Cryogenic Pump Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2025 - 2032)

Cryogenic Pump Market Size

Cryogenic Pump Market Trends & Growth Drivers

Advanced Features in Cryogenic Pumps Are Major Trends

• Automation, digitalization, and other innovations in cryogenic technologies are a significant trend in the cryogenic pump market.
• This trend mainly revolves around the evolution of highly-efficient and advanced cryogenic pumps that assist in the reduction of operational costs and minimize energy usage.
• Enhanced sensors for real-time predictive monitoring provide feedback, which gives real-time data on performance, allowing for remote surveillance and predictive maintenance.
• Such advanced mechanisms for controlling pump operations enhance reliability and efficiency, while also reducing downtime and maintenance expenses.
• Furthermore, the integration of computational fluid dynamics (CFD) modeling in these machines helps in minimizing turbulence and energy loss.

Increasing Demand from Chemicals and Petrochemicals Sector Drives Market

Cryogenic pumps are used significantly in the chemicals and petrochemicals sector for several applications, such as coal gasification, oxidation process, cool reactors, sulfur recovery, and regenerative catalysis.

This is due to the rising need for various petrochemicals and chemicals across the world. For instance, the production capacity of petrochemicals is expected to increase to 3,103.6 mtpa by 2030. This will be driven by the high investments in facility expansions and establishment, suggesting a rising demand for cryogenic pumps.

These systems are important for efficiently handling and transferring liquefied gases at extremely low temperatures, ensuring safe and effective operation in a wide array of chemical processes.

Additionally, the adoption of environment-friendly practices in the chemicals industry is pushing up the adoption of the cryogenic technology. The stringent environmental laws set by government and inter-government bodies force companies to reduce their carbon footprint. This, coupled with the efficiency and reliability of these pumps, makes them a wise alternative in processes that demand precise temperatures and gas handling.

The rising awareness of greener energy sources is another factor driving investment in the chemicals and petrochemicals sector. This is leading to a rapid shift toward greener feedstock and the production of bio-based chemicals, which will prompt a rise in the uptake of cryogenic pumps.

Price Volatility of Raw Materials and High Costs Restrain Market Growth

• The high purchase and installation costs of cryogenic pumps significantly deter possible users from adopting them, especially in cost-sensitive sectors. This is particularly true for small and medium-sized enterprises with budget constraints.
• The installation, operation, and maintenance of the cryogenic pump system is complex and requires specialized knowledge and training. This complexity and lack of qualified professionals can increase downtime and affect productivity.
• The variations in metals prices, including stainless steel and other alloys, also affect the overall price of the pump, presenting a challenge to manufacturers in terms of pricing competitiveness.
• The presence of local suppliers and small-scale manufacturers in developing countries, such as China and India, offering low-priced alternatives, further challenges established manufacturers.

Cryogenic Pump Market Analysis

Insights by Type

Dynamic pumps have the larger share in 2024, of 80%, owing to their superior properties, low maintenance cost, longer life, and high efficiency.

Furthermore, the surge in the demand for these pumps from the healthcare, energy & power, and shipbuilding industries would support the growth of the market.

The pump is also used for cryogenic cylinder filling, as well as for medical bottle filling with gaseous products. Moreover, these pumps are also used in several industrial applications like LNG and CO2 filling as they require high flow rates and continuous operation, which can be provided by dynamic pumps.

Positive displacement pumps are the fastest-growing category. Their precise flow control and ability to handle high pressures drive the demand for them in the LNG and healthcare sectors. The pumps possess additional benefits, such as compactness, durability, and efficiency for applications in space-constrained environments. Their capability to minimize leakage and maximize efficiency aligns with the strict government regulations on workplace safety, making them ideal in high-risk industries, such as healthcare and oil & gas.

We have analyzed the following types of cryogenic pumps

• Dynamic (Larger Category)
• Positive Displacement (Faster-Growing Category)

Insights by Design

• The submersible category is the larger due to an increase in investments made by oil & gas companies in exploration & production activities.
• Additionally, the improvements in the pump technology, along with new product launches, provide improved performance, durability, and energy efficiency.
• Non-submersible pumps are the faster-growing category, at a CAGR of 6.0%, during the forecast period.
• Owing to their versatility and the ease with which they can be maintained, they find wide applications in LNG processing and industrial gas production.
• As they operate above ground, they make service, maintenance, and operations much easier.
• They offer high-capacity operations and possess advanced technologies that optimize performance and safety.
• Besides their efficiency and regulatory compliance, non-submersible pumps are essential in effective cryogenic handling and storage.

The designs evaluated here are:

• Non-Submersible (Faster-Growing Category)
• Submersible (Larger Category)

Insights by Cryogenic Gas

• Liquefied natural gas is the largest category in the cryogenic pump market, with a 2024 share of 30%, and also the fastest-growing.
• The rising requirement for LNG in the energy sector for production and transportation has significantly boosted its market presence.
• Simultaneously, investment in infrastructure and technology has also driven its demand.
• In addition, its role in the transition toward greener sources of energy makes it more noteworthy over other cryogenic gases, such as hydrogen and nitrogen.
• The nitrogen category is projected to witness the fastest growth, at a CAGR of around 6.5%, during the forecast period.
• This will mainly be because of the predominant use of nitrogen gas during plant maintenance, and shutdown and start-up preparations of petrochemical and refineries companies.
• Thus, the rising use of nitrogen gas in several industries, such as oil & gas, metallurgy, and healthcare, is intensifying the adoption of cryogenic pumps for trapping the gas and its vapor from the surface.

