Global cryogenic pumps market is projected to witness a CAGR of 4.68% during the forecast period 2024–2031, growing from USD 1535.12 million in 2023 to USD 2213.36 million in 2031. The benefits of cryogenic pumps include their ability to create, withstand, and operate in extremely low temperatures, typically around -120 degree Celsius. They are used for various applications such as refrigeration, transportation, storage, and regasification of cryogenic gases like nitrogen, argon, oxygen, and LNG.

The market for cryogenic pumps is driven by factors such as growing demand for LNG, increasing investments from the industrial sector such as metallurgy, healthcare, food and beverages, electronics, etc., and the rising demand for gas-based power generation. The increasing demand for LNG is a key factor driving the growth of the cryogenic pump market as they are essential for the transportation, storage, and regasification of LNG, making them a critical component of the LNG supply chain. As the LNG market continues to grow, the demand for cryogenic pumps is expected to rise in tandem, creating substantial opportunities for market expansion.

For instance, in October 2023, Svanehøj developed a complete high-pressure marine pump unit for LNG fuel called the “The HPP Triplex Unit”. It is a compact pump solution designed for optimal flow and longer service life, meeting the maritime industry’s demands for leak-free critical components. Svanehøj has experience of decades in low-pressure fuel and cargo pumps for LNG and has further extended its scope to include high-pressure pumps for two-stroke LNG engines.

Cryogenic pumps play a pivotal role in various industries where the handling of liquefied gases at extremely low temperatures is essential. From medical applications to industrial processes and aerospace ventures, the demand for cryogenic pumps continues to surge globally. In this blog, we delve into the dynamics of the global cryogenic pumps market, analyzing the trends, growth drivers, and future prospects shaping its trajectory.

Understanding Cryogenic Pumps: Cryogenic pumps are designed to handle fluids at temperatures well below those found in typical industrial processes. These pumps are specifically engineered to maintain the low temperatures required for gases like oxygen, nitrogen, and argon to remain in their liquid state. They find extensive use in industries such as healthcare, aerospace, energy, and semiconductor manufacturing, among others.

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Market Trends:

1. Increasing Adoption in Healthcare: The healthcare sector accounts for a significant share of the cryogenic pumps market, driven by the rising demand for medical gases, such as liquid oxygen and nitrogen, in applications like MRI machines, cryosurgery, and biobanking.
2. Growing LNG Infrastructure: The expansion of liquefied natural gas (LNG) infrastructure worldwide is fueling the demand for cryogenic pumps. These pumps are integral in LNG production, transportation, and storage facilities, driving market growth in regions embracing LNG as a cleaner energy alternative.
3. Advancements in Aerospace Technologies: The aerospace industry relies on cryogenic pumps for various applications, including rocket propulsion systems, satellite propulsion, and space exploration missions. With increased investments in space exploration and satellite deployment, the demand for cryogenic pumps in the aerospace sector is on the rise.
4. Shift towards Renewable Energy: Cryogenic pumps play a crucial role in renewable energy technologies, such as hydrogen fuel cells and superconducting power transmission. As the world shifts towards cleaner energy sources, the demand for cryogenic pumps in hydrogen infrastructure and energy storage systems is expected to grow significantly.

Growth Drivers:

1. Technological Advancements: Ongoing advancements in cryogenic pump technology, such as the development of high-efficiency pumps and enhanced materials for cryogenic applications, are driving market growth. These innovations improve pump performance, reliability, and energy efficiency, catering to diverse industry needs.
2. Rising Demand for Industrial Gases: The increasing demand for industrial gases, particularly in emerging economies, is a major growth driver for the cryogenic pumps market. Industries such as metallurgy, electronics, and food processing rely heavily on industrial gases, boosting the demand for cryogenic pumping solutions.
3. Infrastructure Development Projects: Infrastructure development projects, especially in the energy and transportation sectors, are driving the demand for cryogenic pumps globally. Investments in LNG terminals, hydrogen refueling stations, and cryogenic storage facilities are creating lucrative opportunities for pump manufacturers.

Future Outlook: The future of the global cryogenic pumps market looks promising, with sustained growth expected across various industry verticals. As technological innovations continue to enhance pump efficiency and reliability, coupled with the increasing adoption of clean energy solutions, the demand for cryogenic pumps is projected to soar. Additionally, emerging applications in fields such as biotechnology, material science, and automotive industries are poised to further expand the market opportunities for cryogenic pump manufacturers.

