By Cryogen Type
10.2.1. Nitrogen
10.2.2. Oxygen
10.2.3. Argon
10.2.4. Liquefied Natural Gas (LNG)
10.2.5. Other
10.3. Market Analysis, Insights and Forecast – By End-user
10.3.1. Oil & Gas
10.3.2. Metallurgy
10.3.3. Power Generation
10.3.4. Chemical & Petrochemical
10.3.5. Marine
10.3.6. Others
10.4. Market Analysis, Insights and Forecast – By Country
10.4.1. GCC Market Analysis and Forecast – By End-user
10.4.1.1. Oil & Gas
10.4.1.2. Metallurgy
10.4.1.3. Power Generation
10.4.1.4. Chemical & Petrochemical
10.4.1.5. Marine
10.4.1.6. Others
10.4.2. South Africa Market Analysis and Forecast – By End-user
10.4.2.1. Oil & Gas
10.4.2.2. Metallurgy
10.4.2.3. Power Generation
10.4.2.4. Chemical & Petrochemical
10.4.2.5. Marine
10.4.2.6. Others
10.4.3. Rest of Middle East & Africa Market Analysis and Forecast – By End-user
10.4.3.1. Oil & Gas
10.4.3.2. Metallurgy
10.4.3.3. Power Generation
10.4.3.4. Chemical & Petrochemical
10.4.3.5. Marine
10.4.3.6. Others
11. Competitive Analysis
11.1. Company Market Share Analysis, 2023
11.2. Company Profile
11.2.1. Nikkiso, Co. Ltd.
11.2.1.1. Business Overview
11.2.1.2. Product & Service Offering
11.2.1.3. Overall Revenue
11.2.1.4. Geographic Presence
11.2.1.5. Recent Development
11.2.2. SHI Cryogenics Group
11.2.2.1. Business Overview
11.2.2.2. Product & Service Offering
11.2.2.3. Overall Revenue
11.2.2.4. Geographic Presence
11.2.2.5. Recent Development
11.2.3. Ebara Corporation
11.2.3.1. Business Overview
11.2.3.2. Product & Service Offering
11.2.3.3. Overall Revenue
11.2.3.4. Geographic Presence
11.2.3.5. Recent Development
11.2.4. The Weir Group PLC
11.2.4.1. Business Overview
11.2.4.2. Product & Service Offering
11.2.4.3. Overall Revenue
11.2.4.4. Geographic Presence
11.2.4.5. Recent Development
11.2.5. Fives
11.2.5.1. Business Overview
11.2.5.2. Product & Service Offering
11.2.5.3. Overall Revenue
11.2.5.4. Geographic Presence
11.2.5.5. Recent Development
11.2.6. Sulzer
11.2.6.1. Business Overview
11.2.6.2. Product & Service Offering
11.2.6.3. Overall Revenue
11.2.6.4. Geographic Presence
11.2.6.5. Recent Development
11.2.7. Flowserve Corporation
11.2.7.1. Business Overview
11.2.7.2. Product & Service Offering
11.2.7.3. Overall Revenue
11.2.7.4. Geographic Presence
11.2.7.5. Recent Development
11.2.8. Brooks Automation
11.2.8.1. Business Overview
11.2.8.2. Product & Service Offering
11.2.8.3. Overall Revenue
11.2.8.4. Geographic Presence
11.2.8.5. Recent Development
11.2.9. INOXCVA
11.2.9.1. Business Overview
11.2.9.2. Product & Service Offering
11.2.9.3. Overall Revenue
11.2.9.4. Geographic Presence
11.2.9.5. Recent Development
11.2.10. Cryostar
11.2.10.1. Business Overview
11.2.10.2. Product & Service Offering
11.2.10.3. Overall Revenue
11.2.10.4. Geographic Presence
11.2.10.5. Recent Development
11.2.11. Phpk Technologies
11.2.11.1. Business Overview
11.2.11.2. Product & Service Offering
11.2.11.3. Overall Revenue
11.2.11.4. Geographic Presence
11.2.11.5. Recent Development
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