Cryogenic Equipment Market Insights: Size, Share, Growth Analysis & Forecast (2024-2029) 

The market report provided a comprehensive analysis segmented by Product (Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, Others); by End User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Electronics, Pharmaceutical, Food & Beverage, Automotive, Others); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).

Outlook 

• The cryogenic equipment market is estimated to be at USD 24,592.19 Mn in 2025 and is anticipated to reach USD 32,840.62 Mn in 2030. 

• The cryogenic equipment market is registering a CAGR of 5.96% during the forecast period 2025-2030. 

• The global cryogenic equipment market is experiencing significant growth due to increasing demand in various industries, such as energy, healthcare, electronics, and food preservation. Technological innovations in storage and transportation equipment also drive the market’s growth, making processes safer and more efficient. 

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Ecosystem 

• The participants in the global cryogenic equipment industry are always developing their strategies to preserve a competitive advantage. 

• These companies offer innovative cryogenic storage, processing, transportation solutions, acquisitions, R&D, partnerships, and technological launches. 

• Several important entities in the cryogenic equipment market include Chart Industries, Inc.; Cryofab, Inc.; Linde Plc; Sumitomo Heavy Industries, Ltd.; Nikkiso Co., Ltd.; and others. 

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Findings 

Attributes	Values
Historical Period	2019-2023
Base Year	2024
Forecast Period	2025-2030
Market Size (2025)	USD 24,592.19 Mn
Market Size (2030)	USD 32,840.62 Mn
Growth Rate	5.96% CAGR from 2025 to 2030
Key Segments	Product (Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, Others); End User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Electronics, Pharmaceutical, Food & Beverage, Automotive, Others); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa)
Key Vendors	Chart Industries, Inc.; Cryofab, Inc.; Linde Plc; Sumitomo Heavy Industries, Ltd.; Nikkiso Co., Ltd.
Key Countries	The US; Canada; Mexico; Brazil; Argentina; Colombia; China; India; Japan; The UK; Germany; France; UAE; Saudi Arabia; Egypt; South Africa
Largest Market	Asia Pacific

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Trends  

• Integration of Hybrid Cryogenic Systems: The integration of hybrid cryogenic systems, which combine traditional cryogenic technologies with renewable energy sources, is gaining traction. These systems are being explored to reduce energy consumption and improve sustainability in industries such as LNG and healthcare. 

• Advancements of Aerogels and Vacuum-insulated Panels in Cryogenic Material Science: Material science advancements enhance cryogenic equipment’s efficiency through better insulation and durability. Innovations like aerogels and vacuum-insulated panels improve thermal management in extreme conditions. In 2022, NASA announced new cryogenic insulation materials, showcasing improved performance in extreme temperatures for space missions. 

• Automation of Robotics and AI in Cryogenic Operations: Automation technologies like robotics and Artificial Intelligence enhance precision and safety in cryogenic processes. Automated systems reduce human intervention in hazardous environments, improving safety and efficiency. In healthcare, AI-driven cryogenic storage systems manage sensitive biological samples, optimizing processes while ensuring safety. 

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Catalysts 

• Growth in LNG Infrastructure: The increasing use of LNG as a cleaner energy source drives the demand for cryogenic storage and transportation equipment. Countries are ramping up investments in LNG infrastructure to support the transition to cleaner energy. In 2023, Australia and the U.S. announced expansions of liquefied natural gas (LNG) terminals, bolstering the need for cryogenic storage tanks and systems. 

• Rapid Industrialization in Emerging Economies: Industrial growth in emerging economies is a key driver for cryogenic equipment, as sectors like metallurgy, chemicals, and electronics rely heavily on cryogenic systems. In 2023, India and China expanded their industrial gas processing facilities, increasing the demand for domestic and export cryogenic equipment. 

• Expansion of the Healthcare Sector: The increasing demand for cryogenic equipment in healthcare is driven by its critical role in preserving biological materials at ultra-low temperatures and ensuring the viability of cells, blood components, and vaccines for extended periods. As the healthcare sector continues to innovate, the reliance on advanced cryogenic solutions is expected to grow significantly. 

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Restraints 

• High Initial Costs: Installing cryogenic equipment remains a significant barrier for small and medium-sized enterprises (SMEs). The equipment requires substantial capital investment and ongoing maintenance, which can strain smaller operations’ budgets. 

