Cryogenic Pump Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The report covers Global Cryogenic Pump Market Manufacturers and it is Segmented by Type (Dynamic Pump and Positive Displacement Pump), Gas (Nitrogen, Oxygen, Argon, LNG, and Other Gases), End User (Power Generation, Chemicals, Healthcare, and Other End Users), and Geography (North America, Asia-Pacific, Europe, South America, and Middle-East and Africa).

Cryogenic Pump Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Cryogenic Pump Market Size

Cryogenic Pump Market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
CAGR 6.50 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Cryogenic Pump Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Cryogenic Pump Market Analysis

The Cryogenic Pump Market is expected to register a CAGR of greater than 6.5% during the forecast period.

The cryogenic pump industry is experiencing significant transformation driven by the global shift towards cleaner energy sources and sustainable industrial practices. Major energy companies are making substantial investments in natural gas infrastructure, with Qatar Petroleum signing a landmark $30 billion contract in February 2021 for the first phase of its North Field LNG project expansion, aiming to boost the country's LNG output by 40% by 2026. This trend is reflected across the industry as companies increasingly focus on developing LNG infrastructure to meet growing energy demands while reducing environmental impact. The integration of cryogenic pumps in clean energy applications has become a cornerstone of industrial development strategies.


The industrial gas sector is witnessing unprecedented growth, particularly in manufacturing and healthcare applications. Global natural gas production is projected to reach 4,910 Bcm by 2026, indicating robust demand for cryogenic pumping solutions. The industry is seeing increased adoption of cryogenic pump technologies in various applications, from medical oxygen storage to industrial gas processing. This expansion is supported by significant investments from major industry players, exemplified by ADNOC's $122 billion CAPEX program for 2021-2025, which includes substantial allocations for cryogenic pump infrastructure development.


Technological advancements in cryogenic pump design and manufacturing are reshaping industry capabilities and applications. Manufacturers are focusing on developing more efficient and reliable pumping solutions, with innovations in areas such as automatic axial thrust balance mechanisms and high-efficiency hydraulic designs. These developments are enabling new applications in emerging fields such as space simulation chambers, semiconductor production, and high-vacuum furnaces for brazing and soldering. The industry is witnessing a shift towards more sophisticated pump designs that offer improved performance and reduced maintenance requirements.


The chemical and petrochemical sectors are emerging as key growth drivers for the cryogenic pump market size. Major chemical manufacturers are expanding their production capabilities, particularly in Asia-Pacific and the Middle East. The Indian government's anticipated investment of more than INR 8 lakh crore in the chemical sector by 2025 exemplifies this trend. Additionally, the industry is seeing increased integration of cryogenic pump technologies in specialized applications such as gas separation, storage, and transportation, particularly in regions with growing industrial bases and expanding energy infrastructure.

Segment Analysis: Type

Dynamic Pump Segment in Cryogenic Pump Market

The dynamic pump segment dominates the global cryogenic pump market, accounting for approximately 82% of the total market share in 2024. Dynamic or cryogenic centrifugal pumps are categorized based on their axial or radial design, where liquefied gases are released radially using an impeller. These cryogenic pumps have gained significant market traction due to their superior advantages over positive displacement pumps, including fewer moving parts, which reduces installation and maintenance costs, and higher operational efficiency. The segment's growth is primarily driven by its widespread application in large-scale liquefied industrial gas production, including liquid oxygen, liquid argon, and liquid nitrogen. These pumps are particularly well-suited for large gas flow applications with minimal gas temperature and stable operational conditions, making them essential in natural gas liquefaction processes. Major companies like Nikkiso Co. Ltd, SHI Cryogenics Group, and Ebara Corporation are leading manufacturers in this segment, continuously innovating to enhance pump efficiency and reliability.

