Cryogenic Pump Market Will Generate USD 1,860.1 Million By 2030

In 2021, the cryogenic pump market size stood at USD 1,407.6 million, which is projected to witness a 3.1% CAGR during 2021–2030, reaching USD 1,860.1 million by 2030.

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P&S Intelligence majorly credits this growth to the increasing installation of such pumps in the metallurgy, chemicals, and electronics sector. Along with, the surge in expenditure throughout the energy generation industry armed with the shift toward energy production from renewable and natural gas resources to reduce carbon emission.

In 2021, Dynamic pumps had the larger share of approximately 79.4%. this development is ascribed to their greater properties, longer life, high efficiency, and low maintenance cost. Additionally, the growth in the requirement for such pumps from the energy and power, shipbuilding, and healthcare sectors will contribute to the market growth.

Cryogenic pumps are also majorly utilized in the petrochemicals and chemicals industries because of their numerous functionalities, including oxidation process, sulfur recovery, cool reactors, regenerative catalysis, and coal gasification. This is because of the increasing requirement for several petrochemicals and chemicals throughout the globe.

In 2021, APAC cryogenic pump market was largest revenue generator, with USD 538.2 million, and projected to continue its dominance in the future as well. This can be credited to the rapid urbanization; the growth in industries, including energy & power and metallurgy in Japan, China, and India, and the escalation in the requirement for power across the region. Additionally, in India, the government is preparing to guarantee a 24*7 electricity supply.