The cryogenic equipment market size has grown strongly in recent years. It will grow from $21.14 billion in 2024 to $22.91 billion in 2025 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increased industrial gas demand, increased need for energy storage and distribution, healthcare and medical applications, space exploration, and energy efficiency.
The cryogenic equipment market size is expected to see strong growth in the next few years. It will grow to $33.13 billion in 2029 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to growing need for electronics manufacturing, food and beverage industry, increasing aerospace and defense needs, renewable energy storage, and environmental sustainability. Major trends in the forecast period include hydrogen economy development, biotechnology and medical advances, cryogenic cooling solutions for semiconductor manufacturing processes, use of cryogenic systems for food freezing and preservation, and cryopreservation and stem cell banking.
The rising demand for liquefied natural gas (LNG) is anticipated to drive growth in the cryogenic equipment market. Liquefied natural gas is produced by cooling natural gas to a liquid state at -260 degrees Fahrenheit and is utilized in various everyday activities, including cooking, electricity generation, home heating, and fertilizer manufacturing. The growing demand for LNG is fueled by increasing needs from both domestic and industrial users, as well as the ongoing transition from coal to natural gas for electricity generation. Cryogenic equipment facilitates the transportation of liquefied natural gas through storage tanks, vaporizers, and containers. According to EIN Presswire, a U.S.-based press release distribution company, the global cryogenic equipment market, valued at $19.9 billion in 2022, is expected to reach $39 billion by 2032, growing at an annual rate of 7%. This growth is driven by rising natural gas consumption, the demand for clean energy technologies, and the increasing use of cryogenic equipment in sectors such as aerospace, automotive, and healthcare, despite challenges like high costs and safety concerns.
The cryogenic equipment market is witnessing significant growth due to the rise in demand for LNG, a form of natural gas cooled to a liquid state for safe and efficient transportation. Cryogenic equipment and tanks are essential for storing and transporting LNG, contributing to the expansion of the cryogenic equipment market. An example of this demand surge is evident in the International Energy Agency's data, indicating a remarkable 63% increase in LNG cargo shipped to Europe in 2022. This trend underscores the vital role of cryogenic equipment in supporting the growing demand for LNG and its subsequent impact on the cryogenic equipment market.
Technological advancements stand out as a prominent trend in the cryogenic equipment market. Companies operating in this sector are actively investing in developing innovative technologies to enhance their product offerings. An illustrative instance is the introduction of Cryo Store Pico by Azenta, a US-based biotech company, in February 2023. Cryo Store Pico is designed for the long-term preservation of high-value biological samples at an ultra-low temperature of -190°C. This technology integrates automated sample storage and retrieval methods, minimizing the risk of human errors and optimizing productivity in cryogenic sample storage. This emphasis on technological advancement reflects the commitment of companies to deliver state-of-the-art cryogenic solutions to meet evolving customer needs in the market.
Major players in the cryogenic equipment market are actively engaged in innovation, exemplified by the introduction of groundbreaking products like the Cryo-Blade. Launched by Cole-Parmer Instrument Company in May 2023, the Cryo-Blade stands out as a powerful cryogenic grinder designed for sample processing in various scientific and research applications. This cutting-edge tool leverages cryogenic temperature control along with efficient grinding capabilities to enable the pulverization of samples for further analysis. The Cryo-Blade provides researchers with a controlled and automated solution for cryogenic sample preparation and processing, enhancing the reliability and effectiveness of this crucial step in scientific investigations. With its high processing capacity and versatile application, the Cryo-Blade has become an essential instrument in laboratories and research institutions, reflecting the commitment of companies to innovation and advancement in the cryogenic equipment market.
In March 2023, Chart Industries, a U.S.-based manufacturer of highly engineered equipment serving various applications in the clean energy and industrial gas markets, acquired Howden for $4.4 billion. This acquisition aimed to enhance Chart Industries' technological capabilities and expand its portfolio in cryogenic and energy transition technologies, with a particular emphasis on hydrogen and LNG applications. Howden is a UK-based manufacturer of engineering equipment.
