$4450
$3560
The Cryogenic Pump Market size is expected to reach US$ 3,543.58 million by 2031 from US$ 2,429.13 million in 2024. The market is estimated to register a CAGR of 5.6% during 2025–2031. The increasing investments in the healthcare sector are likely to bring new trends to the market in the coming years.
Cryogenic Pump Market Analysis
Cryogenic pumps or cryopumps are cryogenic equipment used for transferring and pressurization liquefied gases. It is a type of vacuum pump used for cryogenic gases such as nitrogen, oxygen, LPG, and argon. Cryogenic pumps enable efficient cooling, making them ideal for applications where rapid and sustainable cooling is required. Further, the design of these pumps allows them to operate at high precision, ensuring optimal performance even in extreme conditions. Moreover, the cryogenic pumps are built with safety devices that make them leak-proof, ensuring that they are highly safe while transferring the cryogens. In the past few years, cryogenic pump manufacturers have integrated an automated control system, which further enhances monitoring and precise operations of these pumps.
Cryogenic Pump Market Overview
The cryogenic pump market is expected to experience significant growth in the coming years due to industrialization, especially in emerging economies. The cryogenic pump market is gaining traction with the growing demand for liquefied gases. The rising demand for sustainable and clean fuels to replace fossil fuels, which emit carbon emissions. As a result, the demand for LNG increased, ultimately driving the need for gas handling systems. Asia Pacific is one of the largest consumers of LNG owing to industrialization in countries such as China, India, Japan, South Korea, and Indonesia. As per the data published by Shell plc, Asia Pacific economic growth is projected to drive a 60% increase in LNG demand by 2040. More than 170 million tonnes of new LNG supply is expected to grow by 2030 to meet the growing demand, especially from Asian countries. China and India are two major countries in Asia Pacific that are taking notable initiatives to increase their LNG import capacity. Increasing demand for liquefied natural gas and growing industrial investments, among others, are some of the major drivers boosting the growth of the market.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Cryogenic Pump Market: Strategic Insights
Market Size Value in US$ 1.86 Billion in 2018 Market Size Value by US$ 2.82 Billion by 2027 Growth rate CAGR of 4.9% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Cryogenic Pump Market: Strategic Insights
| Market Size Value in | US$ 1.86 Billion in 2018 |
| Market Size Value by | US$ 2.82 Billion by 2027 |
| Growth rate | CAGR of 4.9% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Cryogenic Pump Market Drivers and Opportunities
Increasing Demand for Liquefied Natural Gas
The demand for clean energy fuels and renewables is growing at an unprecedented rate, with a growing focus on carbon emissions and pollution. Liquefied natural gas (LNG) is one of the clean energy fuels with diverse applications. The fuel is the source for heating, electricity generation. The adoption of LNG has increased significantly as it is highly suitable for power generation and industrial applications, owing to its high efficiency while emitting low carbon emissions. Cryogenic pumps play an important role in the transportation of LNG. For effective transportation, the natural gas is maintained at an extremely low temperature. These pumps have a special design that includes special materials, thermal insulation, and sealing that ensures safety and reliability at extreme temperatures. Thus, the adoption of cryogenic pumps is high in the LNG industry.
As per the data published by Shell plc in February 2024, the global LNG trade reached 404 million tons in 2023, up from 397 million tons in 2022. Further, as per the data published by the Department of Energy in 2024, the LNG demand in 2021 was 100 billion cubic meters (bcm), whereas in 2022, the demand reached ~175 billion cubic meters (bcm). Asia Pacific accounted for a major share of the global demand for LNG. As per the data published by Shell Plc in 2025, the demand for LNG strengthened in 2024; China was one of the notable countries in the region. In 2024, China imported 79 million tons of LNG. On the other hand, India’s imports peaked in 2024 to meet the increasing power demand. The demand for LNG in 2024 in India reached 27 million tons, which is a 20% hike from 2023. Malaysia and Indonesia have emerged as notable exporters of LNG in Asia Pacific. According to the data published by the International Gas Union in 2023, Indonesia’s LNG exports reached 15.6 million tons in 2023, while Malaysia exported 2.6 million tons. However, the export capacity of both countries is ~30 million tons. Thus, the surging demand for LNG and expansion of trades across the globe subsequently accelerates the demand for cryogenic pumps for efficient and secure transportation.
