Cryogenic Equipment Industry Snapshot
The global Cryogenic Equipment market was valued at USD 26.38 billion in 2024 and is set to reach USD 47.03 billion by 2034, growing at a steady CAGR of 6.64%.
Global cryogenic equipment is the business sector that produces equipment for the creation, storage, and transportation of substances at low temperatures, as low as -150°C. The substances used are called cryogens and range from gases including oxygen, nitrogen, and liquefied natural gas (LNG), to other substances such as liquid carbon dioxide and cryogenic liquids that are in a high demand from many industrial markets, including healthcare, energy, and manufacturing industries. Cryogenic equipment consists of tanks, pumps, vaporizers, and valves that assist in maintaining and controlling these low temperatures to ensure safe and efficient management of cryogenic materials.
The demand for cryogenic equipment is expanding as there is a rise in the need for liquefied gases in multiple industries, such as energy production (specifically LNG), medical applications (medical gases), and food preservation. The expansion of renewable energy resources also helps boost the demand for cryogenic equipment, as this equipment plays a critical role in energy storage and transportation. Besides, advancements in new technologies that reduce cryogenic processes and make them cheaper are driving the market ahead.
Industries and governments are placing an emphasis on decreasing carbon footprints, and cryogenic technologies have a role to play in making cleaner energy options possible. Yet, the factors such as the high costs of installation and maintenance and dangers in dealing with cryogenic substances might hamper the growth of the market in certain regions.
Cryogenic Equipment Market Report Scope
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Report Attribute
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Details
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Market Value (2024)
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USD 26.38 Billion
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Projected Market Value (2034)
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USD 47.03 Billion
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Base Year
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2024
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Historical Year
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2020-2023
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Forecast Years
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2025 – 2034
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Scope of the Report
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Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Type, By Application, By End-User Industry, & Region.
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Quantitative Units
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Revenue in USD million/billion and CAGR from 2025 to 2034.
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Report Coverage
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Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.
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Delivery Format
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Delivered as an attached PDF and Excel through email, according to the purchase option.
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Dynamic Insights
Major reasons include the boom in demand for liquefied natural gas (LNG) as the entire world is migrating towards cleaner energies. LNG cannot be stored and transported without expensive cryogenic devices, which acts as a big support to its growing market. The medical sector and healthcare purposes are also the driving forces that are contributing enormously towards growth in terms of transportation and storage, especially of such gases as oxygen and nitrogen which are essential to hospitals and clinics. The beverage and food sector also depends on cryogenic technology for rapid freezing operations, adding to the growth of the market.
Conversely, the market also has some drawbacks, such as the high installation and running costs of cryogenic systems. The technology is complicated and demands expertise, which may raise maintenance costs and restrict market penetration in some areas. The other drawback is the safety hazards involved in dealing with cryogenic liquids, which can be dangerous if not handled carefully. In spite of these challenges, the market is enjoying sustained technological developments to enhance efficiency and lower costs. Advances in insulation materials, energy-efficient technologies, and automation are making cryogenic equipment more affordable. Additionally, government efforts promoting clean energy and environmental conservation are likely to spur market growth, particularly in emerging economies where infrastructure development is accelerating.
Core Drivers
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Increasing Demand for Liquefied Natural Gas (LNG)
The growing global demand for cleaner energy sources has significantly boosted the cryogenic equipment market, as LNG is seen as a more environmentally friendly alternative to traditional fossil fuels. LNG requires cryogenic storage and transportation, as it must be cooled to extremely low temperatures to remain in liquid form. This increasing demand for LNG, particularly in energy generation and transportation, is a major driver of the cryogenic equipment market. As countries focus on reducing carbon emissions, LNG is becoming a critical part of the energy mix, encouraging investments in infrastructure, which further drives the need for cryogenic systems.
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Growth in Healthcare Applications
The healthcare industry has seen a significant rise in the use of medical gases such as oxygen, nitrogen, and carbon dioxide, which require specialized cryogenic equipment for storage and transportation. Medical gases are essential for surgeries, treatments, and even respiratory support in hospitals. With the growing demand for healthcare services, especially in developing regions, there is an increased need for cryogenic tanks, vaporizers, and distribution systems. The rising global health concerns, such as the COVID-19 pandemic, have further emphasized the importance of medical gases, thus driving the cryogenic equipment market.
Market Constraints
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High Initial Investment and Maintenance Costs
Cryogenic equipment systems are highly complex and require substantial capital investment for installation. The equipment itself, along with the infrastructure needed for its operation, can be prohibitively expensive, especially for smaller companies or emerging markets. Furthermore, cryogenic systems require regular maintenance to ensure safe operation, adding ongoing operational costs. These high costs can deter businesses, particularly in developing economies, from adopting cryogenic technologies, limiting the market's growth potential in these regions.