The cryogenic gases evaluated here are:

• Liquefied Natural Gases (LNG) (Largest Category)
• Nitrogen (Fastest-Growing Category)
• Oxygen
• Argon
• Helium
• Hydrogen
• Others

Insights by End Use

Oil & gas is the largest end use in the cryogenic pump market. This is ascribed to the rising production of natural gas due to its increasing demand from the petrochemical, LNG transportation, refueling, special chemical, refining, and fertilizer industries.

Industrial gases, including nitrogen, hydrogen, oxygen, and carbon dioxide, are used for chemical synthesis in oil & gas refining and downstream methods. Nitrogen and carbon dioxide act as effective injection fluids during enhanced oil recovery from wells. Therefore, they are essential in oil field operations to maintain reservoir pressure, enable gas cycling, and improve gas lift.

The healthcare industry is projected to record the highest CAGR in the market at 5.5% during the forecast period. This can be primarily attributed to the surging vaccine development, coupled with increasing investments by public and private organizations in this sector.

In healthcare facilities, cryogenic gases are highly used for the preservation of body fluids like blood, plasma, and cells.

Moreover, the manufacturing of various pharmaceutical gels, ointments, capsules, and tablets is mainly assisted by these pumps, due to their e corrosion resistance and ability to operate in high-temperature conditions. Thus, these factors boost the cryogenic pump market size in this category.

The end uses evaluated here are:

• Oil & Gas (Largest Category)
• Healthcare (Fastest-Growing Category)
• Chemicals
• Metallurgy
• Electronics
• Others

Regional Analysis

APAC holds the largest market share in 2024. This is primarily due to the rapid urbanization; the development in sectors like metallurgy and energy & power in China, India, and Japan; and the rise in the need for energy across all countries of the region. Furthermore, in India, the government is planning to ensure a 24*7 electricity supply. To achieve this target, the country has to develop its electricity generation systems. Thus, the government is emphasizing natural gas-fired power plants, which, in turn, propels the demand for cryogenic pumps.

Europe is projected to witness the highest CAGR over this decade, of 4.0%. This is because Europe has been aiming to make the region coal-free, which is creating a great scope for new gas-fired power plants. This leads to the increased need for cryogenic pumps in the region. For instance, in the U.K., electricity generation from coal has declined significantly. In 2012, coal accounted for 40% of the U.K.’s power generation, dropping drastically to 3% in 2023.

In addition, North America is the third-largest market worldwide. This is due to the surging use of natural gas for power generation. In 2018, natural gas accounted for 34% of total electricity generation and will grow to 40% by 2032. Thus, this factor drives the need for cryogenic pumps in the region.

The geographical breakdown is as follows:

• North America
  • U.S. (Larger Country Market)
  • Canada (Faster-Growing Country Market)
• Europe (Fastest-Growing Regional Market)
  • Germany (Largest and Fastest-Growing Country Market)
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific (Largest Regional Market)
  • China (Largest Country Market)
  • India (Fastest-Growing Country Market)
  • Japan
  • Australia
  • South Korea
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest and Fastest-Growing Country Market)
  • Mexico
  • Rest of LATAM
• Middle East and Africa (MEA) 
  • Saudi Arabia (Largest Country Market)
  • South Africa
  • U.A.E. (Fastest-Growing Country Market)
  • Rest of MEA

Cryogenic Pump Market Share

The market is fragmented in nature as it comprises a number of established manufacturers and small enterprises catering to specific purposes. This variety of applications offers a significant scope for competition in terms of technology and product performance and customer service.

The fragmentation is credited to the great diversification of products and services aimed at several industries, such as oil & gas, healthcare, electronics, and chemicals. To them, companies offer diverse designs, such as submersible and non-submersible; and types, including dynamic and positive displacement. These varied options for different applications broaden the scope for new entrants, hence fragmenting the landscape.

Cryogenic Pump Market News

• In July 2024, Flowserve Corporation acquired NexGen Cryogenic Solutions Inc.’s intellectual property and in-process R&D business related to cryogenic LNG submerged pump technology and packaging. This acquisition is expected to improve and extend Flowserve’s LNG product range, also strengthening its aim to diversify, decarbonize and digitize.
• In February 2023, EBARA Corporation developed a pump to store and supply liquid hydrogen fuel using the cryogenic technology.
• In February 2023, INOX India Private Limited signed a memorandum of understanding (MOU) with the Gujarat government to construct a cryogenic tank manufacturing facility in Vadodara. This advanced liquid medical oxygen storage and manufacturing facility offer cryogenic equipment and storage tanks to address the need of hospitals for this life-saving commodity.