Major companies operating in the cryogenic equipment market include Air Liquide S.A., Beijing Tianhai Industry Co. Ltd., Chart Industries Inc., Emerson Electric Co., Flowserve Corporation, Herose GmbH, Inoxca India Ltd., Linde plc, Taylor Wharton International LLC, Wessington Cryogenics Ltd., ACME Cryogenics Inc., Graham Partners Inc., Honeywell International Inc., McDermott International Inc., Nikkiso Cryo Inc., Sumitomo Heavy Industries Ltd., Parker Hannifin Corporation, SHI Cryogenics Group, Sulzer Ltd., PHPK Technologies, INOX India Pvt. Ltd., Fives SAS, Cryofab Inc., Shell-n-Tube Pvt. Ltd., Canadian Nuclear Laboratories, CCH Equipment Company, Chase Research Cryogenics Ltd., Clark Industries Inc.
Cryogenic equipment encompasses tools designed for the production and handling of substances at extremely low temperatures. This equipment finds application in various fields, including the storage and transportation of liquefied gases, food preservation, cryosurgery, and the operation of superconducting electromagnets.
The primary categories of cryogenic equipment include tanks, valves, vaporizers, pumps, and other specialized equipment. Cryogenic tanks, for instance, are well-suited for the storage of large quantities of gases in liquid form, such as liquid oxygen, nitrogen, argon, carbon dioxide, LNG, LPG, and liquid hydrogen. Various cryogens, including nitrogen, argon, oxygen, LNG, hydrogen, helium, and others, are utilized in cryogenic equipment. This equipment serves diverse purposes, including storage, transportation, and processing, and is employed by different industries such as energy and power, chemicals, metallurgy, electronics, shipping, and others.
The cryogenic equipment market research report is one of a series of new reports that provides cryogenic equipment market statistics, including cryogenic equipment industry global market size, regional shares, competitors with a cryogenic equipment market share, detailed cryogenic equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cryogenic equipment industry. This cryogenic equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Asia-Pacific was the largest region in the cryogenic equipment market in 2024. The regions covered in the cryogenic equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the cryogenic equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The cryogenic equipment market consists of sale of cryogenic storage racks and boxes, cryogenic refrigerators, temperature controllers, cryogenies accessories and cryogenic tanks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The cryogenic equipment market size is expected to see strong growth in the next few years. It will grow to $33.13 billion in 2029 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to growing need for electronics manufacturing, food and beverage industry, increasing aerospace and defense needs, renewable energy storage, and environmental sustainability. Major trends in the forecast period include hydrogen economy development, biotechnology and medical advances, cryogenic cooling solutions for semiconductor manufacturing processes, use of cryogenic systems for food freezing and preservation, and cryopreservation and stem cell banking.
The rising demand for liquefied natural gas (LNG) is anticipated to drive growth in the cryogenic equipment market. Liquefied natural gas is produced by cooling natural gas to a liquid state at -260 degrees Fahrenheit and is utilized in various everyday activities, including cooking, electricity generation, home heating, and fertilizer manufacturing. The growing demand for LNG is fueled by increasing needs from both domestic and industrial users, as well as the ongoing transition from coal to natural gas for electricity generation. Cryogenic equipment facilitates the transportation of liquefied natural gas through storage tanks, vaporizers, and containers. According to EIN Presswire, a U.S.-based press release distribution company, the global cryogenic equipment market, valued at $19.9 billion in 2022, is expected to reach $39 billion by 2032, growing at an annual rate of 7%. This growth is driven by rising natural gas consumption, the demand for clean energy technologies, and the increasing use of cryogenic equipment in sectors such as aerospace, automotive, and healthcare, despite challenges like high costs and safety concerns.
The cryogenic equipment market is witnessing significant growth due to the rise in demand for LNG, a form of natural gas cooled to a liquid state for safe and efficient transportation. Cryogenic equipment and tanks are essential for storing and transporting LNG, contributing to the expansion of the cryogenic equipment market. An example of this demand surge is evident in the International Energy Agency's data, indicating a remarkable 63% increase in LNG cargo shipped to Europe in 2022. This trend underscores the vital role of cryogenic equipment in supporting the growing demand for LNG and its subsequent impact on the cryogenic equipment market.