Market Analysis of Cryogenic Pump Market: Chart for Type

Positive Displacement Pump Segment in Cryogenic Pump Market

The positive displacement pump (PDP) or reciprocating cryogenic pump segment holds a significant position in the market, designed for specific applications where dynamic pumps may not be suitable. These pumps excel in handling two-phase fluids and are specifically designed to transport mixtures of liquid and solid particles, making them invaluable in certain industrial processes. The segment's growth is driven by its increasing adoption in cryogenic cylinder filling, industrial and medical bottle filling with gaseous products, and various LNG and CO2 applications where high pressure is a critical factor. Despite having higher initial costs compared to centrifugal pumps, PDPs maintain their market relevance due to their unique capabilities in handling specialized applications. Key manufacturers like Nikkiso Co. Ltd, SHI Cryogenics Group, and Cryostar SAS continue to invest in technological advancements to improve the efficiency and reliability of these pumps.

Segment Analysis: Gas

LNG Segment in Cryogenic Pump Market

The LNG segment dominates the cryogenic pump market, holding approximately 28% market share in 2024. This significant market position is driven by the increasing global demand for liquefied natural gas across various applications, particularly in power generation and industrial sectors. The segment's growth is further supported by extensive investments in LNG infrastructure development, including import/export terminals and storage facilities. Major economies like China, India, and the United States are expanding their LNG capabilities through new terminal constructions and capacity expansions, creating substantial demand for cryo pumps. The segment's dominance is also reinforced by the rising adoption of LNG as a cleaner alternative fuel in the maritime industry, particularly following stringent environmental regulations.

Oxygen Segment in Cryogenic Pump Market

The oxygen segment is emerging as the fastest-growing segment in the cryogenic pump market for the period 2024-2029. This rapid growth is primarily attributed to the expanding healthcare sector and increasing demand for medical oxygen systems worldwide. The segment's growth is further accelerated by the rising adoption of oxygen in various industrial applications, including steel manufacturing, chemical processing, and metal fabrication. Additionally, the growing focus on clean energy technologies and industrial processes requiring high-purity oxygen is driving the demand for specialized cryogenic pumps in this segment. The expansion of healthcare infrastructure in developing regions and the increasing emphasis on maintaining strategic oxygen reserves are also contributing to the segment's robust growth trajectory.

Remaining Segments in Gas Segmentation

The other significant segments in the cryogenic pump market include nitrogen, argon, and other specialty gases. The nitrogen segment maintains a strong market presence due to its widespread use in the electronics industry, food preservation, and industrial manufacturing processes. Argon, while having a smaller market share, plays a crucial role in specialized applications like metal manufacturing and welding operations. The other gases segment, which includes helium and hydrogen, serves niche applications in aerospace, research, and emerging clean energy technologies. These segments collectively contribute to the market's diversity and cater to specific industrial requirements across different sectors.

Segment Analysis: End User

Oil & Gas Segment in Cryogenic Pump Market

The oil and gas sector dominates the global cryogenic pump market, accounting for approximately 33% of the total market share in 2024. This significant market position is driven by widespread applications across upstream, midstream, and downstream operations. The segment's dominance is particularly evident in LNG applications, where cryo pumps are essential for storage, transportation, and processing operations. Major oil and gas companies are making substantial investments in new LNG infrastructure and terminals, particularly in regions like the Middle East, North America, and Asia-Pacific. For instance, Qatar Petroleum's North Field LNG project expansion and various LNG terminal developments in the United States are creating robust demand for cryogenic pumps. The sector's demand is further bolstered by the increasing adoption of natural gas as a cleaner energy source and the growing LNG bunkering infrastructure development worldwide.

Healthcare Segment in Cryogenic Pump Market

The healthcare segment is emerging as the fastest-growing sector in the cryogenic pump market for the period 2024-2029. This rapid growth is primarily driven by the expanding pharmaceutical manufacturing sector, increasing demand for medical oxygen systems, and growing requirements for cryogenic storage in healthcare facilities. The segment's growth is further accelerated by substantial investments in healthcare infrastructure across developing nations and the rising demand for medical gas systems in hospitals and healthcare facilities. The expansion of vaccine manufacturing facilities and the growing need for the preservation of biological materials are creating additional demand for cryogenic pumps. Moreover, the healthcare sector's emphasis on maintaining reliable medical gas supply chains and the increasing adoption of cryogenic technologies in medical applications are contributing to the segment's robust growth trajectory.