Growing Applications in the Energy Sector
The global demand for energy is growing rapidly, owing to industrialization and urbanization. As per the data published by the International Energy Agency in 2025, the global energy demand increased by 2.2% in 2024 from 2023, faster than the average growth rate of the past decade. Further, between 2024 and 2030, it is expected that the capacity of renewable energy generation will be increased by 5,500 gigawatts (GW), three times higher than the increase witnessed between 2017 and 2023. This shows rapid growth in demand for energy. Thus, to meet the growing demand, the government and energy companies worldwide are undertaking various research and developmental activities to develop innovative energy generation and storage systems. Cryogenic Energy Storage is one of them. Cryogenic energy storage involves the use of extremely low temperatures to release and store energy. This provides an efficient and effective solution for large-scale energy system projects. In cryogenic energy storage, gases are cooled down to convert air into a liquid form, which is then stored at a very low temperature. Cryogenic pumps play an important role in these systems by handling the cryogens (liquified gases) effectively and efficiently.
Considering the increased energy demand and need for energy storage systems, governments are investing in the development and installation of cryogenic energy storage systems. For instance, in October 2024, the Scottish government inaugurated the world’s largest liquid air LDES project in the country. In November 2024, researchers at Dongguk University in South Korea successfully designed a standalone liquid air energy storage (LAES) system with significant improvements in energy efficiency and economic performance. Moreover, in October 2024, the UK government announced the initiation of a US$ 300 million cryogenic energy storage system project in Manchester, UK. Such growing investments in cryogenic energy storage systems, owing to increasing demand for energy, are expected to create lucrative opportunities for the cryogenic pump market during the forecast period.
Cryogenic Pump Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Cryogenic Pump Market analysis are type, design type, cryogen, and industry vertical.
- In terms of type, the market is bifurcated into centrifugal and positive displacement. The centrifugal segment dominated the market in 2024.
- By design type, the market is bifurcated into submersible and non-submersible. The submersible segment dominated the market in 2024.
- Based on cryogen, the market is divided into nitrogen, argon, oxygen, LNG, hydrogen, helium, and others. The LNG segment dominated the market in 2024.
- Based on industry vertical, the market is divided into electronics and semiconductor, healthcare and pharmaceutical, energy and power, metallurgy, aerospace, chemical, and others. The energy and power segment dominated the market in 2024.
Cryogenic Pump Market Share Analysis by Geography
The Cryogenic Pump Market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America (SAM). Asia Pacific dominated the market in 2024, followed by North America and Europe.
The cryogenic pump market in Asia Pacific is segmented into China, Japan, South Korea, Australia, and India. The semiconductor materials market, worth US$ 64 billion, includes chemicals and materials used in the frontend (US$ 40 billion) and back-end (ATP) (US$ 24 billion) of the supply chain. Within the frontend materials segment, silicon wafers and photoresist account for ~US$ 19.5 billion, representing about half of the total market. Moreover, other essential subcategories such as gases, wet chemicals, CMP slurries, and sputtering targets play critical roles in various fabrication processes.
The back-end ATP market, valued at US$ 95 billion, is heavily concentrated in Northeast Asia, with significant capacities located in South Korea, Mainland China, and Taiwan, holding ~60% of global ATP capacity. Since 2023, out of 36 ATP facilities announced, 25 are projected to be established in Mainland China and Taiwan, driven by lower construction and skilled labor costs. Taiwan and South Korea are both pivotal in semiconductor manufacturing, with Taiwan capturing over 70% of advanced node chip manufacturing (<10 nanometers) through TSMC's cutting-edge foundry business. South Korea has also made substantial investments in its semiconductor industry, with companies such as Samsung and SK Hynix leading the global markets for NAND flash memory and DRAM chips, respectively, which is having a positive impact on the cryogenic pump market.
Cryogenic Pump Market Report Scope
Cryogenic Pump Market News and Recent Developments
The Cryogenic Pump Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the Cryogenic Pump Market are listed below:
- Sulzer recently celebrated the official launch of a new test and assembly center in Mexico City, which was built alongside its existing pump manufacturing facility. With this expansion, Sulzer Mexico’s pump facility enhances production capacity for its range of large pumps to help meet growing demand for infrastructure in the Americas. (Source: Sulzer, Press Release, March-2025)
- Vanzetti Engineering is expanding its product portfolio by introducing a new family of submerged pumps, the ESK-IMO retractable series with flow rates from 70 m3/hr up to 500 m3/hr and a head of up to 240m. (Source: Vanzetti Engineering, Press Release, March-2024)
Cryogenic Pump Market Report Coverage and Deliverables
The "Cryogenic Pump Market Size and Forecast (2025–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Cryogenic Pump Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Cryogenic Pump Market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Cryogenic Pump Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the cryogenic pump market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Gases, Industry Vertical, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Increasing investments in Healthcare Sector
The cryogenic pump market was valued at US$ 2,429.13 million in 2024; it is expected to register a CAGR of 5.6% during 2025–2031.
