The cryogenic pump market is expected to reach USD 1.5 billion by 2027, at a CAGR of 4.6% from 2022 to 2027

The global cryogenic pump market is projected to reach USD 1.5 billion by 2027 from an estimated market size of USD 1.2 billion in 2022, at a CAGR of 4.6% during the forecast period.Owing to the rising demand for cryogenic gases from the metallurgy and energy & power industries, the demand for cryogenic pumps is expected to increase.

“Non-Submersible segment dominates the global market”

The cryogenic pump market, by design, is segmented into submersible and non-submersible. The non-submersible segment is estimated to be the largest segment of the cryogenic pump market and is expected to retain its dominance throughout the forecast period. The characteristics such as ease of use and accessibility for maintenance has resulted in a higher adoption rate, thus the higher market share.

“Energy & Power segment to lead the global cryogenic pumps market “

The cryogenic pump market, by end user, is segmented into energy & power, metallurgy, chemicals, healthcare & Pharmaceuticals and others. The energy & power segment is expected to hold the largest size of the market for cryogenic pump during the forecast period. The rise in E&P activites, especially the activites concerned with mature oil & gas wells, is expected to boost the growth of the market.

“Asia Pacific dominates the global cryogenic pumps market in terms of market share and annual growth rate”

The Asia Pacific region is estimated to be the largest market for the cryogenic pump market and is also witnessed to have the highest growth rate, during the forecast period. This dominance of the Asia Pacific region in the cryogenic pump market can be attributed to the growing demand for cryogenic pumps from metallurgy and energy & power industries, especially from developing economies such as China and India.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

• By Company Type: Tier I–65%, Tier II–24%, and Tier III–11%
• By Designation: C-Level–30%, Director Level–25%, and Others–45%
• By Region: Middle East&Africa–8%, Asia Pacific–33%, North America–27%,South & Central America–12%,Europe–20%

Note: Others includes sales managers, marketing managers, product managers, and product engineers.

The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3: < USD 500 million.

The cryogenic pumps market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global cryogenic pumps market include Atlas Copco AB (Sweden), EBARA CORPORATION (Japan), SHI Cryogenics Group (Japan), Nikkiso Co., Ltd. (Japan) and Fives Group (France).

Research Coverage:

The report defines, describes, and forecasts the cryogenic pumps market, by orientation, design, type, cryogen, end user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the cryogenic pumps market.

Key Benefits of Buying the Report

• The report identifies and addresses the key markets for cryogenic pumps, which would help cryogenic pumps providers review the growth in demand.
• The report helps service providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
• The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.