The Cryogenic Equipment Market is expected to reach US$ 40.7 Billion by 2033 from US$ 22.65 Billion in 2024, with a CAGR of 6.73% from 2025 to 2033. Some of the factors driving the market include the extensive use of cutting-edge technology, the increasing demand for products in the healthcare sector for a number of applications, the expanding use of products in different food processing applications, and the growing use of renewable energy sources.
The growing demand for liquefied natural gas (LNG) as a cleaner energy source, bolstered by the nation's abundant natural gas supply, is driving the cryogenic equipment industry in the United States. For example, Freeport LNG in Texas announced in January 2025 that it had shipped its 800th liquefied natural gas cargo since it started operations. Notable client JERA also revealed that it would be increasing its infrastructure support and investment in the growing LNG project. A major factor is the expansion of healthcare applications such as medicinal gas storage, cryopreservation, and cryotherapy. Demand is further accelerated by the growth of hydrogen-based energy systems brought on by the decarbonization movement. Cryogenic technologies are used in the defense and aerospace industries for material testing and propulsion. The market is growing as a result of improvements in cryogenic technologies for efficiency and safety as well as rising industrial gas use in metal processing, electronics manufacturing, and food preservation.
Cryogenic Equipment Industry Overview
The growing need for industrial gases in industries like electronics, metallurgy, and food processing, as well as the growing demand for LNG as a cleaner energy source, are the main factors propelling the growth of the cryogenic equipment market. The IEA report predicts that the world's gas demand will rise by more than 2.5 percent annually to a record 4,200 bcm in 2024. However, due to project delays and geopolitical problems, the growth of LNG supply was just 2% in Q1-Q3 2024. The need for cryogenic systems is greatly increased by the growth of healthcare applications such as cryotherapy and cryopreservation. Global adoption of hydrogen-based technologies and renewable energy sources is driving market expansion since these industries need cutting-edge cryogenic storage and transportation solutions. Key factors propelling the market ahead include ongoing technological advancements, growing spending in space exploration, and strict environmental rules encouraging the adoption of renewable energy.The growing demand for liquefied natural gas (LNG) as a cleaner energy source, bolstered by the nation's abundant natural gas supply, is driving the cryogenic equipment industry in the United States. For example, Freeport LNG in Texas announced in January 2025 that it had shipped its 800th liquefied natural gas cargo since it started operations. Notable client JERA also revealed that it would be increasing its infrastructure support and investment in the growing LNG project. A major factor is the expansion of healthcare applications such as medicinal gas storage, cryopreservation, and cryotherapy. Demand is further accelerated by the growth of hydrogen-based energy systems brought on by the decarbonization movement. Cryogenic technologies are used in the defense and aerospace industries for material testing and propulsion. The market is growing as a result of improvements in cryogenic technologies for efficiency and safety as well as rising industrial gas use in metal processing, electronics manufacturing, and food preservation.
Key Factors Driving the Cryogenic Equipment Market Growth
Growing Demand for Liquefied Natural Gas (LNG)
The increasing global shift toward cleaner and more sustainable energy sources is a major driver for the cryogenic equipment market. LNG has emerged as a preferred alternative to coal and oil due to its lower carbon emissions. The expansion of LNG infrastructure - including production plants, storage terminals, and transportation networks - requires advanced cryogenic systems to handle low-temperature liquefied gases efficiently. Governments and private energy companies are investing heavily in LNG facilities to meet growing energy demand while adhering to emission reduction targets. Technological advancements in insulation and temperature management have made cryogenic systems more reliable and cost-efficient for LNG applications. Additionally, rising LNG exports from leading producers are driving demand for large-scale storage tanks, transfer pipelines, and marine transport systems, making this sector a key growth contributor.Expansion of Healthcare and Biotechnology Applications
The healthcare and biotechnology sectors are significantly contributing to the demand for cryogenic equipment. Cryogenic systems are essential for preserving biological samples, cells, vaccines, and genetic materials at ultra-low temperatures. With growing investments in biomedical research, regenerative medicine, and vaccine production, the need for reliable cryogenic storage is expanding. Hospitals, research laboratories, and biopharmaceutical manufacturers rely on cryogenic containers and refrigerators for long-term sample stability. The recent advancements in gene therapy, tissue engineering, and personalized medicine further increase the demand for temperature-controlled environments. Moreover, the growing adoption of cryosurgery for minimally invasive medical treatments is supporting market growth. As healthcare infrastructure strengthens and R&D activities expand globally, the use of cryogenic systems in medical and pharmaceutical applications is expected to rise steadily.Technological Advancements and Industrial Expansion