The cryogenic pump market is expected to reach US$ 3,543.58 million by 2031.
The key players operating in the cryogenic pump market include SHI Cryogenics Group, Fives SAS, Cryostar SAS, Ebara Elliott Energy, CRYOGENIC MACHINERY CORP, Nikkiso Co Ltd, Sulzer Ltd, Ruhrpumpen, Inc., Vanzetti Engineering S.p.A., Trillium US Inc., PHPK Technologies, Technex Limited, Barber-Nichols, Inc., HSR AG, and GemmeCotti Srl.
Increasing Demand for Liquefied Natural Gas # Growing Industrial Investments
The List of Companies - Cryogenic Pump Market
- SHI Cryogenics Group
- Fives SAS
- Cryostar SAS
- Ebara Elliott Energy
- CRYOGENIC MACHINERY CORP
- Nikkiso Co Ltd
- Sulzer Ltd
- Ruhrpumpen, Inc.
- Vanzetti Engineering S.p.A.
- Trillium US Inc.
- PHPK Technologies
- Technex Limited
- Barber-Nichols, Inc.
- HSR AG
- GemmeCotti Srl
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Cryogenic Pump Market
Jun 2025
Sewer and Drain Cleaning Services Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Pipe Size (Less than 3 Inches, 4-8 Inches, 9-11 Inch, and Above 12 Inch), End User (Residential, Commercial, Industrial, and Municipal), and Geography
Jun 2025
C-Parts Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: ByMaterial Type (Steel or Stainless Steel, Plastic or Composites, Cast Iron, Steel Alloys, and Others), End-Use Industry (Automotive, Aerospace & Defense, Energy & Power, Semiconductors, and Others), Product Type (Fasteners, Bearings, and Others), Fastener Type (Nuts, Bolts, Screws, Washers, and Others), and Geography
Jun 2025
Welded Steel Tubes Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Steel Grades (Carbon Base Grades, Boron Grades, Alloy Grades, HSLA, AHSS, and Others), Application (Exhaust, Automotive, Appliances, Medical Devices, HVAC, Burner, Conveyor Belts, and Others), Type (ERW, LSAW, and SSAW), Coating Type (Clear Coat and Non-Coated), and Geography
Jun 2025
High Heat Bearing Market
Size and Forecast (2021-2031), Country Share, Trend, and Growth Opportunity Analysis Report Coverage : by Type [Plain Bearings (Spherical Plain Bearings, Rod Ends, and Bushings), Roller Bearings, and Deep Groove Ball Bearings], Industry (Metal Processing, Aerospace, Defense, Food and Beverages, Energy and Power, Manufacturing, Automotive, and Others), and Geography
Jun 2025
Electromechanical Joining Servo Press Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Stroke (Upto 100 mm, 101-200 mm, 201-400 mm, 401-600 mm and Above 601 mm), Application (Automotive Industry, Electric and Electronic Industry, Medical Device Manufacturing and Others), and Geography
Jun 2025
Indexable Inserts Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Insert Shape (Round, Square, Triangle, Rhombic, and Others), Application (Milling, Drilling, Turning, Threading, and Others), Size (Up to 10 mm, 10-20 mm, and Above 20 mm), Insert Material (Carbide, Ceramic and Composites, PCD Inserts, and Others), Industry (Aerospace and Defense, General Industry, Oil and Gas, Power Generation, Automotive, Electric and Electronics, Medical, and Others), and Geography
Jun 2025
End Mills Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Material (Carbide, Steel, and Others), Type (Square Nose, Ball Nose, and Others), Diameter Size (Upto 4 mm, 4–6 mm, 6–8 mm, 8–12 mm, and Above 12 mm), End-Use Industry (Automotive, Heavy Machinery, Semiconductor and Electronics, Medical and Healthcare, Energy, Aerospace and Others), and Geography
Jun 2025
Plain Bearings Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type [Spherical Bearings (Radial, Angular, and Thrust), Rod Ends (Female Thread, Male Thread, and Welding Shank), and Bushings], Application (Agriculture, Construction, Industrial Vehicles, Automotive and Transportation, Aerospace and Defense, Energy and Power, and Others), and Geography