According to our latest study on "Cryogenic Pumps Market Size and Forecasts (2025 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Type, Material, Application, and Industry," the cryogenic pump Market was valued at US$ 2,429.13 million in 2024 and is projected to reach US$ 3,543.58 million by 2031; it is expected to register a CAGR of 5.6% during 2025-2031.

The global cryogenic pumps market is segmented into North America, Europe, APAC, the MEA, and SAM. Asia Pacific dominated the global cryogenic pumps market. North America accounted for second largest share of the global market. The US Energy Information Administration (EIA) estimates that Brent crude oil prices will average US$ 74 per barrel in 2025, supported by stable demand and controlled supply. The International Energy Agency (IEA) anticipates that oil demand will exceed 103 million barrels per day (bpd) in 2025, indicating a robust market for energy-related technologies. As the US solidifies its position as the world's top oil producer, surpassing Saudi Arabia and Russia, the demand for efficient and reliable pumping solutions, such as cryogenic pumps, is expected to rise.

The US government's ongoing support for domestic oil and gas production, including efforts to open more federal lands for drilling and streamline permitting processes, creates a favorable investment environment that benefits companies in the energy sector. This environment is further enhanced by the projected global oil supply increase of 580 kb/d this year, reaching a record 102.7 mb/d, as non-OPEC+ output rises. Additionally, the semiconductor industry is experiencing significant growth, with global sales hitting US$ 627.6 billion in 2024, a 19.1% increase from the previous year. This growth in semiconductor production, which often requires cryogenic cooling processes, further fuels the demand for cryogenic pumps.

As the energy sector expands and the semiconductor industry continues to thrive, the need for advanced pumping solutions will grow, positioning the cryogenic pump market for substantial development in the coming years. The combination of rising oil demand, increased production capabilities, and the expansion of related industries underscores the critical role that cryogenic pumps will play in supporting these sectors.

The European Union's strategic focus on developing renewable hydrogen is poised to drive the growth of the cryogenic pump market. The REPowerEU Strategy of 2022 established ambitious targets to produce and import 10 million tonnes of renewable hydrogen by 2030, with the goal of renewable hydrogen covering ~10% of the EU's energy needs by 2050. This shift is expected to decarbonize energy-intensive industrial processes and the transport sector, creating a substantial demand for technologies that facilitate hydrogen production, storage, and distribution.

Key Findings of Cryogenic Pumps Market Study:

The cryogenic pumps market is segmented on the basis of type, design type, cryogen, industry vertical, and geography. Based on type, the market is bifurcated into centrifugal and positive displacement. Based on design type, the market is segmented into submersible and non-submersible. In terms of cryogen, the market is segmented into nitrogen, argon, oxygen, lng, hydrogen, helium and others. In terms of industry vertical, the market is segmented into electronics and semiconductor, healthcare and pharmaceutical, energy and power, metallurgy, aerospace, chemical and others. By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.

In terms of type, the Cryogenic Pumps Market is segmented into centrifugal and positive displacement. The centrifugal segment held the largest cryogenic pumps market share.

Centrifugal pumps are commonly used for transferring and storage of LNG. These pumps have been widely adopted owing to their high efficiency and simple design. These pumps are capable of handling large volumes of liquid with high flow rates. These pumps transform the mechanical energy of the impeller into kinetic energy. Apart from LNG, these pumps are widely used for oxygen, nitrogen, hydrogen, and carbon dioxide, among others. The growth of the centrifugal pumps is mainly due to the increasing demand for LNG and Hydrogen. As the world is shifting toward sustainability, the demand for clean fuel is increasing. As a result, the demand for LNG has increased notably in the past few years and is expected to increase during the forecast period. As per the data published by the Institute for Energy Economics and Financial Analysis in 2024, the supply capacity of LNG is projected to reach 666.5 MTPA by 2028. Apart from LNG, the demand for Hydrogen has increased notably owing to growing applications in automotive, petroleum, and fertilizers. As per the data provided by the International Energy Agency (IEA) in 2024, the global demand for hydrogen reached 97 million tons in 2023, a 2.2% hike from 2022.

Based on design type, the cryogenic pumps market is segmented into submersible and non-submersible. Submersible cryogenic pumps are installed inside the liquid and are mounted vertically. In this type of setting, the motor and pump are both submerged, which further helps in efficient cooling of the motor and reduces technical issues such as cavitation risks. This pump is commonly used in large LNG production plants, LNG ports, oxygen and nitrogen storage, and transferring, among others. Submersible pumps are ideal for applications where space is limited. As per the data published by the Energy Tracker Asia in 2024, Asia Pacific is projected to add 442.2 MTPA LNG import capacity by 2027. Further, more than 460 MTPA capacity of LNG production expansion projects are being undertaken in North America. Further, submersible pumps also enable the effective transfer of liquid and oxygen in rocket fuel storage.

SHI Cryogenics Group, Fives SAS, Cryostar SAS, Ebara Elliott Energy, CRYOGENIC MACHINERY CORP, Nikkiso Co Ltd, Sulzer Ltd, Ruhrpumpen, Inc., Vanzetti Engineering S.p.A., Trillium US Inc., PHPK Technologies, Technex Limited, Barber-Nichols, Inc., HSR AG, and GemmeCotti Srl are among the key players profiled in the cryogenic pumps market report. several other major players were studied and analyzed during the cryogenic pumps market analysis to get a holistic view of the market and its ecosystem. The Cryogenic Pumps Market also provides detailed market insights, which help the key players strategize their growth. the report includes growth prospects owing to the current cryogenic pumps market trends and their foreseeable impact during the forecast period.

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