Remaining Segments in End User Segmentation

The chemicals segment and other end-users represent significant portions of the cryogenic pump market, each serving distinct industrial applications. The chemicals sector utilizes cryogenic pumps extensively in various processes, including fertilizer production, petrochemical processing, and specialty chemical manufacturing. The segment's growth is supported by ongoing investments in chemical manufacturing facilities and the increasing demand for industrial gases. The other end-users segment encompasses diverse applications, including metallurgy, electronics manufacturing, and aerospace industries. This segment's demand is driven by applications in steel production, semiconductor manufacturing, and space simulation chambers. Both segments continue to evolve with technological advancements and increasing industrial automation requirements.

Cryogenic Pump Market Geography Segment Analysis

Cryogenic Pump Market in North America

North America represents approximately 16% of the global cryogenic pump market in 2024, establishing itself as a significant regional market. The region's strong position is driven by extensive LNG infrastructure development, particularly in the United States, where multiple LNG export terminals are under construction or in planning stages. The market is characterized by robust demand from the healthcare and pharmaceutical sectors, where cryogenic pumps are essential for medical gas applications and biological sample preservation. The oil and gas industry remains a major demand driver, with an increasing focus on natural gas liquefaction and storage facilities. The region's manufacturing sector, particularly in aerospace and electronics, continues to create steady demand for industrial gas applications. Canada's growing emphasis on LNG export capabilities and Mexico's energy sector reforms have further strengthened the regional market dynamics. The presence of major industry players and advanced technological capabilities has enabled North America to maintain its competitive edge in cryogenic pump innovations and applications.

Market Analysis of Cryogenic Pump Market: Forecasted Growth Rate by Region

Cryogenic Pump Market in Asia-Pacific

The Asia-Pacific region has demonstrated robust growth in the cryogenic pump market, recording approximately 3% growth annually from 2019 to 2024. This growth trajectory is underpinned by China's aggressive expansion in LNG infrastructure and its position as the world's largest chemical producer. The region's market is characterized by rapid industrialization across emerging economies, particularly in India and Southeast Asian nations, driving demand for industrial gases and related cryogenic equipment. Japan and South Korea's advanced manufacturing sectors, especially in the electronics and automotive industries, continue to generate substantial demand for cryogenic applications. The healthcare sector's expansion, particularly in developing nations, has created new opportunities for medical gas applications. The region's commitment to clean energy transition, evidenced by increasing natural gas adoption in power generation, has spurred investments in LNG infrastructure. The presence of multiple LNG import terminals and regasification facilities across the region, coupled with growing industrial gas requirements, continues to drive market expansion. Notably, cryogenic pump manufacturers in India are playing a pivotal role in meeting the region's growing demand.

Cryogenic Pump Market in Europe

The European cryogenic pump market is projected to grow at approximately 5% annually from 2024 to 2029, driven by several key factors. The region's strong focus on clean energy transition and reduction in carbon emissions has accelerated the adoption of LNG infrastructure. Germany's shift away from coal-based power generation has created new opportunities for natural gas applications, while countries like Norway continue to expand their LNG capabilities. The region's robust chemical and pharmaceutical industries, particularly in countries like Germany, France, and Italy, maintain steady demand for cryogenic equipment. The market benefits from advanced manufacturing capabilities and a strong presence of major industry players, fostering technological innovations. The growing emphasis on LNG bunkering facilities, particularly in Northern European ports, has created additional demand streams. The region's well-established healthcare infrastructure and continuing investments in medical research facilities support consistent demand for medical gas applications. The market is further strengthened by stringent safety regulations and environmental standards, driving the need for high-quality cryogenic equipment.

Cryogenic Pump Market in South America

The South American cryogenic pump market continues to evolve, primarily driven by developments in Brazil and Argentina's oil and gas sectors. The region's market dynamics are shaped by increasing investments in LNG infrastructure and growing demand for industrial gases across various manufacturing sectors. Brazil's position as a center of new LNG demand in Latin America has created significant opportunities for market expansion. The pharmaceutical and healthcare sectors across the region are showing increasing adoption of cryogenic applications, particularly in major economies. The chemical industry's growth, coupled with increasing industrial activities in countries like Chile and Colombia, has contributed to market development. The region's focus on energy diversification and the modernization of industrial infrastructure has created new opportunities for cryogenic pump applications. Despite economic challenges, the market continues to show resilience, supported by ongoing industrialization and infrastructure development projects.

