The global cryogenic pump market is projected to generate $1,860.1 million revenue by 2030, advancing at a CAGR of 3.1% during 2021–2030. This can be ascribed to the rising demand for industrial gases from the oil & gas and chemicals and petrochemicals industries, and the increasing power generation from natural gas.
Furthermore, the active participation of industry companies to launch new products helps expand their business in the market. For instance, NSK Europe Ltd. launched a submersible pump to handle cryogenic gases and liquids, and this new product has special shaft bearings having a cage produced from self-lubricating fluoroplastics.
The healthcare category is expected to witness the fastest growth during the forecast period, advancing at a CAGR of 3.6%. This can be due to the assistance of liquid oxygen in the treatment of various diseases including pneumonia, heart failure, surgery, trauma, asthma, and maternal and child care, thereby boosting the demand for cryogenic pumps. As per a government source, pneumonia alone registers more than 700,000 deaths per year, globally. It is estimated that 25–40% of these deaths could be saved with the availability of oxygen therapy. As a cryogenic pump plays a pivotal role in this therapy, its demand will rise in the upcoming years.
Furthermore, the submersible category held a larger share in the cryogenic pump market, based on design. The unique design and structure of this type of pump can last for years without requiring maintenance. Also, it is resistant to corrosion, has a low noise level, and leak proof. These factors help the category capture a maximum share of the market.
Moreover, based on cryogenic gas, the market is categorized into nitrogen, oxygen, argon, LNG, helium, hydrogen, and other cryogen gases. The majority of the market share is captured by the LNG gas, owing to the increasing demand for LNG for several end-use applications.
Geographically, APAC captured the majority of the market share in 2021. This is due to the depleting energy resources like coal and stringent regulations for emissions by governments, which result in the increasing use of natural gas for power generation, which, in turn, the demand for cryogenic pumps is increasing in the region. Furthermore, the surging investments in the infrastructure for natural gas-based electricity are expected to boost the regional market growth.
Key players in the cryogenic pump market have been extensively involved in mergers and acquisitions to gain competitive advantages. For instance:
In April 2022, Trillium Flow Technologies signed an agreement to acquire the Termomeccanica Pompe. It complements Trillium’s portfolio of pumps, which are used in the power generation, water transmission, oil & gas, and desalination markets, and also helps expand the company’s business in MEA and Europe.
In December 2021, Dover Corporation signed an agreement to acquire Acme Cryogenics, Inc. for $295 million in cash, and it also acquired Engineered Controls International LLC (RegO) for $631 million in cash. These agreements will strengthen the company’s existing portfolio and participate in the cryogenic industrial gases market.
Key players in the market include Ebara Corporation, Weir Group PLC, Nikkiso Co. Ltd., Flowserve Corporation, Trillium Flow Technologies, Fives Group, Inoxcva, SHI Cryogenics Group, Dover Corporation, Sumitomo Heavy Industries Ltd., and PHPK Technologies Inc.