Vertical Cryogenic Pump Market was valued at USD 1.5 Billion in 2022 and is projected to reach USD 2.5 Billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030.
The market trend from 2018 to 2022 saw a steady rise in the demand for vertical cryogenic pumps as key industries continued to invest in infrastructure for LNG storage and transportation. Major players in the vertical cryogenic pump market, such as KSB, Flowserve Corporation, and Cryostar, expanded their production capabilities and launched innovative solutions to address the growing need for efficient cryogenic pumping systems. Increasing LNG production and export capacity globally, along with the expansion of LNG receiving terminals, were also key factors influencing this market's growth during this period. The pumps' ability to handle not only LNG but also hydrogen, oxygen, and nitrogen, all crucial for various industrial applications, further fueled the demand in recent years.
Looking ahead, the demand for vertical cryogenic pumps is projected to continue its upward trajectory from 2023 to 2033. With the global shift toward cleaner energy solutions and the increasing focus on hydrogen as an alternative fuel source, vertical cryogenic pumps are expected to play a pivotal role in the transportation and storage of liquid hydrogen. Moreover, the advancement in space exploration, particularly the planned missions to the Moon and Mars, will also require cryogenic pumps for fuel storage and propellant transfer systems. These trends indicate a robust market outlook for vertical cryogenic pumps in the next decade.
The demand for vertical cryogenic pumps is expected to grow not only in energy and space sectors but also in emerging fields like medical cryogenics, where the need for efficient cooling systems is becoming increasingly important. The ongoing development of new technologies to increase the energy efficiency and operational lifespan of these pumps will further bolster the growth of the market. As a result, companies are now focusing on research and development to bring innovative solutions to the table to meet these evolving demands.
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The Vertical Cryogenic Pump Market experienced significant growth between 2018 and 2022, driven by increased demand across industries such as energy, aerospace, and healthcare. As industries push for more advanced solutions for handling cryogenic liquids, the need for reliable, high-performance pumps has become crucial. Vertical cryogenic pumps, known for their ability to handle extremely low temperatures and efficient operation, have witnessed widespread adoption in liquid natural gas (LNG) plants, storage facilities, and space exploration projects. Their unique design allows for minimal vibration and high operational stability, which is why they became an integral part of many industrial processes over the past few years.
Nikkiso
Fives Group
Cryostar
PHPK Technologies
Barber-Nichols
Sulzer
Technex Limited
Vanzetti Engineering
HSR
Xinxiang Chengde Energy Technology
AB
Ebara Corporation
SHI Cryogenics
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Vertical Cryogenic Pump Market
Metallurgy
Energy & Power
Chemicals
Electronics
Healthcare & Pharmaceuticals
Others
Based on Types the Market is categorized into Below types that held the largest Vertical Cryogenic Pump market share In 2023.
Submersible
Non-Submersible
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Vertical Cryogenic Pump Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Vertical Cryogenic Pump Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Vertical Cryogenic Pump Market, By Type
6. Global Vertical Cryogenic Pump Market, By Application
7. Global Vertical Cryogenic Pump Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Vertical Cryogenic Pump Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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