Cryogenic Pump Market in Middle East & Africa

The Middle East & Africa region presents unique opportunities in the cryogenic pump market, driven primarily by its robust oil and gas sector and growing industrial base. The region's market is characterized by significant investments in LNG infrastructure, particularly in Gulf Cooperation Council countries. Saudi Arabia's vision to diversify its economy and expand its natural gas capabilities has created new growth avenues. The United Arab Emirates' focus on industrial development and clean energy transition has stimulated demand for cryogenic applications. The region's growing healthcare sector, particularly in advanced medical facilities across the Gulf states, has increased demand for medical gas applications. South Africa's industrial development and growing emphasis on clean energy solutions have created additional market opportunities. The region's strategic position in global LNG trade, coupled with ongoing investments in industrial infrastructure, continues to drive market growth. The market benefits from increasing adoption of cryogenic technologies across various industrial applications and growing emphasis on energy efficiency.

Cryogenic Pump Industry Overview

Top Companies in Cryogenic Pump Market

The cryogenic pump market is characterized by continuous product innovation and strategic expansion initiatives by leading players, including SHI Cryogenics Group, Ebara Corporation, Fives SAS, Nikkiso Co. Ltd, and KSB SE & Co. KGaA. Companies are heavily investing in research and development to improve product efficiency and quality, with major players establishing dedicated testing facilities and innovation centers. Operational agility is demonstrated through the integration of advanced manufacturing capabilities and the development of comprehensive service networks spanning multiple continents. Strategic moves in the industry primarily focus on strengthening regional presence through collaborations and partnerships, particularly in emerging markets across Asia. Market leaders are also expanding their product portfolios through strategic acquisitions and mergers while simultaneously developing specialized solutions for various end-user industries, including oil & gas, healthcare, and chemicals.

Consolidated Market with Strong Global Players

The cryogenic pump market exhibits a moderately consolidated structure dominated by large industrial conglomerates with diverse product portfolios and global operational footprints. These established players leverage their extensive manufacturing capabilities, technological expertise, and well-established distribution networks to maintain their market positions. The market is characterized by significant barriers to entry, including high capital requirements for manufacturing facilities, stringent quality standards, and the need for specialized technical expertise in cryogenic pump technologies.


Recent years have witnessed notable merger and acquisition activities, exemplified by strategic moves such as Atlas Copco's acquisition of Brooks' Semiconductor Cryogenics Business and Elliott Group's merger with Ebara International Corporation. These consolidation trends reflect the industry's focus on expanding technological capabilities, strengthening regional presence, and achieving operational synergies. The market also sees the emergence of strategic partnerships and collaborations, particularly in developing regions, as companies seek to enhance their service capabilities and market reach while maintaining competitive advantages.

Innovation and Service Network Drive Success

Success in the cryogenic pump market increasingly depends on companies' ability to develop innovative solutions while maintaining extensive service networks. Market incumbents are focusing on expanding their research and development capabilities, investing in new testing facilities, and developing advanced technologies to address evolving customer requirements across different industries. Companies are also emphasizing the importance of establishing comprehensive after-sales service networks, recognizing that product support and maintenance services are crucial differentiators in the market.


For new entrants and smaller players, success strategies include focusing on specialized market segments, developing niche applications, and establishing strong relationships with key end-users in specific regions. The market's growth potential is influenced by the increasing demand from emerging applications in healthcare and industrial gases, though success requires navigating challenges such as high technical requirements and stringent industry standards. While the threat of substitutes remains low due to the specialized nature of cryogenic pump applications, companies must stay attuned to regulatory changes, particularly in environmental standards and safety requirements, which could impact product development and market access strategies.

