PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1933203
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1933203
The global cryogenic pump market is witnessing strong growth, supported by the increasing demand for liquefied natural gas (LNG), rising healthcare requirements for medical gases, and expanding industrial applications. Cryogenic pumps are specifically designed to operate at extremely low temperatures, typically below -120°C, and are widely used to transport and handle liquefied gases such as LNG, nitrogen, oxygen, argon, and hydrogen.
According to Fortune Business Insights, the global cryogenic pump market size was valued at USD 4.19 billion in 2025. The market is projected to grow from USD 4.53 billion in 2026 to USD 7.50 billion by 2034, exhibiting a strong CAGR of 11.85% during the forecast period. Asia Pacific dominated the global market with a 36.94% share in 2025, driven by rapid industrialization, LNG infrastructure development, and expanding healthcare facilities. Additionally, the U.S. cryogenic pump market is expected to reach USD 1.47 billion by 2032, supported by growth in the LNG industry and healthcare demand.
Market Overview
Cryogenic pumps play a crucial role in transporting liquefied gases at low temperatures and high pressures. These pumps are widely used in oil & gas processing, LNG terminals, power generation, metallurgy, chemical & petrochemical industries, and medical gas supply systems. With the rapid expansion of LNG as a cleaner alternative to conventional fuels, cryogenic pumps have become a vital component in global energy and industrial supply chains.
Market Trends
One of the key trends shaping the cryogenic pump market is the increasing demand for liquefied natural gas across power generation, transportation, and industrial applications. LNG is considered a future-ready fuel due to its safety, ease of storage, and lower carbon emissions compared to coal and oil. Growth in LNG trade and infrastructure has directly increased the need for reliable cryogenic pumping solutions.
Another important trend is the growing utilization of LNG cold energy in power generation. During LNG regasification, cold energy released can be reused to improve power generation efficiency. This process requires advanced cryogenic equipment, including pumps, thereby boosting market demand, particularly in emerging economies.
Market Growth Drivers
The cryogenic pump market growth is driven by increasing investments from industrial sectors such as oil & gas, metallurgy, healthcare, food & beverage, and electronics. The transportation, storage, and regasification of cryogenic gases including LNG, nitrogen, and oxygen require efficient pumping systems, creating sustained demand.
Additionally, the surge in oxygen demand during the COVID-19 pandemic significantly boosted the cryogenic pump market. Hospitals and healthcare systems worldwide required large-scale oxygen production and distribution, leading to increased adoption of cryogenic oxygen pumps. This trend positively impacted the market and strengthened its long-term growth outlook.
Market Restraints
Despite strong growth prospects, the market faces challenges due to rising raw material prices, particularly stainless steel used in pump components. Price volatility, combined with stringent environmental regulations in the steel industry, has increased production costs.
Furthermore, cryogenic liquids and high-speed pump systems are expensive, making them economically viable mainly for large-scale industrial applications. Fluctuations in oil & gas prices and reduced investment in steel production also act as restraining factors for market growth.
By type, the market is segmented into centrifugal pumps and positive displacement pumps. The centrifugal cryogenic pump segment dominated the market, accounting for 75.86% share in 2026, due to its high efficiency, simple design, low maintenance costs, and wide industrial application.
Based on cryogen type, the market includes liquefied natural gas, nitrogen, oxygen, argon, and others. The LNG segment led the market with a 42.60% share in 2026, supported by growing gas-to-liquid activities and rising LNG consumption worldwide.
By end user, the oil & gas segment dominated with a 43.41% share in 2026, owing to extensive use of cryogenic pumps in LNG processing, storage, and transportation. Other key segments include metallurgy, power generation, chemical & petrochemical, and marine industries.
Asia Pacific dominated the global cryogenic pump market, driven by LNG-based power plants, industrial expansion, and supportive government policies for clean energy. The China market is projected to reach USD 0.66 billion by 2026, while India is expected to reach USD 0.35 billion by 2026.
North America represents a significant market due to LNG exports and oil & gas investments, with the U.S. market projected to reach USD 0.99 billion by 2026. Europe continues to grow steadily due to rising LNG adoption and clean energy initiatives.
Competitive Landscape
Key companies operating in the cryogenic pump market include Nikkiso Co., Ltd., Ebara Corporation, Fives, Sulzer, Flowserve Corporation, Cryostar, and INOXCVA. These players focus on technological innovation, product efficiency, and R&D investments to strengthen their market presence.
Conclusion
The global cryogenic pump market is set to experience robust growth through 2034, driven by expanding LNG infrastructure, rising healthcare demand for medical gases, and increasing industrial investments. While challenges such as high raw material costs and price volatility persist, ongoing technological advancements and the global transition toward cleaner energy sources are expected to sustain long-term market growth. With Asia Pacific leading demand and LNG remaining a core growth engine, cryogenic pumps will continue to play a critical role in global energy and industrial ecosystems.
Segmentation By Type
By Cryogen Type
By End-user
By Region