Cryogenic Equipment Market By Product Type (Tanks, Valves, Pumps, Vaporizers, Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Hydrogen, Others), By Application (Storage, Transportation, Processing), By End-user (Energy & Power, Chemicals, Metallurgy, Electronics, Healthcare, Food & Beverage, Others), Global Market Size, Segmental analysis, Regional Overview, Company share analysis, Leading Company Profiles And Market Forecast, 2025 – 2035

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What trends will shape the Cryogenic Equipment Market in the coming years?

The Cryogenic Equipment Market accounted for USD 25.87 Billion in 2024 and USD 27.66 Billion in 2025 is expected to reach USD 53.9 Billion by 2035, growing at a CAGR of around 6.9% between 2025 and 2035. The Cryogenic Equipment Market is composed of equipment and devices that are used to store, transport, and handle materials at very low temperatures, like liquefied gases, LNG, nitrogen, and oxygen. The major trends of this market are growing demand for cleaner fuel, i.e., LNG, developing cryogenic storage technologies, and their use in the healthcare sector, the aerospace industry, and electronics.

New growth opportunities should be opened up by the increasing attention to renewable energy and the hydrogen economy. There will also be advancements in insulation and automation technologies that will enhance efficiency and safety. The market is ready to sustain a robust growth in the market with good prospects in the industrial gas and energy markets. 

What do industry experts say about the Cryogenic Equipment Market trends?

"Cryogenic equipment is critical for applications ranging from medical (MRI superconductors) to space exploration (rocket propellants). Advances in insulation materials and heat exchangers have significantly improved efficiency, reducing boil-off losses in LNG and liquid hydrogen storage."

• Dr. John Weisend, Senior Engineer at SLAC National Accelerator Laboratory

Which segments and geographies does the report analyze?

What are the key drivers and challenges shaping the Cryogenic Equipment Market?

How is rising LNG demand accelerating cryogenic equipment adoption worldwide?

Due to the escalating demand for liquefied natural gas (LNG) in the world, the Cryogenic Equipment Market is recording an upward market growth. With nations turning to cleaner energy sources, LNG has been identified as a viable source of clean gas to generate power, transportation, and factory purposes because of its low carbon emissions. This increasing dependency has resulted in a demand for sophisticated cryogenic mechanisms like the storage tanks, pumps, and vaporizers to accommodate, transport, and store LNG at low temperatures.

The increasing number of investments in LNG import-export terminals and regasification complexes also stimulates the demand for such devices. Moreover, due to the expanding demand for LNG as a ship fuel under the IMO 2020 regulations, the maritime industry has seen an increased usage of cryogenic systems. Governments in Asia-Pacific, Europe, and the Middle East are being very proactive in LNG infrastructure, which in turn will propel the Cryogenic Equipment Market. Technological improvement is attributable to the need to safely and efficiently, and on a large scale, deal with LNGs.

Why is the healthcare industry expansion boosting cryogenic gas storage systems?

The healthcare market in the world is also on a constant rise, thus stimulating the Cryogenic Equipment Market. As the number of chronic diseases is increasing and advanced medical treatments become necessary, the demand for medical gases like oxygen and nitrogen is soaring. In hospitals and laboratories, cryogenic storage systems play a vital role in securing sensitive materials at subzero temperatures, such as biological samples, vaccines, and others. The incident of the COVID-19 pandemic reinforced the significance of cryogenic oxygen storage to address emergency requirements in healthcare systems, with global medical liquid oxygen storage capacity now exceeding 3.2 million metric tons, driven by pandemic-related demand.

The market demand has been boosted by the fact that more cryogenic tanks and equipment are being installed in healthcare facilities. In addition, cryogenic preservation is necessary in the development of new therapies, especially cell and gene therapies, thus stimulating this market segment. Due to the ongoing trend towards developing healthcare infrastructure and research activities, the Cryogenic Equipment Market will enjoy significant growth over the next few years.

Why do high initial costs hinder cryogenic equipment installations for industries?

