The cryogenic pumps market is projected to reach $592 million by 2023 — having been valued at $456 million in 2016, the market growth is projected to be at a CAGR of 3.9% from 2017 to 2023. Accounting for more than one-third share of the global market in 2016 was the hydrogen segment. This is as per new report published by Allied Market Research (entitled “Cyrogenic Pump Market by Type, Gas and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023) .

One of the prime factors driving the growth of the global cryogenic pump market is an increase in demand for the pumps across numerous end-use industries — health care and power generation being among them. Additionally, complex industrial processes are increasingly incorporating the use of liquid gases, and an overall need for efficient transportation of gases across multiple end-use industries is increasing — both of which are rapidly fueling further demand.