Cryogenic Pumps Market – By Product, By Cryogens Type, By End Use and Forecast, 2025 – 2034

Cryogenic Pumps Market Size

The global cryogenic pumps market was valued at USD 2.3 billion in 2024 and is estimated to grow at a CAGR of 5.5% from 2025 to 2034. The industry is poised for growth fueled by the increasing foreign direct investments in emerging economies and the ongoing expansion of industrial facilities.
 

The rising demand for the storage and transportation of cryogens including hydrogen, LNG, and oxygen will further fuel product demand. Additionally, advancements in innovative and sustainable technologies have improved cryogenic handling techniques, creating new opportunities for business expansion.
 

Cryogenic pumps are specialized equipment designed to manage and transport cryogenic fluids and liquefied gases stored at extremely low temperatures. They work by maintaining the fluid at its cryogenic state while ensuring efficient flow without causing vaporization or pressure loss. Investments in healthcare infrastructure, including hospitals and public and private laboratories, will also contribute to industry growth. Furthermore, the implementation of stricter GHG regulations, combined with the growing LNG trade, is expected to boost industry revenue in the coming years.
 

Cryogenic Pumps Market Trends

The shift towards gas-based power generation and the growing gas storage capacity across nations have created favorable opportunities for industry expansion. Rising demand for LNG and its increasing use in space programs will further propel the market growth. Rapid industrialization, in sectors including iron & steel, agriculture, and oil & gas, will significantly boost the demand for cryogenic pumps. Additionally, large-scale suburban migration and ongoing investments in refinery and chemical plant expansions have further amplified product demand.
 

Cryogenic Pumps Market Analysis

The centrifugal cryogenic pumps industry will exceed USD 2 billion by 2034. The rising adoption of cryogens including nitrogen and argon in various industrial processes will drive the product demand. Additionally, the growing use of LNG along with its expanding role in gas storage and transportation for healthcare, food and beverage, and chemical sectors, will boost market growth. The increased utilization of superconducting magnetic bearings for reduced friction and enhanced efficiency, coupled with advancements in composite materials capable of withstanding extreme temperatures and pressures, further supports the industry's outlook.
 

The oxygen cryogenic pumps market size will witness a CAGR of over 5.5% till 2034. Rising demand for healthcare facilities, fueled by population growth and a surge in health-related issues, particularly in urban areas, will accelerate the use of cryogenic equipment for liquid oxygen. Furthermore, government initiatives and investments aimed at enhancing medical infrastructure will boost the demand for reliable solutions including cryogenic fluids and storage systems, further supporting market expansion.
 

U.S. cryogenic pumps market is set to reach over USD 600 million by 2034. Ongoing expansion in adoption of LNG across industrial sectors along with rising investments in energy infrastructure, including LNG terminals and storage facilities, will fuel the market for these systems. The market also benefits from robust activity in the healthcare sector, where cryogenic pumps are integral for liquid oxygen and nitrogen applications. Additionally, the space exploration and aerospace industries, with increasing focus on cryogenic propulsion systems, will further boost the market.
 

The rapid pace of urbanization and rising per capita income in the Asia Pacific region will fuel the spending in the food and beverage sector, leading to a rise in demand for cryogenic equipment. The growing manufacturing industries across the region along with significant investments in the expansion of existing production facilities will further propel the industry outlook. Additionally, the shift towards gas-based power generation plants and the expanding gas storage capacities in various countries present favorable opportunities for business growth in the cryogenic equipment sector.
 

Cryogenic Pumps Market Share

The cryogenic pumps industry is highly competitive, with established manufacturers and new entrants competing for market share in an evolving landscape. Key players are focusing on technological advancements, developing high-performance pumps that ensure efficient handling of cryogenic fluids. Market growth is driven by rising demand for energy-efficient solutions in industries such as energy, healthcare, and chemicals, coupled with stringent environmental regulations and the expanding use of liquefied gases like LNG, hydrogen, and oxygen in power generation, transportation, and industrial applications.
 

Cryogenic Pumps Market Companies

Major players operating in the cryogenic pumps industry are:

• Cryomec
• Cryostar
• Ebara
• Fives
• Flowserve
• Huzhou Baihui Cryogenic Equipment
• Indian Compressors
• Nikkiso
• PACKO Industry
• SHI Cryogenics Group
• SMS Pumps & Engineers
• Sumitomo Heavy Industries
• The Weir Group
• Trillium Flow Technologies
• Vanzetti Engineering
   

Cryogenic Pumps Industry News

• In November 2024, Ebara Elliott Energy signed a manufacturing MoU with Saudi Aramco to strengthen Japan-Saudi Arabia relations. The agreement aims to expand supply opportunities for Ebara's products in Saudi Arabia. Ebara Elliott Energy, formerly Elliott Group, specializes in compressors, steam turbines, pumps, and cryogenic products. These solutions serve industries such as petrochemical, refining, oil & gas, and power generation. The partnership is expected to support Saudi Arabia’s industrial development.
   
• In November 2024, Nikkiso CE&IG announced plans to double its manufacturing capacity in Europe to meet growing demand in the clean energy market. The expanded facility will support production of cryogenic pumps, heat exchangers, and hydrogen fueling skids. This investment builds on Nikkiso’s existing carbon capture business and aims to support clean energy projects, including hydrogen fueling stations and LNG terminals. The expansion reflects favorable market conditions for low-carbon energy solutions and positions Wurzen as Nikkiso's European manufacturing hub.
   

The cryogenic pumps market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2021 to 2034, for the following segments:

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Market, By Product

• Centrifugal
• Reciprocating
• Submerged

Market, By Cryogens Type

• Nitrogen
• Oxygen
• Natural Gas
• Argon
• Other Cryogens

Market, By End Use

• O&G Industry
• Power
• Food & Beverage
• Chemical
• Rubber & Plastics
• Metallurgy
• Healthcare
• Shipping
• Agriculture, Forestry & Fishing
• Other Industries

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • Italy
  • France
  • Spain
  • Russia
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Turkey
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina