Dublin, Nov. 20, 2024 (GLOBE NEWSWIRE) — The “Cryogenic Pumps – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Cryogenic Pumps was estimated at US$2.1 Billion in 2023 and is projected to reach US$2.8 Billion by 2030, growing at a CAGR of 4.0% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the cryogenic pumps market is driven by the increasing demand for LNG and hydrogen, advancements in pump technology, and the expansion of healthcare and industrial applications. As global energy demand rises, particularly in emerging economies, LNG has become a key alternative to traditional fossil fuels, and its widespread adoption necessitates efficient cryogenic pumps for handling and distribution. Similarly, the growing interest in hydrogen as a green fuel is fueling demand for cryogenic pumps that can safely manage ultra-low temperatures required for hydrogen storage and transport. This demand is further amplified by government initiatives and environmental regulations encouraging the use of clean energy sources.
Technological advancements are also a major driver, as innovations in materials, automation, and monitoring systems make cryogenic pumps more efficient and reliable. The adoption of IoT-enabled smart pumps for remote monitoring and predictive maintenance has improved operational efficiency, reducing the likelihood of downtime and maintenance costs. Additionally, the growth of the healthcare sector, where cryogenic pumps are used to manage liquid oxygen and nitrogen, is contributing to market expansion. Together, these factors are driving the cryogenic pumps market forward, positioning it as a crucial segment within industries relying on safe and efficient low-temperature storage and transport solutions.
How Are Technological Advancements Improving Cryogenic Pump Performance?
Technological advancements are continuously enhancing cryogenic pumps, making them more efficient, durable, and versatile for diverse applications. One key innovation is the use of advanced materials, such as high-grade stainless steel and special alloys, which improve the durability and performance of cryogenic pumps in extreme temperature conditions. These materials prevent wear and ensure longer pump lifespans, reducing the need for frequent replacements and minimizing maintenance costs. Additionally, advanced insulation techniques have been integrated into cryogenic pump designs to prevent heat ingress, further reducing the risk of vaporization and improving energy efficiency during the transfer process.
Moreover, automation and remote monitoring are transforming the operational efficiency of cryogenic pumps. Smart pumps equipped with sensors can monitor real-time performance parameters, such as pressure, flow rate, and temperature, providing operators with data to optimize pump operation and prevent downtime. The integration of Internet of Things (IoT) technology allows for remote monitoring and predictive maintenance, where potential issues are detected before they cause operational disruptions.
This predictive approach is especially valuable for industries handling hazardous materials like LNG, where unplanned downtime can lead to safety risks and financial losses. Together, these technological advancements are enhancing the reliability and efficiency of cryogenic pumps, making them indispensable tools in industries with critical low-temperature applications.
Why Is There a Rising Demand for Cryogenic Pumps in LNG and Hydrogen Applications?
The demand for cryogenic pumps is growing in response to the increased reliance on LNG and hydrogen as alternative fuels and energy sources. LNG, as a cleaner alternative to conventional fossil fuels, is seeing widespread adoption for power generation, industrial applications, and even marine and heavy-duty transport. Cryogenic pumps are essential for LNG handling, including the transfer, storage, and regasification processes, where low temperatures must be maintained to keep LNG in its liquid state. These pumps enable the efficient movement of LNG from storage tanks to transport pipelines and regasification terminals, supporting the infrastructure needed for LNG distribution. As the LNG market expands, driven by global energy needs and environmental regulations, the demand for reliable cryogenic pumps is expected to continue rising.
Hydrogen, another emerging clean fuel, also requires cryogenic pumps for handling and transport, as it must be stored at extremely low temperatures to remain in liquid form. With the global push towards green hydrogen as part of decarbonization efforts, cryogenic pumps play a vital role in the storage and transport of liquid hydrogen, particularly in industries such as automotive and aerospace. Since hydrogen requires even colder storage temperatures than LNG, high-performance cryogenic pumps are essential to prevent vaporization and ensure safe handling. The expansion of LNG and hydrogen infrastructure aligns with the global shift towards renewable energy, making cryogenic pumps indispensable in facilitating the transition to cleaner, sustainable fuel sources.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Cryogenic Pumps Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Cryogenic Pumps Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Centrifugal Pumps segment, which is expected to reach US$1.7 Billion by 2030 with a CAGR of a 3.9%. The Positive Displacement Pumps segment is also set to grow at 4.2% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $570.4 Million in 2023, and China, forecasted to grow at an impressive 6.0% CAGR to reach $584.9 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Cryogenic Pumps market such as ACD LLC, Brooks Automation Inc., Cryoquip Australia, Cryostar SAS, Ebara Corporation and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 92 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $2.1 Billion |
| Forecasted Market Value (USD) by 2030 | $2.8 Billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Cryogenic Pumps – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for LNG as a Clean Energy Source Propels Growth in Cryogenic Pumps Market for Efficient Transport and Storage
- Expansion of Industrial Gas Applications in Manufacturing Drives Demand for High-Performance Cryogenic Pumps
- Growth in Hydrogen Fuel Adoption in Energy and Transportation Sectors Increases Demand for Cryogenic Pumps in Hydrogen Storage
- Technological Advancements in Pump Design Enhance Efficiency and Reliability, Supporting Broader Adoption of Cryogenic Pumps
- Increasing Investment in Cryogenic Infrastructure for Aerospace and Space Exploration Expands Market for Specialized Cryogenic Pumps
- Expansion of Healthcare and Life Sciences Sectors Drives Demand for Cryogenic Pumps for Liquid Oxygen and Nitrogen Applications
- Rising Use of Cryogenic Fluids in Electronics and Semiconductor Manufacturing Fuels Demand for Precision Cryogenic Pumps
- Increasing Number of Natural Gas Processing Plants and Refineries Spurs Demand for Cryogenic Pumps in Energy Sector
- Advancements in Seal-less and Leak-Free Cryogenic Pump Designs Improve Safety and Drive Market Growth
- Rising Demand for Efficient Fuel Storage Solutions in the LNG Industry Increases Adoption of High-Capacity Cryogenic Pumps
- Growing Emphasis on Sustainable Energy Solutions Drives Demand for Cryogenic Pumps in Hydrogen and Renewable Fuel Markets
- Expanding Applications in Cryogenic Refrigeration for Superconducting and Quantum Computing Strengthen Market for Cryogenic Pumps
FOCUS ON SELECT PLAYERS: Some of the 36 companies featured in this Cryogenic Pumps market report include
- ACD LLC
- Brooks Automation Inc.
- Cryoquip Australia
- Cryostar SAS
- Ebara Corporation
- Fives S.A.
- Flowserve Corporation
- Global Technologies
- Nikkiso Cryo Inc.
- PHPK Technologies Inc.
For more information about this report visit https://www.researchandmarkets.com/r/6lovu4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
