The global cryogenic pump market is projected to grow from USD 2.29 billion in 2024 to USD 3.60 billion by 2032, according to a new report by SNS Insider. This growth, representing a compound annual growth rate (CAGR) of 5.91% from 2025 to 2032, is driven by rising investments in LNG infrastructure, hydrogen projects, aerospace systems, and biotechnology refrigeration.
The market expansion is supported by increased demand for liquefied natural gas transfer, the development of green hydrogen pipelines, and the use of cryogenic pumps in pharmaceutical and aerospace sectors. Manufacturers are focusing on improved efficiency, safety, and digital monitoring to meet performance demands in industrial applications.
Centrifugal cryogenic pumps held approximately 61.28% of total market revenue in 2024, due to their suitability for high-flow, low-pressure applications such as LNG and liquid oxygen transfer. Their mechanical simplicity and low operational cost support their adoption in the energy, manufacturing, and chemical industries.
The LNG segment accounted for over 28% of total revenue in 2024, driven by its role as a transitional clean fuel in global decarbonization strategies. Increasing LNG storage and transport infrastructure is generating consistent demand for reliable cryogenic pump systems.
The oil and gas sector contributed approximately 18% to the market revenue in 2024, reflecting the use of cryogenic pumps in upstream gas recovery, midstream LNG regasification, and downstream petrochemical processes.
Regionally, Asia Pacific led the cryogenic pump market in 2024 with around 35.26% of revenue, supported by LNG import terminal growth and new cryogenic units in petrochemical facilities across China, India, South Korea, and Japan. In North America, the market is forecast to grow at a CAGR of 5.92%, with developments in LNG export capacity and hydrogen hub projects in the U.S.
The U.S. market alone was valued at USD 0.46 billion in 2024 and is expected to reach USD 0.81 billion by 2032, growing at a CAGR of 7.24%. Demand is driven by LNG plant deployment, hydrogen refueling infrastructure, aerospace cooling needs, and biotech storage facilities.
Key companies profiled in the report include Nikkiso Co Ltd, Ebara Corporation, Flowserve Corporation, Fives Group, Cryostar SAS, Vanzetti Engineering, Cryomec LLC, Sumitomo Heavy Industries, Ltd., Ruhrpumpen Group, and PBS Group.