The global cryogenic pumps market, valued at USD 2.2 billion in 2023, is poised for substantial growth, with projections estimating it will reach USD 3.9 billion by 2034. This growth corresponds to a steady compound annual growth rate (CAGR) of 5.6% between 2024 and 2034. Multiple factors are propelling this market forward, including the rise in adoption of liquefied gases such as Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG), increased investment in thermal power generation, and advancements in cryogenic pump technology.
Market Drivers: LNG Adoption and Thermal Power Investments
A key growth driver for cryogenic pumps is the increasing use of liquefied gases, especially LNG, which is gaining traction globally as a cleaner alternative to traditional fossil fuels. LNG burns more cleanly and emits significantly lower levels of harmful gases. Submerged motor cryogenic pumps play a vital role in transporting LNG efficiently, particularly in land-based terminals. According to Shell’s LNG Outlook 2024 report, global demand for LNG is expected to surge by more than 50% by 2040, with Asia Pacific being a major consumption hub. For instance, India alone holds long-term LNG contracts of approximately 20 million metric tons per annum (MMTPA), representing about 95% of its LNG consumption in 2022.
In parallel, the global demand for LPG is also increasing. The World LPG Association’s 2023 annual report highlights that LPG production is slightly exceeding demand, primarily driven by gas processing activities in the United States, where 90% of LPG is produced.
Additionally, thermal power generation is seeing a surge in investments worldwide. Cryogenic liquid ammonia pumps are integral to thermal power plants as they support the use of ammonia as a cleaner fuel alternative that does not emit carbon dioxide (CO2) during combustion. For example, in early 2024, India’s Cabinet Committee on Economic Affairs approved equity investments for two power plants set up by Coal India subsidiaries. This increased investment is anticipated to boost demand for cryogenic pumps used in thermal power generation facilities.
Environmental Impact and Sustainability
Cryogenic technology is instrumental in lowering carbon footprints in energy-intensive sectors. Cryogenic pumps enable efficient separation of CO2 without relying on chemical solvents, thereby eliminating secondary pollution. This technology aligns with global sustainability efforts as greenhouse gas emissions are expected to rise by 50%, mainly due to energy-related CO2 emissions, according to the OECD Environmental Outlook to 2050. Governments worldwide are increasingly adopting such technologies to meet emission reduction targets, thus fueling the growth of the cryogenic pumps market.
Technological Advancements and Product Innovation
Key market players are focusing on product innovations to enhance pump performance while minimizing energy consumption. High-performance cryogenic piston pump sets, for example, provide high throughput and storage capacity with lower energy usage. Recent launches include retractable submerged pumps suitable for small-scale LNG terminals and marine applications.
Cryogenic pumps come in various types, including positive displacement, kinetic, and capture pumps, each tailored to specific industrial applications. Positive displacement pumps are widely used in aerospace for handling low-temperature liquids, while kinetic pumps ensure continuous gas transfer, and capture pumps efficiently trap water vapor. Emerging applications extend into the transportation sector, particularly for safely transporting materials at cryogenic temperatures below -150°C.
Regional Market Insights
Asia Pacific dominates the cryogenic pumps market, thanks to rising LNG adoption and growing investments in aerospace and power sectors. North America also shows significant growth due to advancements in electric space propulsion, which requires cryopumps for ground-based testing.
Competitive Landscape
The cryogenic pumps market comprises several leading global players, including Linde PLC, Chart Industries, Nikkiso, Sumitomo Heavy Industries, Cryostar, EBARA Corporation, and Flowserve Corporation. These companies invest heavily in research and development to launch innovative pump models that meet evolving industrial needs. Their strategic moves and product launches are shaping the market’s trajectory.
Conclusion
The cryogenic pumps market is set for promising growth over the next decade, driven by increasing adoption of liquefied gases, sustainability mandates, and technological advancements. Its critical role in LNG transportation, thermal power generation, and aerospace applications ensures strong demand, particularly in Asia Pacific and North America. Market players continuing to innovate energy-efficient and high-capacity pumps will likely capitalize on the growing global need for clean energy and advanced cryogenic solutions by 2034.