Cryogenic Pump Market Leaders

  1. Fives Group

  2. Nikkiso Co., Ltd. 

  3. Sumitomo Heavy Industries, Ltd. 

  4. Weir Group PLC

  5. Ebara Corporation

  6. *Disclaimer: Major Players sorted in no particular order
Cryogenic Pump Market Concentration
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Cryogenic Pump Market News

In January 2021, Fives Group was awarded a contract for the supply of 13 Cryomec® cryogenic centrifugal pumps for a new Air Separation Unit (ASU) in China. The new ASU, with an oxygen production capacity of more than 2,000 ton per day, will be built in the Lingang Economic District, Tianjin Port Free Trade Zone. It is expected to become operational by the end of 2022.

In November 2021, Elliot Group (Elliott), a wholly-owned subsidiary of Ebara Corporation (Ebara), completed its new USD 60 million state-of-the-art cryogenic pumps testing facility in Jeannette, Pennsylvania, US.

Cryogenic Pump Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD billion, till 2027
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.2 Restraints
  • 4.6 Supply Chain Analysis
  • 4.7 Porter's Five Forces Analysis
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Consumers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitute Products and Services
    • 4.7.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Type
    • 5.1.1 Dynamic Pump
    • 5.1.2 Positive Displacement Pump
  • 5.2 Gas
    • 5.2.1 Nitrogen
    • 5.2.2 Oxygen
    • 5.2.3 Argon
    • 5.2.4 LNG
    • 5.2.5 Other Gases
  • 5.3 End User
    • 5.3.1 Power Generation
    • 5.3.2 Chemicals
    • 5.3.3 Healthcare
    • 5.3.4 Other End Users
  • 5.4 Geography
    • 5.4.1 North America
    • 5.4.2 Europe
    • 5.4.3 Asia-Pacific
    • 5.4.4 South America
    • 5.4.5 Middle-East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Nikkiso Co. Ltd
    • 6.3.2 Sumitomo Heavy Industries Ltd
    • 6.3.3 Flowserve Corporation
    • 6.3.4 Ebara Corporation
    • 6.3.5 Weir Group PLC
    • 6.3.6 Fives Group
    • 6.3.7 Beijing Long March Tianmin Hi-Tech Co. Ltd
    • 6.3.8 KSB SE & Co. KGaA
    • 6.3.9 PHPK Technologies Inc.
    • 6.3.10 Cryostar SAS
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Cryogenic Pump Industry Segmentation

The cryogenic pump market report includes:

Type Dynamic Pump
Positive Displacement Pump
Gas Nitrogen
Oxygen
Argon
LNG
Other Gases
End User Power Generation
Chemicals
Healthcare
Other End Users
Geography North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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Cryogenic Pump Market Research FAQs

What is the current Cryogenic Pump Market size?

The Cryogenic Pump Market is projected to register a CAGR of greater than 6.5% during the forecast period (2025-2030)

Who are the key players in Cryogenic Pump Market?

Fives Group, Nikkiso Co., Ltd., Sumitomo Heavy Industries, Ltd., Weir Group PLC and Ebara Corporation are the major companies operating in the Cryogenic Pump Market.

Which is the fastest growing region in Cryogenic Pump Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Cryogenic Pump Market?

In 2025, the Asia-Pacific accounts for the largest market share in Cryogenic Pump Market.

What years does this Cryogenic Pump Market cover?

The report covers the Cryogenic Pump Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Cryogenic Pump Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Cryogenic Pump Market Research

Mordor Intelligence offers comprehensive insights into the global cryogenic pump market. We leverage extensive research methodology and industry expertise to provide a detailed analysis. This analysis covers the entire spectrum of the cryogenic pump industry. It ranges from centrifugal cryogenic pump technologies to specialized applications in the Asia Pacific gas and liquid argon market. The report provides an in-depth examination of key players, including cryogenic pump manufacturers worldwide and cryogenic pump manufacturers in India. It offers strategic insights into market dynamics and growth opportunities.

Stakeholders benefit from our thorough cryogenic pump market analysis and assessments of cryogenic pump market size. These assessments are available in an easy-to-download report PDF format. The research encompasses crucial segments such as LNG pump manufacturers and innovations in cryogenic centrifugal pump technology. It includes detailed price analysis and market projections. Our report examines various pump categories, including cryo pumps and specialized solutions for the otological pump market. It provides valuable insights for industry participants, investors, and decision-makers in the rapidly evolving cryogenic technology sector.