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Cryogenic Pumps Market Trends

Report ID: GMI5718
Published Date: Dec 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Abhishek chopra

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.