Cryogenic Pumps Market Size

Cryogenic Pumps Market Size

Cryogenic Pumps Market size was valued at USD 2.1 billion in 2022 and is anticipated to grow at 5.3% CAGR from 2023 to 2032, Increasing foreign direct investments across the emerging economies along with ongoing expansion of industrial establishments will propel the industry growth. The growing storage and transportation of cryogens including hydrogen, LNG, oxygen, and others will augment the product demand.

The development of innovative and sustainable technologies has resulted in enhanced techniques for cryogenic handling which has also provided opportunities for business expansion. In addition, the exponential investments toward development of healthcare infrastructure including hospitals, public & private labs, will impact the industry growth. The introduction of stringent GHG regulations coupled with the increasing LNG trade will further elevate the cryogenic pumps market revenue.

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Shifting trends towards gas-based power generation plants along with increasing gas storage capacity by various nations has provided favorable opportunities for business expansion. The increasing demand for LNG as a bunker fuel along with accelerating demand in space programs will drive the industry growth. Rapid industrial expansion over the last few years driven by robust growth in iron & steel, agriculture, and oil & gas industries has upsurge the demand for cryogenic pumps. Reforms pertaining to the modernization and expansion of networks to reduce the losses have nourished the industry at a significant rate.