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Safety Concerns and Handling Risks
Cryogenic fluids are extremely cold and entail a high safety hazard, causing burns, suffocation, and even explosion in the event of improper handling. Mismanagement of cryogenic material can lead to catastrophic consequences in the form of accidents and medical hazards. Safety measures necessary to handle cryogenic equipment can also drive up operation costs and complicate operations. These safety issues, coupled with the necessity of highly skilled staff to operate such equipment, are potential market growth barriers, as they complicate the technology to use and maintain.
Future Potential
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Technological Advancements in Cryogenic Systems
Ongoing innovation in cryogenic technology is a huge opportunity for the market. Advances in materials and energy-efficient systems are making cryogenic equipment more efficient and affordable. For instance, advances in insulation technologies are lowering energy consumption and enhancing the efficiency of cryogenic storage. Automation and intelligent monitoring systems are also improving the safety and performance of cryogenic equipment, making it more appealing to businesses. These developments open up possibilities for businesses to create cheaper solutions, and hence, higher adoption rates across sectors.
Market Segmentation Overview
The market for cryogenic equipment is divided into a number of categories of equipment such as cryogenic vessels, cryogenic pumps, cryogenic valves, cryogenic heat exchangers, cryogenic refrigerators, and cryogenic storage containers. Cryogenic vessels are equipped to hold liquefied gases at very low temperatures, and cryogenic pumps are utilized to transport these gases in liquid state through pipelines. Cryogenic valves regulate the passage of cryogenic fluids in systems for safe operation.
Cryogenic heat exchangers are employed to exchange heat between cryogenic liquids and other substances at specified temperatures for maximum performance. Cryogenic refrigerators, which are vital for cooling purposes, assist in the preservation of low temperatures, while cryogenic storage containers are employed to store cryogenic gases securely. These types of equipment are vital for the safe and effective handling of cryogenic materials in different industries, which helps drive the market growth.
Cryogenic equipment finds broad application in a number of applications, such as liquefied natural gas (LNG), industrial gases (oxygen, nitrogen, argon), medical gases, food & beverages, chemicals & petrochemicals, energy & power, and metal & mining industries. In the LNG industry, cryogenic equipment is required for liquefied natural gas storage and transportation, a critical component of the global energy transition. Industrial gases, including oxygen, nitrogen, and argon, are transported and stored with the help of cryogenic equipment, which is necessary for their application in different industries like manufacturing and healthcare.
Medical gases, including oxygen and nitrous oxide, depend on cryogenic storage for applications in hospitals and other healthcare centers. The food & beverages sector employs cryogenic equipment in food freezing and preservation operations, whereas chemicals & petrochemicals need cryogenic systems to store volatile chemicals. In the energy & power industry, cryogenics are employed for storing fuel and producing energy, whereas in the metal & mining sector, cryogenic equipment aids metal cooling and handling of materials at low temperatures. All of these usages are critical to the growing demand for cryogenic technologies.
Cryogenic equipment has wide usage in various applications, including liquefied natural gas (LNG), industrial gases (oxygen, nitrogen, argon), medical gases, food & beverages, chemicals & petrochemicals, energy & power, and metal & mining industries. Cryogenic equipment is needed for storage and transportation of liquefied natural gas in the LNG sector, a key to the global energy transition. Industrial gases such as oxygen, nitrogen, and argon are stored and transported with the assistance of cryogenic equipment, which is required for their use in various industries such as manufacturing and healthcare.
Medical gases such as oxygen and nitrous oxide rely on cryogenic storage for hospital and other healthcare facility use. The food & beverages industry uses cryogenic machines in food freezing and preservation processes, while chemicals & petrochemicals require cryogenic plants to store volatile chemicals. In the energy & power sector, cryogenics are used to store fuel and generate energy, while in the metal & mining industry, cryogenic machines facilitate metal cooling and material handling at low temperatures. All of these applications are central to the increasing need for cryogenic technologies.
Regional Overview
North America has an immense market share because of the well-established infrastructure, high rate of demand for liquefied natural gas (LNG), and massive investment in the energy and healthcare industries. The United States, specifically, is the largest producer of LNG, thereby building a strong demand for cryogenic storage and transportation machinery. The healthcare industry in North America, particularly in the U.S. and Canada, also employs cryogenic systems to use medical gases, thereby increasing the market further.
The market is growing in Europe as well, propelled by the increased usage of renewable sources of energy and LNG infrastructure. The European Union has invested heavily in sustainable energy, with LNG playing an integral part in its carbon-emission reduction strategy. Russia and Norway also support demand for cryogenic equipment with their large natural gas industries. The APAC market is also expected to see the highest growth, driven by high industrialization, urbanization, and the growing need for LNG in the likes of China, India, and Japan. APAC is emerging as an important player in the cryogenic market as nations work to fulfill rising energy requirements and upgrade infrastructure. The expanding manufacturing, food processing, and healthcare industries in the region also play a role in the increased application of cryogenic systems.