Technological advancements stand out as a prominent trend in the cryogenic equipment market. Companies operating in this sector are actively investing in developing innovative technologies to enhance their product offerings. An illustrative instance is the introduction of Cryo Store Pico by Azenta, a US-based biotech company, in February 2023. Cryo Store Pico is designed for the long-term preservation of high-value biological samples at an ultra-low temperature of -190°C. This technology integrates automated sample storage and retrieval methods, minimizing the risk of human errors and optimizing productivity in cryogenic sample storage. This emphasis on technological advancement reflects the commitment of companies to deliver state-of-the-art cryogenic solutions to meet evolving customer needs in the market.
Major players in the cryogenic equipment market are actively engaged in innovation, exemplified by the introduction of groundbreaking products like the Cryo-Blade. Launched by Cole-Parmer Instrument Company in May 2023, the Cryo-Blade stands out as a powerful cryogenic grinder designed for sample processing in various scientific and research applications. This cutting-edge tool leverages cryogenic temperature control along with efficient grinding capabilities to enable the pulverization of samples for further analysis. The Cryo-Blade provides researchers with a controlled and automated solution for cryogenic sample preparation and processing, enhancing the reliability and effectiveness of this crucial step in scientific investigations. With its high processing capacity and versatile application, the Cryo-Blade has become an essential instrument in laboratories and research institutions, reflecting the commitment of companies to innovation and advancement in the cryogenic equipment market.
In March 2023, Chart Industries, a U.S.-based manufacturer of highly engineered equipment serving various applications in the clean energy and industrial gas markets, acquired Howden for $4.4 billion. This acquisition aimed to enhance Chart Industries' technological capabilities and expand its portfolio in cryogenic and energy transition technologies, with a particular emphasis on hydrogen and LNG applications. Howden is a UK-based manufacturer of engineering equipment.
Major companies operating in the cryogenic equipment market include Air Liquide S.A., Beijing Tianhai Industry Co. Ltd., Chart Industries Inc., Emerson Electric Co., Flowserve Corporation, Herose GmbH, Inoxca India Ltd., Linde plc, Taylor Wharton International LLC, Wessington Cryogenics Ltd., ACME Cryogenics Inc., Graham Partners Inc., Honeywell International Inc., McDermott International Inc., Nikkiso Cryo Inc., Sumitomo Heavy Industries Ltd., Parker Hannifin Corporation, SHI Cryogenics Group, Sulzer Ltd., PHPK Technologies, INOX India Pvt. Ltd., Fives SAS, Cryofab Inc., Shell-n-Tube Pvt. Ltd., Canadian Nuclear Laboratories, CCH Equipment Company, Chase Research Cryogenics Ltd., Clark Industries Inc.
Cryogenic equipment encompasses tools designed for the production and handling of substances at extremely low temperatures. This equipment finds application in various fields, including the storage and transportation of liquefied gases, food preservation, cryosurgery, and the operation of superconducting electromagnets.
The primary categories of cryogenic equipment include tanks, valves, vaporizers, pumps, and other specialized equipment. Cryogenic tanks, for instance, are well-suited for the storage of large quantities of gases in liquid form, such as liquid oxygen, nitrogen, argon, carbon dioxide, LNG, LPG, and liquid hydrogen. Various cryogens, including nitrogen, argon, oxygen, LNG, hydrogen, helium, and others, are utilized in cryogenic equipment. This equipment serves diverse purposes, including storage, transportation, and processing, and is employed by different industries such as energy and power, chemicals, metallurgy, electronics, shipping, and others.
