Growing Emphasis Toward the Installation of Heat-Pump Boosts Cryogenic Pump Market Growth
According to our latest market study on "Cryogenic Pump Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis—by Heat Source, Plant Type, and Application, the market was valued at US$ 2,429.13 million in 2024 and is anticipated to reach US$ 3,543.58 million by 2031; it is estimated to register a CAGR of 5.6% during 2025–2031. The report includes growth prospects in light of the current Cryogenic Pump Market trends and driving factors influencing market growth.
The key stakeholders in the global cryogenic pump market ecosystem include raw materials suppliers, pump manufacturers, distributors and suppliers and end user industries. Key end user industries include energy and power, healthcare and pharmaceutical, electronics and semiconductor, metallurgy, aerospace, and chemical. Pump manufacturing requires a large number of raw materials such as carbon steel, stainless steel, bronze, and in some cases carbon fiber reinforced polymer used for pump bodies and impellers; rubber; polymers; and specialized materials for creating seals and gaskets, electric motors, drives, and control systems for pump operation and bearings and shafts that are essential for mechanical functioning. Suppliers of such materials are widely spread across the globe. Pump manufacturing can source the required raw materials from suppliers worldwide according to quality and standards. Manufacturing companies acquire raw materials and start the production of the pumps. Many manufacturers use 3D designing tools for designing the cryogenic pump. Once the designing is done, the manufacturing process initiates. The first step in the manufacturing of the pump is smelting. Most of the manufacturers use carbon steel, stainless steel, bronze, and specialized alloys for this process. Once the smelting process is completed, the metal is poured into the molds to obtain the casing of the pumps. Then, in the machining process, many pump manufacturers use advanced robotics machines to maintain quality and reduce the overall time required for production.
Cryogenic Pump Market Analysis – by Geography, 2024
Cryogenic Pump Market Size and Forecast (2025 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Centrifugal and Positive Displacement), Design Type (Submersible and Non-Submersible), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen, Helium, and Others), Industry Vertical (Electronics and Semiconductor, Healthcare and Pharmaceutical, Energy and Power, Metallurgy, Aerospace, Chemical, and Others), and Geography
Cryogenic Pump Market Growth Report 2021 to 2031
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Source: The Insight Partners Analysis
The last process is the assembly process. All of the major manufacturers in the industry have integrated automation systems in the assembly process that help reduce production time and increase efficiency. Manufacturers follow efficient manufacturing practices, such as lean production or just-in-time manufacturing, which can reduce lead times and costs. electronics and semiconductor, healthcare and pharmaceutical, energy and power, metallurgy, aerospace, chemical utilize cryogenic pumps for their operations. Apart from the private companies, government-owned companies and plants are also the end users of the cryogenic pumps.
Global economic growth has strengthened at a steady pace owing to increasing global trade, improvements in the manufacturing sector, industrialization, and economic improvements in developing nations. This development is driven by increased investments in the industrial sector across the globe. As per the data published by the Peterson Institute for International Economics in 2024, the business investments in the US manufacturing sector in 2023 reached ~US$ 500 billion from US$ 290 billion in 2019. Further, as per the data published by the government of Canada, the investments in Canada by all countries witnessed 6.0% growth in investments to reach US$ 71 billion from 2021 to 2022. In addition, Canadian industry witnessed an 86.3% increase in investments from companies based in Singapore and a 23.6% increase from Australia-based companies between 2018 and 2022. In April 2025, the government of Spain invested ~US$ 226.3 million in three different projects. This investment is a part of a US$ 1.5 billion investment focused on improving Spain’s domestic manufacturing capacity. In May 2024, Italy invested ~US$ 11 billion in the semiconductor production industry. As per data published by the Indian government in 2025, Foreign direct investments in the Indian manufacturing sector reached US$ 165.1 billion in 2024, witnessing a 70% hike from 2023. Moreover, in the last five years, FDI in the Indian manufacturing sector accounted for US$ 383.5 billion. According to the data published by the Malaysian Investment Development Authority (MIDA) in 2025, direct investments in the Malaysian manufacturing sector reached ~US$ 30 billion in 2024, of which foreign investments were ~75%, whereas domestic investments were 25%. This industrial growth led to increased demand for industrial gases for industrial processes for the production of final products.