• Supply Chain Disruptions: Geopolitical tensions have significantly disrupted the global supply chain for cryogenic equipment components, leading to prolonged delays in the production and shipment of critical items such as cryogenic valves, tanks, and sensors. These disruptions have increased lead times and costs for manufacturers, hampering their ability to scale operations and meet the surging demand driven by sectors like healthcare and aerospace. 

• Environmental and Safety Concerns: Cryogenic systems, especially those using liquefied natural gas (LNG), have faced scrutiny due to their greenhouse gas emissions, raising significant environmental concerns. In response, the European Union has introduced strict regulations, including the EU Emissions Trading System (ETS) and the Green Deal, which aim to reduce carbon footprints across multiple sectors, potentially hindering market growth. 

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Table of Contents 

1.       Introduction         1.1.    Research Methodology         1.2.    Scope of the Study  2.       Market Overview / Executive Summary         2.1.    Global Cryogenic Equipment Market (2019 – 2023)         2.2.    Global Cryogenic Equipment Market (2024 – 2030)  3.       Market Segmentation         3.1.    Global Cryogenic Equipment Market by Product                3.1.1.    Tank                3.1.2.    Valve                3.1.3.    Vaporizer                3.1.4.    Pump                3.1.5.    Actuator                3.1.6.    Bayonet Connection                3.1.7.    Others         3.2.    Global Cryogenic Equipment Market by End User                3.2.1.    Oil & Gas                3.2.2.    Metallurgy                3.2.3.    Power Generation                3.2.4.    Chemical & Petrochemical                3.2.5.    Marine                3.2.6.    Electronics                3.2.7.    Pharmaceutical                3.2.8.    Food & Beverage                3.2.9.    Automotive                3.2.10.  Others  4.       Regional Segmentation         4.1.    North America                4.1.1.    The US                4.1.2.    Canada                4.1.3.    Mexico         4.2.    South America                4.2.1.    Brazil                4.2.2.    Argentina                4.2.3.    Colombia                4.2.4.    Rest of South America         4.3.    Asia Pacific                4.3.1.    China                4.3.2.    India                4.3.3.    Japan                4.3.4.    Rest of Asia Pacific         4.4.    Europe                4.4.1.    The UK                 4.4.2.    Germany                4.4.3.    France                4.4.4.    Rest of Europe         4.5.    The Middle East                4.5.1.    UAE                4.5.2.    Saudi Arabia                4.5.3.    Rest of the Middle East         4.6.    Africa                4.6.1.    Egypt                4.6.2.    South Africa                4.6.3.    Rest of Africa  5.       Value Chain Analysis of the Global Cryogenic Equipment Market  6.       Porter Five Forces Analysis         6.1.    Threats of New Entrants         6.2.    Threats of Substitutes         6.3.    Bargaining Power of Buyers         6.4.    Bargaining Power of Suppliers         6.5.    Competition in the Industry  7.       Trends, Drivers and Challenges Analysis         7.1.    Market Trends         7.1.1.    Market Trend 1         7.1.2.    Market Trend 2         7.1.3.    Market Trend 3         7.2.    Market Drivers         7.2.1.    Market Driver 1         7.2.2.    Market Driver 2         7.2.3.    Market Driver 3         7.3.    Market Challenges         7.3.1.    Market Challenge 1         7.3.2.    Market Challenge 2         7.3.3.    Market Challenge 3  8.       Opportunities Analysis         8.1.    Market Opportunity 1         8.2.    Market Opportunity 2         8.3.    Market Opportunity 3  9.       Competitive Landscape         9.1.    Chart Industries, Inc.         9.2.    Cryofab, Inc.         9.3.    Linde Plc         9.4.    Sumitomo Heavy Industries, Ltd.         9.5.    Nikkiso Co., Ltd.         9.6.    Company 6         9.7.    Company 7         9.8.    Company 8         9.9.    Company 9         9.10.  Company 10

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Cryogenic Equipment Market – FAQs 

1.  What is the current size of the cryogenic equipment market? 

Ans. In 2025, the cryogenic equipment market size is USD 24,592.19 Mn. 

2.  Who are the major vendors in the cryogenic equipment market?  

Ans. The major vendors in the cryogenic equipment market are Chart Industries, Inc.; Cryofab, Inc.; Linde Plc; Sumitomo Heavy Industries, Ltd.; Nikkiso Co., Ltd. 

3.  Which segments are covered under the cryogenic equipment market segments analysis?  

Ans. The cryogenic equipment market report offers in-depth insights into Product, End User, and Geography.