PUBLISHER: Grand View Research | PRODUCT CODE: 1728055
PUBLISHER: Grand View Research | PRODUCT CODE: 1728055
The global cryogenic pump market size was estimated at USD 2.63 billion in 2024 and is projected to grow at a CAGR of 5.2% from 2025 to 2030. The increasing demand for cryogenic pumps in various end-use industries, such as oil & gas, metallurgy, and electronics, is driving market growth. These pumps are essential for handling and transporting cryogenic fluids, including LNG, nitrogen, and oxygen, which are critical for numerous industrial processes.
The market is also being driven by stringent environmental regulations and standards aimed at reducing emissions and enhancing energy efficiency. The adoption of cryogenic pumps in renewable energy applications, such as hydrogen production and storage, is anticipated to bolster market growth. Furthermore, the increasing investments in infrastructure development, particularly in emerging economies, are likely to support the demand for cryogenic pumps.
Advancements in cryogenic technologies, coupled with the integration of automation and digitalization in pumping systems, are further propelling market growth. The development of high-efficiency cryogenic pumps that reduce energy consumption and minimize operational costs is a significant trend in the industry. Furthermore, the rising focus on clean energy and the growing LNG trade are expected to create substantial opportunities for market expansion.
The primary drivers of the cryogenic pump market include the increasing demand for LNG as a cleaner fuel alternative, the growth of the oil & gas and chemical industries, and the rising focus on environmental sustainability. The need for efficient and reliable cryogenic pumps for handling and transporting cryogenic fluids in various industrial processes is also driving market growth.
Opportunities for market expansion are significant, particularly in the renewable energy sector. The growing adoption of cryogenic pumps in hydrogen production, storage, and distribution is expected to create new growth avenues. Moreover, the increasing investments in infrastructure development in emerging economies present lucrative opportunities for market players.
Global Cryogenic Pump Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each sub-segment from 2018 to 2030. For this study, Grand View Research has segmented the global cryogenic pump market report based on type, cryogen type, end-use, and region.