The scope of the Cryogenic Pump Market report focuses on North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Russia, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East and Africa (South Africa, Saudi Arabia, UAE, and the Rest of Middle East), and South and Central America (Brazil, Argentina, and the Rest of South and Central America). In Asia Pacific, China held the largest cryogenic pump market share in 2024. As a result of potential growth in the country's energy sector, the Cryogenic Pump Market in China is anticipated to witness significant development in the coming years. In North America, the US held the largest cryogenic pump market share in 2024, owing to growing healthcare industry.
This rapid expansion in hydrogen and chemical production capabilities in China is driving significant demand for cryogenic technologies, including cryogenic pumps, which are essential for the efficient storage and transportation of liquefied gases. As the country continues to ramp up its hydrogen production alongside petrochemical capacity, the requirement for advanced cryogenic systems is anticipated to grow during the forecast period. The intersection of increased hydrogen investments and chemical production highlights the critical role of cryogenic technology in supporting China's ambitions in both hydrogen and petrochemical sectors. Indonesia, Taiwan, Singapore, and Vietnam are among the prominent countries in the cryogenic pump market in the Rest of APAC. The entrance of new markets into the semiconductor ecosystem presents significant opportunities to mitigate existing vulnerabilities, particularly in Southeast Asia. Malaysia has long attracted substantial investments in advanced technology production (ATP) activities, fostering a robust ecosystem. The country's New Industrial Master Plan (NIMP) 2030 aims to boost the manufacturing sector's value by diversifying exported products and promoting frontend activities such as semiconductor equipment manufacturing, wafer fabrication, and integrated circuit design. Major investments from companies such as Intel, which has committed US$ 7 billion to expand its operations, including its first overseas 3D chip packaging facility, and Texas Instruments, investing US$ 3.1 billion, underscore Malaysia's attractiveness for complex manufacturing. Vietnam, a relative newcomer to the semiconductor scene, is also drawing significant investments from global players such as Intel and Amkor. It is projected to increase its share of global ATP capacity from less than 1% to 9% by 2032. The US government has announced partnerships under the Information Technology and Services Initiative (ITSI) with countries such as Panama, Costa Rica, Vietnam, Indonesia, and the Philippines, launching semiconductor ecosystem assessments for each. In September 2023, US$ 2 million in ITSI funding was allocated to support a semiconductor workforce development initiative in Vietnam, addressing the challenges companies face in securing talent.
As Southeast Asia's semiconductor industry grows, particularly in Malaysia and Vietnam, the demand for cryogenic technologies, including cryogenic pumps, is expected to rise significantly during the forecast period. These pumps are essential for the efficient storage and handling of liquefied gases used in semiconductor manufacturing processes. With the region projected to increase the number of working-age individuals with postsecondary education to 65 million by 2030, up from 37 million in 2015, the cryogenic pump market in the rest of APAC is well-positioned for robust growth, aligning with the increasing investments and advancements in semiconductor manufacturing across the region.
SHI Cryogenics Group; Fives SAS, Cryostar SAS; Ebara Elliott Energy; CRYOGENIC MACHINERY CORP; Nikkiso Co Ltd; Sulzer Ltd; Ruhrpumpen, Inc.; Vanzetti Engineering S.p.A.; Trillium US Inc.; PHPK Technologies; Technex Limited; Barber-Nichols, Inc.; HSR AG; and GemmeCotti Srl; are some of the key players profiled in the cryogenic pump market report. Other major players were also studied and analyzed in the report to get a holistic view of the market and its ecosystem. The cryogenic pump market forecast can help stakeholders plan their growth strategies. The market analysis provides detailed market insights, which help the key players strategize their growth.
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