In Latin America, Brazil and Argentina are experiencing growing demand for cryogenic technologies, especially in the energy and industrial gas industries. Likewise, growth is being observed in the Middle East & Africa (MEA) region, mostly because of the growth of the oil & gas industry, which needs cryogenic solutions for storage and transportation of liquefied gases.
Market Player Analysis
Large players like Linde Group, Air Products and Chemicals, Inc., Praxair, Inc. (now a subsidiary of Linde), Chart Industries, Cryogenmash, and Air Liquide have a strong grip on the market. These competitors have built powerful market positions due to their broad product offerings that range from cryogenic tanks to pumps, valves, heat exchangers, and storage containers. They also utilize their international networks and alliances, which allow them to cater to various industries such as energy, healthcare, food & beverage, and chemicals. These firms are committed to developing their technological capabilities to enhance the efficiency, safety, and cost-effectiveness of their products, which further enhances their competitive advantage.
Besides these giants, regional players are also proving to be major competitors, especially in rapidly growing markets like Asia-Pacific and Latin America. Firms in China, India, and Japan are increasingly forging cryogenic solutions to tap the growing demand within their own countries for LNG, industrial gases, and energy production. The competitive strategy here usually centers on technology innovation, like the creation of energy-efficient equipment and sophisticated cryogenic cooling systems, which serve to lower operational expenses for the end-users.
Mergers, acquisitions, and strategic alliances are also prevalent among market players to enhance their market presence and broaden their product lines. With the market expanding, businesses are turning their attention to sustainability and environmental factors, which is fueling the creation of green cryogenic equipment to address regulatory needs and respond to the need for cleaner energy solutions.
Leading Companies
- Nikkiso Co. Ltd.
- Galileo Technologies S.A.
- Braunschweiger Flammenfilter GmbH
- INOX India Limited
- Air Liquide SA
- Wessington Cryogenics
- Cryolor SA
- Herose GmbH
- MAN Energy Solutions SE
- SAS Cryo Pur
- Linde plc
- Chart Industries Inc.
- Ulvac Technologies, Inc.
- Standex International
- Lapesa Grupo Empresarial s.l.
Recent Highlights
- In May 2024, Linde plc, a global leader in industrial gases and engineering, announced a groundbreaking agreement to provide industrial gases for the world's first large-scale green steel plant, H2 Green Steel, located in Boden, Sweden. The plant, which aims to produce steel using renewable energy, marks a major milestone in the shift towards a low-carbon economy. Linde's cutting-edge gas technologies will play a pivotal role in supporting the operations of this innovative facility, helping to create a more sustainable future for the steel industry.
- In March 2023, INOXCVA began the construction of its new manufacturing facility in Savli, Vadodara, Gujarat, at an investment of USD 24.1 million. Spanning 30 acres, the facility will become the largest cryogenic equipment manufacturing plant in India, with an annual production capacity of over 20,000 metric tons of stainless steel equipment. This green-field project is a major expansion for INOXCVA, reinforcing its position as a leading supplier of cryogenic equipment and enhancing its manufacturing capabilities.
Cryogenic Equipment Market Segmentation
By Type of Equipment
- Cryogenic Vessels
- Cryogenic Pumps
- Cryogenic Valves
- Cryogenic Heat Exchangers
- Cryogenic Refrigerators
- Cryogenic Storage Containers
By Application
- Liquefied Natural Gas (LNG)
- Industrial Gases (Oxygen, Nitrogen, Argon)
- Medical Gases
- Food & Beverages
- Chemicals & Petrochemicals
- Energy & Power
- Metal & Mining
By End-User
- Energy & Power
- Oil & Gas
- Healthcare
- Food & Beverages
- Chemicals & Petrochemicals
- Manufacturing & Industrial
- Electronics & Semiconductors
By Region
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Denmark
- Sweden
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Thailand
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- Kuwait
- UAE
- Rest of Middle East & Africa
Objectives of the Study
The study focuses on analyzing the global Cryogenic Equipment market through the following key objectives:
- Market Sizing and Forecasting: Estimate the market size and growth for Cryogenic Equipment By Type, By Application, By End-User Industry, and Region from 2025 to 2034.
- Market Dynamics and Trends: Analyze key drivers, challenges, and opportunities shaping the market, along with evolving consumer preferences and fashion trends.
- Consumer Insights: Understand factors influencing consumer behavior, including brand perception, sustainability, and regional differences.
- Competitive Landscape: Profile major players with insights into financial performance, product portfolios, SWOT analysis, and strategic initiatives.
- Strategic Recommendations: Identify future trends, technologies, and actionable strategies for stakeholders to drive growth and address challenges effectively.
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