Rapid innovation in cryogenic technology is enhancing system performance, efficiency, and safety across industries. The integration of automation, IoT-based monitoring, and advanced insulation materials is transforming cryogenic operations. Industries such as metallurgy, chemical processing, and electronics rely heavily on cryogenic systems for processes like metal treatment, gas separation, and semiconductor fabrication. With growing industrialization and technological progress, the need for high-performance cryogenic components - including pumps, vaporizers, and transfer lines - is increasing. Additionally, developments in superconductivity and space exploration demand precise temperature control, boosting adoption of advanced cryogenic systems. Continuous research efforts in improving energy efficiency and reducing operational risks are also driving market innovation. As industries strive for greater productivity and environmental compliance, technologically advanced cryogenic equipment is becoming indispensable.Challenges in the Cryogenic Equipment Market
High Installation and Maintenance Costs
One of the major challenges in the cryogenic equipment market is the high cost associated with installation, operation, and maintenance. Cryogenic systems require advanced materials, precision engineering, and specialized components to ensure safe and reliable performance at extremely low temperatures. The initial capital investment for storage tanks, transfer pipelines, and control systems can be substantial. Furthermore, the need for skilled technicians and regular maintenance adds to operational expenses. Equipment insulation and performance monitoring require periodic upgrades to prevent gas leakage and temperature fluctuations. Small and medium enterprises often find these costs restrictive, limiting widespread adoption. While technological innovations are gradually improving cost efficiency, affordability remains a concern for developing regions. The high-cost barrier may slow down market penetration, especially in industries with limited financial resources or lower production scales.Stringent Safety Regulations and Technical Complexities
Cryogenic operations involve handling liquefied gases at extremely low temperatures, posing significant safety risks if not managed properly. Strict regulations govern the design, installation, and operation of cryogenic equipment to prevent accidents and environmental hazards. Compliance with safety standards across different regions increases administrative and operational complexity. Additionally, system failures, insulation breaches, or improper maintenance can result in severe damage and financial losses. Manufacturers must continually update equipment to meet evolving safety norms and testing requirements. The technical expertise required for system integration and monitoring can further complicate adoption, particularly in emerging markets. Ensuring operator safety, maintaining quality assurance, and managing temperature-sensitive processes remain major challenges. As global industries expand, balancing regulatory compliance with operational efficiency will be critical to sustaining long-term growth in the cryogenic equipment sector.Cryogenic Equipment Market Overview by Regions
Regional growth varies, with North America leading through LNG expansion, Europe emphasizing sustainability and industrial gases, Asia-Pacific driving rapid industrial adoption, and the Middle East investing heavily in cryogenic infrastructure for energy diversification. The following provides a market overview by region:United States Cryogenic Equipment Market
The United States cryogenic equipment market is growing steadily, supported by strong demand for LNG, industrial gases, and biomedical applications. The country’s energy sector is investing heavily in natural gas liquefaction and storage infrastructure, boosting demand for advanced cryogenic systems. Additionally, the healthcare and biotechnology industries rely on cryogenic technologies for vaccine storage, cryopreservation, and research activities. The presence of leading manufacturers, combined with ongoing R&D investments, fosters innovation in temperature control and automation. Environmental regulations promoting clean energy and emission reduction are further propelling the use of cryogenic solutions in fuel and power generation. With technological advancements in materials and insulation, U.S. manufacturers are developing more efficient and safe equipment. The country’s diversified industrial base and growing export capacity make it a key contributor to global market expansion.United Kingdom Cryogenic Equipment Market