Conclusion: The global cryogenic pumps market is experiencing robust growth fueled by evolving industry needs, technological advancements, and infrastructure development initiatives. From healthcare to energy and beyond, the versatile applications of cryogenic pumps underscore their importance across diverse sectors. As the world embraces sustainable and efficient solutions, cryogenic pumps are set to play a pivotal role in shaping the future of industrial processes and innovation.

Centrifugal Cryogenic Pumps Are Extensively Driving the Market Growth

The growing utilization of cryogens such as nitrogen and argon across various industrial processes is driving the demand for centrifugal cryogenic pumps. The upsurge in the use of superconducting magnetic bearings to reduce friction and increase efficiency, along with the use of composite materials that can withstand extreme temperatures and pressures, is contributing to the growth of the market. Moreover, the market for cryogenic pumps is expanding due to the growing demand for effective cooling solutions and technological breakthroughs in industries like electronics, energy, healthcare, and aerospace, which are driving the need for cryogenic applications.

For instance, in November 2022, Vanzetti Engineering expanded its range of centrifugal cryogenic pumps with the launch of the HDM series, designed for mounting on heavy tanker trucks. These centrifugal cryogenic pumps are used to transfer LNG from the truck to the tank at refueling stations, compensating for pressure differentials. The new HDM pumps, with a direct coupled hydraulic motor, offer a maximum operating speed of 7 and a maximum flow rate of 320 liters per minute, providing a cost-effective and reliable solution for various loading and unloading requirements.

Submerged Pumps are Influencing Market Prosperity

The submerged pump is extensively driving the market growth. Submersible pumps are essential for dewatering construction sites, and managing water in various applications, and are well-suited for harsh conditions such as flooding or waterlogging. The demand for submersible pumps is closely tied to infrastructure development, including water supply and wastewater treatment. The global submersible pumps market is projected to grow significantly, driven by increasing investments in the construction industry and the rising demand for water and wastewater management.

For instance, in January 2023, IceCure strengthened its intellectual properties for a submersible cryogenic pump, a key component of the ProSense System used for cryoablation. The innovative pump is designed to be submerged in liquid nitrogen, operating in a closed circuit to improve the cooling rate during procedures. It enables precise temperature control of the cryoprobe and facilitates the use of a wider range of cryoprobes and catheters. Additionally, the pump is engineered to support multiple or prolonged procedures without the need for frequent liquid nitrogen refills, thereby making it a versatile and efficient tool for tumor destruction through freezing.

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Government Initiatives

Government initiatives are playing a pivotal role in shaping the market infrastructure. Government support through research funding and regulatory frameworks can foster the continued advancement and accessibility of cutting-edge medical technologies, ultimately benefiting patient care and treatment outcomes.

For instance, in January 2023, after completing a USD 14.5 million public offering, IceCure obtained patent protection for its cryogenic pump technology in the European Union and among the Japanese government. The patent will be valid until February 2040 and was recently granted in the European Union and allowed in Japan. The submersible pump, which works in a closed circuit and is submersible in liquid nitrogen, would improve the cooling rate during medical procedures. The innovation would enable IceCure to introduce a new generation of cryoablation systems with a small footprint for a wide range of applications.

Oil and Gas Industry Propels Market Growth

The Oil and Gas industry is a major consumer of cryogenic pumps, utilizing them in various processes, including the production and storage of industrial gases such as nitrogen, hydrogen, oxygen, and carbon dioxide for chemical synthesis. The increasing demand for cryogenic gases from the energy and power industry, especially in the oil and gas sectors, is one of the major factors driving the growth of the cryogenic pump market.

For instance, in November 2023, ITT Inc. completed the acquisition of Svanehøj Group A/S. Svanehøj’s product portfolio includes fuel and energy pumps, deepwell gas cargo pumps, and tank control systems for low-emission and green fuels. The acquisition positions ITT to provide technologies that support the transition to cleaner energy.

Asia-Pacific to Dominate Cryogenic Pumps Market

Asia-Pacific dominates the market and is expected to grow at a significant rate. It is attributed to the region’s growing end-use industries, rapid urbanization, and industrialization, particularly in emerging economies like China, India, and Japan. The surge in demand for industrial cryogas, increased investment in the infrastructure sector, and a focus on renewable energy further contribute to the region’s dominance in the cryogenic pump market.

For instance, in February 2024, Fives and GuofuHee partnered to advance the Chinese mobility market with liquid hydrogen technology in cryogenic pumps. The collaboration aimed to optimize the performance of liquid hydrogen, particularly for liquefaction storage and transportation, and to support the expansion of hydrogen mobility in China. GuofuHee aimed to become China’s largest provider of hydrogen equipment, and Fives continued to support the expansion and optimization of liquid hydrogen installations for the Chinese market.

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