Cryogenic Pump Market Report: Size, Share and Outlook by 2031

In 2018, the global cryogenic pump market was valued at approximately US$ 1.86 billion and is projected to expand at a compound annual growth rate (CAGR) of 4.9% from 2019 to 2027, ultimately reaching around US$ 2.82 billion by the end of the forecast period.

The cryogenic pump market is currently experiencing significant growth worldwide, driven by rising demand in sectors such as energy and power, electronics, and various emerging applications. This growth is largely attributed to the increasing need for liquefied natural gas, heightened demand for consumer electronics, and the utilization of cryogenic pumps in semiconductor manufacturing. Additionally, a favorable global economic outlook and ongoing industrialization are contributing to the promising growth prospects for the cryogenic pump market throughout the forecast period. Key players in the global cryogenic pump market include companies such as Atlas Copco AB, Nikkiso Co., Ltd., Elliott Group, Sumitomo Heavy Industries, Ltd., and Fives, among others.

The cryogenic pump market is anticipated to witness robust growth, particularly due to the rising preference for renewable energy sources. The Asia Pacific region is expected to dominate the market in terms of revenue and is projected to be the fastest-growing area during the forecast period. This region has emerged as a global manufacturing powerhouse, hosting a wide array of manufacturing industries. Notably, China holds a significant share in the electronics and semiconductor sectors. Manufacturers in China are increasingly focused on enhancing their capabilities in materials, components, and equipment. The thriving manufacturing, electronics, and semiconductor industries in this region are likely to propel the growth of the cryogenic pump market.

The overall size of the cryogenic pump market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the cryogenic pump market. This research also includes an overview and forecast of the global cryogenic pump market, segmented by five primary regions: North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Furthermore, primary interviews were conducted with industry participants and experts to validate the data and analysis. Participants in this process typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the cryogenic pump market.