Global Cryogenic Equipment Market Expected to Reach USD 34.4 Billion by 2033 - IMARC Group

Global Cryogenic Equipment Market Statistics, Outlook and Regional Analysis 2025-2033

The global cryogenic equipment market size was valued at USD 22.7 Billion in 2024, and it is expected to reach USD 34.4 Billion by 2033, exhibiting a growth rate (CAGR) of 4.23% from 2025 to 2033.

The global cryogenic equipment market is experiencing significant growth, driven by increasing demand for liquefied natural gas (LNG) in energy production and transportation. LNG's rising adoption as a cleaner fuel alternative is encouraging the development of advanced cryogenic storage and handling systems. The expanding healthcare industry, particularly the growing use of cryogenic systems for medical gases such as oxygen, nitrogen, and argon, further propels market growth. In addition, rapid advancements in cryogenic technologies for aerospace and electronics industries are creating new opportunities. Increased investments in industrial gases and their applications across metal processing, food preservation, and manufacturing sectors are boosting demand for cryogenic equipment. Furthermore, emerging economies are witnessing rising infrastructure developments, leading to increased installations of cryogenic solutions across various industries. For instance, in September 2024, Nikkiso Clean Energy & Industrial Gases Group announced the expansion of its Wurzen, Germany facility, nearly doubling capacity to meet growing demand for cryogenic equipment in hydrogen, LNG, and ammonia clean energy projects across Europe.

Another growth factor includes technological innovations, such as development of insulation systems, automation, and efficient energy cryogenic instruments. The increasing demand for cryogenic equipment, particularly in hydrogen storage and transportation, is emerging due to the increasing focus towards utilizing clean energy.  Additionally, the space exploration sector's reliance on cryogenic systems for rocket fuel storage is enhancing market opportunities. Moreover, government initiatives and policies aimed at reducing carbon emissions are fostering the use of cryogenic technology to handle and store renewable energy sources efficiently. For instance, in December 2024, the University of Nottingham’s new propulsion research infrastructure focuses on developing and testing cryogenic hydrogen-electric propulsion systems. Supported by the UK government, the initiative enables industry collaboration, accelerates advancements in net-zero air travel, and boosts economic growth in the East Midlands through innovation in sustainable aviation technologies.

Global Cryogenic Equipment Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share on account of robust industrial growth, LNG infrastructure investments, and rising demand for sustainable energy solutions. 

Asia-Pacific Cryogenic Equipment Market Trends:

Asia Pacific is the largest consumer of cryogenic equipment globally due to industrialization, increased energy consumption, and large spending on LNG. Proliferating chemical and manufacturing industries increase the necessity of cryogenic equipment in refrigeration gases, separation, and transportation. In addition, government initiatives supporting clean energy projects, including LNG and hydrogen, strengthen market growth. The region’s focus on sustainable energy solutions and advancing cryogenic technologies for energy storage, healthcare, and industrial applications further enhances its market leadership.  With robust economic development and increasing adoption of clean energy, Asia Pacific remains the dominant segment in the global market. For instance, in March 2024, Cryolor's Phase II plant in Tamil Nadu commenced operations, increasing production capacity for cryogenic liquefied gas tanks.

North America Cryogenic Equipment Market Trends:

North America holds a significant share in the global cryogenic equipment market, driven by advanced healthcare infrastructure, LNG production, and technological innovation. The region’s focus on clean energy solutions, expanding aerospace applications, and strong industrial gas demand further contribute to market growth, positioning it as a key regional segment.

Europe Cryogenic Equipment Market Trends:

Europe plays a key role in the global cryogenic equipment market, driven by its emphasis on clean energy adoption, hydrogen infrastructure development, and advanced healthcare applications. Strong industrial activity, increasing LNG demand, and government initiatives supporting sustainable technologies further enhance the region’s position as a leading market segment.

Latin America Cryogenic Equipment Market Trends:

The cryogenic equipment market of Latin America is gradually extending, driven by the escalated demand for LNG infrastructure, the growth in industrial gasses requirements, and rising application in the healthcare sector. In addition, investment in energy sector coupled with adoption of new technologies foster market growth and classifies the region as an emerging market for cryogenic equipment.

Middle East and Africa Cryogenic Equipment Market Trends:

The Middle East and Africa regions are developing markets for cryogenic equipment due to the growth in LNG industry, industrial gas use, and the rise in energy investments. Furthermore, high demand for clean energy solutions coupled with proper government policies and growth in the oil and the gas industry, enhancing the market growth in the region.

Top Companies Leading in the Cryogenic Equipment Industry

Some of the leading cryogenic equipment market companies include Air Liquide S.A., Air Products and Chemicals Inc., Chart Industries Inc., Cryofab Inc., Cryoquip LLC (Nikkiso Co. Ltd.), Emerson Electric Co., Flowserve Corporation, Herose GmbH, INOX India Pvt. Ltd, Linde Plc, Parker-Hannifin Corporation, Wessington Cryogenics, among many others. In November 2024, INOX India Ltd (INOXCVA) secured a contract from Highview Power, UK, to supply 5 high-pressure vacuum insulated cryogenic tanks for a Liquid Air Energy Storage (LAES) project in Carrington, Manchester, UK.

Global Cryogenic Equipment Market Segmentation Coverage

• On the basis of the equipment, the market has been categorized into tanks, pumps, heat exchanger, valves, and others, wherein tanks represent the leading segment, driven by their essential role in storing and transporting cryogenic gases like liquid oxygen, nitrogen, and LNG. Their widespread use across industries such as healthcare, energy, and manufacturing underscores their importance, with advancements in vacuum insulation technology further enhancing efficiency and demand globally.
• Based on the cryogen, the market is classified into nitrogen, liquified natural gas, helium, and others, amongst which liquified natural gas dominates the market, due to its critical role in energy storage, transportation, and power generation. The growing adoption of LNG as a cleaner energy source and increasing global trade have significantly boosted demand for cryogenic equipment, particularly storage tanks and transportation systems, supporting the sector's growth.
• On the basis of the application, the market has been divided into storage, transportation, processing, and others. Among these, storage accounts for the majority of the market share, driven by the critical need for safely maintaining cryogenic gases like LNG, liquid oxygen, and nitrogen. Applications of advanced storage solutions across sectors such as healthcare, energy, and manufacturing industries further increase the internal efficiency, safety, and regulatory compliance, driving the global cryogenic storage demand.
• Based on the end use industry, the market is segregated into oil and gas, energy and power, food and beverages, healthcare, marine and aerospace, chemicals, and others. Among these, chemicals accounts for the majority of the market share, driven by its extensive use of cryogenic gases for processes like chemical synthesis, separation, and cooling. The industry's reliance on advanced cryogenic storage and handling solutions ensures efficiency, safety, and product quality, solidifying its dominance in the market's application landscape.
   

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