CRYOGENIC PUMP MARKET ANALYSIS

Cryogenic Pump MarketSize and Trends

The global cryogenic pump market size was valued at USD 1,954.32 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 20.09% from 2023 to 2030. The metallurgy industry is also expected to experience a rise in the demand for cryogenic pumps. Increasing demands for petrochemical products and rising demand from refining and fertilizer industries will also support the growth of this sector. Growing urbanization in the Asia-Pacific region and an increased demand for liquefied natural gas are projected to increase the demand for cryogenic pumps, which is likely to drive the market growth.

Global Cryogenic Pump Market Trends:

Rise in demand from pharmaceutical industry is a growing trend

Pharmaceutical industry currently makes use of cold storage for safely transporting its products around the globe. These shipments are moved from the site of manufacturing through storage depots, planes, trucks, and ships for reaching the ultimate destination, usually a clinic, hospital, or pharmacy. Due to increased transport, the demand to maintain the product at cryogenic temperatures is high in pharmaceutical industry around the world. This is thus creating demand for cryogenic pumps in pharmaceutical industry, which is expected to propel growth of the global cryogenic pump market over the forecast period.

Increase government investments in natural gas extraction is a major trend

Several governments around the world are investing in natural gas extraction for domestic use. Along with this, the consumer awareness regarding extraction of natural gas is also increase all over the world. The demand for natural gas has further increased due to which liquefaction of gases is increasingly being adopted for purposes such as power plants, transportation, and medical gas supply. This is in turn is creating demand for cryogenic pumps, and thus, the trend is likely to continue in the market over the coming future.