The United Kingdom cryogenic equipment market is witnessing steady growth, driven by the transition toward clean energy, healthcare advancements, and industrial innovation. Increasing adoption of LNG as an alternative fuel supports infrastructure development for liquefaction, storage, and distribution. The healthcare and life sciences sectors contribute significantly through demand for ultra-low temperature storage systems for biological samples, vaccines, and genetic materials. Technological integration and the rise of automation are improving efficiency and operational safety across cryogenic systems. Furthermore, strong environmental regulations and sustainability goals are encouraging investment in energy-efficient cryogenic solutions. The UK’s commitment to decarbonization and hydrogen energy projects also strengthens market potential. Collaborative R&D initiatives between research institutions and manufacturers are driving innovation. As a result, the UK market continues to evolve toward sustainable, high-performance cryogenic technologies.China Cryogenic Equipment Market
China’s cryogenic equipment market is expanding rapidly, fueled by industrial growth, clean energy transition, and large-scale infrastructure investments. The country’s focus on developing LNG terminals, pipelines, and storage facilities is significantly increasing demand for cryogenic systems. Additionally, the healthcare and electronics sectors rely on cryogenic equipment for precision manufacturing, semiconductor fabrication, and biological research. Government initiatives promoting low-carbon energy solutions and hydrogen technologies further stimulate market development. Domestic manufacturers are advancing capabilities in design and production, making China a leading supplier in the global market. Rapid industrialization and urbanization continue to create opportunities across sectors such as metallurgy, chemicals, and power generation. With strong policy support and technological progress, China’s cryogenic equipment market is set to experience sustained growth, catering to both domestic demand and international exports.United Arab Emirates Cryogenic Equipment Market
The United Arab Emirates cryogenic equipment market is growing due to increasing investments in LNG infrastructure, hydrogen projects, and industrial gas production. The country’s strategic focus on energy diversification and sustainable technologies is driving the adoption of advanced cryogenic systems. Expanding healthcare and research sectors also contribute to rising demand for ultra-low temperature storage and laboratory applications. Partnerships with international manufacturers are enhancing local production and technical expertise. Furthermore, the UAE’s strong emphasis on clean energy initiatives, including green hydrogen and LNG exports, supports market development. The establishment of specialized industrial zones and logistics hubs ensures efficient deployment of cryogenic technologies. With continuous investment in energy efficiency, safety, and innovation, the UAE market is evolving as a regional hub for high-performance cryogenic solutions serving the Middle East and beyond.Recent Developments in Cryogenic Equipment Industry
- The Inox India declared in November 2024 that they will provide Highview Power with five cryogenic, customized tanks for the Liquid Air Energy Storage (LAES) project in Manchester, UK. It will be the first LAES contract for INOX India. By supporting a 300 MWh storage facility, these tanks will facilitate the UK's transition to cleaner energy.
- In September 2024, Air Products successfully sold its LNG process technology and equipment division to Honeywell for USD 1.81 billion. For Air Products, the divestment is a calculated move toward a greater emphasis on clean hydrogen and industrial gases. Honeywell acquired all of the company's assets, intellectual property, manufacturing capacity, and roughly 475 workers.
Market Segmentations
Equipment
- Tanks
- Pumps
- Heat Exchanger
- Valves
- Others
Cryogen
- Nitrogen
- Liquified Natural Gas
- Helium
- Others
Application
- Storage
- Transportation
- Processing
- Others
End Use
- Oil and Gas
- Energy and Power
- Food and Beverages
- Healthcare
- Marine and Aerospace
- Chemicals
- Others
Regional Outlook
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
All the Key players have been covered
- Overviews
- Key Persons
- Recent Developments
- SWOT Analysis
- Revenue Analysis
Company Analysis:
- Air Liquide S.A.
- Flowserve Corporation
- Herose GmbH
- INOX India Pvt. Ltd.
- Linde Plc
- Air Products and Chemicals Inc.
- Chart Industries Inc.
- Emerson Electric Co.
- Cryofab Inc.
- Cryoquip LLC (Nikkiso Co. Ltd.)
Table of Contents
1. Introduction3. Executive Summary12. Value Chain Analysis
2. Research & Methodology
4. Market Dynamics
5. Global Cryogenic Equipment Market
6. Market Share Analysis
7. Equipment
8. Cryogen
9. Application
10. End Use
11. Countries
13. Porter's Five Forces Analysis
14. SWOT Analysis
15. Pricing Benchmark Analysis
16. Key Players Analysis
Companies Mentioned
- Air Liquide S.A.
- Flowserve Corporation
- Herose GmbH
- INOX India Pvt. Ltd.
- Linde Plc
- Air Products and Chemicals Inc.
- Chart Industries Inc.
- Emerson Electric Co.
- Cryofab Inc.
- Cryoquip LLC (Nikkiso Co. Ltd.)
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | September 2025 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 22.65 Billion |
| Forecasted Market Value ( USD | $ 40.7 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