Nonetheless, the Cryogenic Equipment Market has a bright future but is threatened by the high barrier to entry connected to the buy and set-up of cryogenic technology units. Operating cryogenic systems, such as special tanks, valves, and even control systems, necessitate high costs in terms of capital investment, and this may discourage small and medium-sized enterprises (SMEs) willing to adopt such technologies. The demand for quality material, good insulation, and quality manufacturing also increases the cost of production. Also, special training needed to address and manage these systems is an added cost to the operations.

Such high initial and maintenance investment restricts the availability of cryogenic solutions, particularly in the developing world. In addition, companies that have no confidence in the long-term demand for cryogenic services might not risk a lot of investment. This cost factor is a limitation to expansion in other segments of food processing, pharmaceutical sectors, and in smaller energy segments, which therefore limits the expansion of the Cryogenic Equipment Market, although it could benefit in many more areas.

How does the renewable energy transition create demand for cryogenic storage systems?

The shift towards using renewable sources of energy globally is the key opportunity for the Cryogenic Equipment Market. Due to the need to decarbonize the economy of countries, the demand to equip it with energy storage systems capable of stabilizing electricity grids and controlling variable renewable energy sources such as wind and solar has increased exponentially. Cryogenic energy storage (CES) systems, i.e., storage of electricity as liquid air or gases, can supply the grid balance in a scalable and efficient way. Such systems can take up excess renewable energy, then deliver it at times of peak power demand, improving grid integrity.

There are a number of pilot projects and commercial installations in development throughout Europe, North America, and the Asia-Pacific region, and this is generating a new demand for cryogenic technology. Also, the hydrogen storage technologies using cryogenic technology are increasingly becoming popular as hydrogen is becoming one of the energy vectors in clean energy systems. The move to sustainable energy systems supports the case of the long-term perspective of the Cryogenic Equipment Market, providing the perspective of high-profit growth.

Why is technological advancement unlocking innovative cryogenic handling equipment solutions?

The Cryogenic Equipment Market is experiencing more growth opportunities due to the rapid changes in technology. Advanced techniques of materials science, insulation methods, and automation are paving the way to the manufacture of more efficient and safer, and compact cryogenic equipment. As a case in point, recent developments around vacuum-insulated systems and the use of composite materials allow limiting heat ventilation and enhancing the energy efficiency of storage and transport systems. Cryogenic operations are also progressively incorporating automation and digital monitoring systems to allow real-time temperature, pressure, and system performance monitoring.

These technologies minimize operational risks, decrease maintenance expenses, and improve the standard of safety, thus increasing the interest of such industries as aerospace, electronics, and chemicals in the application of cryogenic solutions. Moreover, some compact designs and modular equipment are also becoming popular to be used in low-space environments. The technologies are continually being developed, and this is likely to result in an increase in use in new markets, which is envisioned to increase the growth path of the Cryogenic Equipment Market in the foreseeable future.

What are the key market segments in the Cryogenic Equipment industry?

Based on the Product Type, the Cryogenic Equipment Market has been classified into Tanks, Valves, Pumps, Vaporizers, and Others. Out of these, the market share is dominated by tanks since they are instrumental in the storage of liquefied gases such as LNG, nitrogen, and oxygen under extremely low temperatures. Various industries like energy, chemicals, and healthcare use tanks on a large scale in the areas of stationery and transport storage.

The need for LNG infrastructure is growing significantly around the world, and this is leading to heavy investment in large-scale cryogenic tanks. Moreover, advances in tank insulation and the design of safety features increase their use even further. The increased demand for safe and efficient storage of gas has given prediction that tanks will remain the dominating business in the Cryogenic Equipment Market in the next several years.

Based on the Cryogen Type, the Cryogenic Equipment Market has been classified into Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Hydrogen, and Others. This segment is largely monopolized by Liquefied Natural Gas (LNG) due to the increase in world movement toward cleaner sources of energy. The increasingly rising usage of LNG in transport, power generation, and industry necessitates the use of specialized cryogenic plants in storage and transportation.

This demand is also supported by the rapid construction of LNG terminals and by the rising LNG use in the seas. Government-sponsored schemes to enhance energy security and curtail carbon outputs are further beefing up LNG infrastructure in other parts of the world. As LNG continues to rise as a low-emission energy source, it is projected that it will still stay at the forefront of the cryogen segment in the Cryogenic Equipment Market.

Which regions are leading the Cryogenic Equipment Market, and why?