The cryogenic equipment market research report is one of a series of new reports that provides cryogenic equipment market statistics, including cryogenic equipment industry global market size, regional shares, competitors with a cryogenic equipment market share, detailed cryogenic equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cryogenic equipment industry. This cryogenic equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Asia-Pacific was the largest region in the cryogenic equipment market in 2024. The regions covered in the cryogenic equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the cryogenic equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The cryogenic equipment market consists of sale of cryogenic storage racks and boxes, cryogenic refrigerators, temperature controllers, cryogenies accessories and cryogenic tanks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Cryogenic Equipment Market Characteristics3. Cryogenic Equipment Market Trends And Strategies4. Cryogenic Equipment Market - Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics And Covid And Recovery On The Market32. Global Cryogenic Equipment Market Competitive Benchmarking And Dashboard33. Key Mergers And Acquisitions In The Cryogenic Equipment Market34. Recent Developments In The Cryogenic Equipment Market
5. Global Cryogenic Equipment Growth Analysis And Strategic Analysis Framework
6. Cryogenic Equipment Market Segmentation
7. Cryogenic Equipment Market Regional And Country Analysis
8. Asia-Pacific Cryogenic Equipment Market
9. China Cryogenic Equipment Market
10. India Cryogenic Equipment Market
11. Japan Cryogenic Equipment Market
12. Australia Cryogenic Equipment Market
13. Indonesia Cryogenic Equipment Market
14. South Korea Cryogenic Equipment Market
15. Western Europe Cryogenic Equipment Market
16. UK Cryogenic Equipment Market
17. Germany Cryogenic Equipment Market
18. France Cryogenic Equipment Market
19. Italy Cryogenic Equipment Market
20. Spain Cryogenic Equipment Market
21. Eastern Europe Cryogenic Equipment Market
22. Russia Cryogenic Equipment Market
23. North America Cryogenic Equipment Market
24. USA Cryogenic Equipment Market
25. Canada Cryogenic Equipment Market
26. South America Cryogenic Equipment Market
27. Brazil Cryogenic Equipment Market
28. Middle East Cryogenic Equipment Market
29. Africa Cryogenic Equipment Market
30. Cryogenic Equipment Market Competitive Landscape And Company Profiles
31. Cryogenic Equipment Market Other Major And Innovative Companies
35. Cryogenic Equipment Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Cryogenic Equipment Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on cryogenic equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for cryogenic equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cryogenic equipment market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Equipment: Tanks; Valves; Vaporizers; Pumps; Other Equipment2) By Cryogen: Nitrogen; Argon; Oxygen; LNG; Hydrogen; Helium; Other Cryogens
3) By Application: Storage; Transportation; Processing; Other Applications
4) By End-User: Energy And Power; Chemicals; Metallurgy; Electronics; Shipping; Other End Users
Subsegments:
1) By Tanks: Vertical Tanks; Horizontal Tanks; Cryogenic Storage Tanks2) By Valves: Cryogenic Globe Valves; Cryogenic Gate Valves; Cryogenic Check Valves; Cryogenic Ball Valves
3) By Vaporizers: Ambient Vaporizers; Heated Vaporizers; Steam Vaporizers
4) By Pumps: Cryogenic Centrifugal Pumps; Cryogenic Positive Displacement Pumps; Submersible Cryogenic Pumps
5) By Other Equipment: Transfer Hoses; Safety Equipment; Pressure Regulators; Insulation Materials
Key Companies Mentioned: Air Liquide S.A.; Beijing Tianhai Industry Co. Ltd.; Chart Industries Inc.; Emerson Electric Co.; Flowserve Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Air Liquide S.A.
- Beijing Tianhai Industry Co. Ltd.
- Chart Industries Inc.
- Emerson Electric Co.
- Flowserve Corporation
- Herose GmbH
- Inoxca India Ltd.
- Linde plc
- Taylor Wharton International LLC
- Wessington Cryogenics Ltd.
- ACME Cryogenics Inc.
- Graham Partners Inc.
- Honeywell International Inc.
- McDermott International Inc.
- Nikkiso Cryo Inc.
- Sumitomo Heavy Industries Ltd.
- Parker Hannifin Corporation
- SHI Cryogenics Group
- Sulzer Ltd.
- PHPK Technologies
- INOX India Pvt. Ltd.
- Fives SAS
- Cryofab Inc.
- Shell-n-Tube Pvt. Ltd.
- Canadian Nuclear Laboratories
- CCH Equipment Company
- Chase Research Cryogenics Ltd.
- Clark Industries Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 22.91 Billion |
| Forecasted Market Value ( USD | $ 33.13 Billion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 28 |
