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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.
How big is the global cryogenic pumps market?
The global market size for cryogenic pumps was valued at USD 2.3 billion in 2024 and is projected to reach USD 4 billion by 2034, driven by a CAGR of 5.5% from 2025 to 2034.
What is the market size of the centrifugal cryogenic pumps industry by 2034?
The industry is expected to exceed USD 2 billion by 2034, driven by the rising adoption of cryogens like nitrogen and argon in various industrial processes.
What is the projected market size of the U.S. cryogenic pumps market by 2034?
The U.S. market is set to reach over USD 600 million by 2034, driven by the adoption of LNG across industrial sectors and rising investments in energy infrastructure.
Who are the major players in the cryogenic pumps industry?
Major players in the industry include Cryomec, Cryostar, Ebara, Fives, Flowserve, Huzhou Baihui Cryogenic Equipment, Indian Compressors, Nikkiso, PACKO Industry, SHI Cryogenics Group, SMS Pumps & Engineers, and Sumitomo Heavy Industries.