Asia-Pacific Cryogenic Equipment Market holds the largest share, which is mainly due to high industrialization and growth of activity in energy-consuming nations, such as China, India, Japan, and South Korea. It is expected that the focus on LNG imports within the region, facilitated by the government-sponsored projects on energy diversification, is playing a pivotal role in improving the demand for cryogenic systems.

Moreover, the development of new industries, i.e., chemicals, metallurgy, and electronics, adds to the installations of cryogenic equipment. China, especially, is at the top of the investments in LNG terminals and industrial gas production. Asia-Pacific is likely to continue its domination in the Cryogenic Equipment Market, as its healthcare infrastructure escalates and manufacturing operations are rife.

The North America Cryogenic Equipment Market is growing rapidly with increased investments in LNG infrastructure and hydrogen projects. The area of focus on clean energy, as well as governmental promotion of renewable energy storage, is a leading force necessitating high demand for cryogenic systems. The growing shale gas production in the U.S has also supported the demand for larger LNG storage and transport facilities. Moreover, market growth is being enabled by the expansion of the healthcare sector, specifically in the area of storage of medical gases and in the biotechnology field.

This area is also well-suited due to robust research in the aerospace and defense sectors, a factor that increases demand for specialized cryogenic parts. As long as there are improvements in technology and infrastructure, or they are improved, the North American region will continue to present the fastest-growing market of the Cryogenic Equipment Market.  

What does the competitive landscape of the Cryogenic Equipment Market look like?

The Cryogenic Equipment Market is very dynamic in terms of the competitive environment since there are global and regional rivals in the marketplace with a competitive edge in reference to technology, product differentiation, and prices. Linde plc, Air Liquide, Chart Industries, as well as Parker Hannifin, Nikkiso Co., Ltd, INOX India Air Products and Chemicals, Emerson Electric, and Cryostar SAS are the key players in the industry. Some of the strategies of these companies include product innovation, mergers and acquisitions, and geographic expansion aimed at proving their position in the market.

Most people are setting up sophisticated cryogenic technologies for storing and shipping to meet the onset and increase of LNG and hydrogen. As an example, Linde and Air Liquide are in the process of developing hydrogen liquefaction technologies and LNG storage systems to enable clean energy transitions. The usual agreement with these energy firms and government-sponsored projects is a long-term contract for supply. Other players are also laying focus on digital technologies in order to monitor and perform predictive maintenance of cryogenic systems in real time. In general, the market is rather competitive, and it is supported by continuous innovation and changing industrial requirements.

Cryogenic Equipment Market, Company Shares Analysis, 2024

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Which recent mergers, acquisitions, or product launches are shaping the Cryogenic Equipment industry?

• In June 2024, Air Products announced a new line of advanced cryogenic storage tanks and transport systems featuring enhanced insulation technology. These innovations are designed to significantly improve thermal efficiency and safety for hydrogen and LNG applications.
• In May 2024, Linde launched a new range of ultra-low-temperature cryogenic freezers designed specifically for medical and biomedical applications. These freezers can reach temperatures as low as -150°C, making them ideal for storing vaccines, cell therapies, and other sensitive biological materials.

Report Coverage:

By Product Type

• Tanks
• Valves
• Pumps
• Vaporizers
• Others

By Cryogen Type

• Nitrogen
• Oxygen
• Argon
• Liquefied Natural Gas
• Hydrogen
• Others

By Application

• Storage
• Transportation
• Processing

By End-user

• Energy & Power
• Chemicals
• Metallurgy
• Electronics
• Healthcare
• Food & Beverage
• Others

By Region

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Singapore
• Rest of Asia Pacific

Latin America

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC Countries
• South Africa
• Rest of Middle East & Africa

List of Companies:

• Linde plc
• Air Liquide S.A.
• Chart Industries, Inc.
• Parker Hannifin Corporation
• Nikkiso Co., Ltd.
• INOX India Limited
• Cryofab, Inc.
• Herose GmbH
• Wessington Cryogenics Ltd.
• Emerson Electric Co.
• Flowserve Corporation
• Air Products and Chemicals, Inc.
• Cryostar SAS
• VRV S.p.A.
• Messer Group GmbH

Frequently Asked Questions (FAQs)