Cryogenic Equipment Market Size, Share, By Product Type (Tanks, Valves, Vaporizers, Pumps, and Others), Cryogen Type (Nitrogen, Oxygen, Liquefied Natural Gas, Argon, and Others), Application (Distribution and Storage), End User (Oil and Gas, Metallurgy, Automotive, Food and Beverage, Chemical, and Others), and Region - Trends, Analysis, and Forecast till 2035

• By 2035, the cryogenic equipment market size is contemplated to enlarge at a valuation of USD 24.0 Billion.
• In 2024, the valuation of the market was USD 12.4 Billion
• Target market is developing at a CAGR of 7.0%.

Machinery that runs at extremely low temperatures is known as cryogenic equipment.  It is employed in a wide range of sectors, including as energy, transportation, food processing, and medical. The advancements in technology, increasing demand by various industries, such as, healthcare, energy, renewable energy, and space exploration, focus on renewable energy, and growing research facilities are driving the cryogenic equipment market growth. Moreover, cryogenic equipment have rapid cooling capabilities, high efficiency in specific applications, precise temperature control, improved material properties through cryogenic treatment, and potential for environmentally friendly processes depending on the application are the factors further stimulating the market augmentation.

Impact of AI on Cryogenic Equipment Market:

• Through design, material selection, and predictive maintenance optimization, generative AI is revolutionizing the cryogenic equipment business.  AI-powered simulations increase productivity while cutting down on time and expense associated with prototyping.  AI-powered supply chain forecasting also enhances inventory control. In addition to increasing equipment dependability, generative AI stimulates innovation and market expansion by facilitating automated fault diagnosis and performance prediction.

Key Drivers of Target Market:

Rising Focus on Renewable Energy is Boosting the Market Expansion

Cryogenic technology makes it possible to store liquefied gases such as hydrogen and natural gas (LNG), which can be used to provide stable power during peak demand periods when renewable energy generation is low. This makes it an essential component of grid stabilization, and the focus on renewable energy, especially with intermittent sources such as solar and wind, drives the growth of the cryogenic equipment market by increasing the need for efficient energy storage solutions. Thus, scientists are coming up with new technologies to design eco-friendly or renewable and cost-effective designs to store high-power energy.

• For instance, in February 2025, the Solid State and Materials Research Group had come up with a lithium ion capacitor using electrodes produced from wood particles that were discarded as waste in sawmills. This biomass was readily available and sustainable, inexpensive processes had been used to produce electrodes. The results revealed that the materials derived from biomass have excellent properties for obtaining eco-friendly, cost-effective systems designed to store high-power energy.

Restraints:

Possible Safety Risks Faced are Hindering the Market Growth

The cryogenic equipment market has safety hazards since handling and storing materials at extremely low temperatures can result in accidents, spills, or system malfunctions. The possibility of structural damage is increased by the brittleness of the material at cryogenic temperatures. Strict safety laws can make the design and operation of equipment more difficult.

• Counterbalance Statements: Predictive maintenance powered by AI and sophisticated monitoring systems can improve safety and stop malfunctions. Equipment durability can be increased by using next-generation materials with greater cryogenic resilience.

Opportunities:

Increasing the Research and Development Activities Can Fuel Market Expansion in the Future

Increased research and development (R&D) activities in the cryogenic equipment market can support future growth by facilitating the development of more inventive, efficient, and cost-effective cryogenic technologies, which will ultimately lead to a wider adoption of cryogenic equipment. These developments will open up new applications across industries such as healthcare, energy, aerospace, and manufacturing.

• For instance, in December 2024, The University of Nottingham kicked off a USD 5.3 million program of research to support the development, manufacture, and testing of a revolutionary cryogenic hydrogen-electric propulsion system. The news was announced at the Farnborough International Airshow 2024 and was part of a pioneering USD 44 million project led by GKN Aerospace funded by the UK government's Aerospace Technology Institute program, in collaboration with Parker Meggitt and the universities of Manchester and Nottingham.

The cryogenic equipment market is segmented into product type, cryogen type, application, end-user, and region.

By Product Type

Based on product type the market is divided into tanks, valves, vaporizers, pumps, and others. The tanks segment is dominating the cryogenic equipment market share. This is due to the growing demand for tanks in many industries, it makes it easier to store and transport, it is used in power generation, marine transportation, and industrial purposes.

• For instance, in June 2024, Hypro, a leading provider of safe, reliable, and sophisticated liquid gas storage solutions, announced the launch of its latest cryogenic tanks. These advanced tanks were designed to store and transport liquid oxygen (O2), carbon dioxide (CO2), and nitrogen (N2), catering to a wide array of industrial needs across the globe.

By Cryogen Type

On the basis of cryogen type, the market is sub-segmented into nitrogen, oxygen, liquefied natural gas, argon, and others. The liquefied natural gas (LNG) segment is attributed to lead the market. This is due to its widespread adoption as a cleaner energy source, leading to high demand for storage and transportation equipment such as cryogenic tanks.

• For instance, in July 2024, Flowserve Corporation, a leading provider of flow control products and services for the global infrastructure markets, acquired the intellectual property and in-process R&D related to cryogenic Liquefied Natural Gas (LNG) submerged pump technology, systems, and packaging from NexGen Cryogenic Solutions, Inc. a privately held, Arizona-based company specialized in the engineering, design, and testing of LNG pumps and turbines.

Application

The market is bifurcated into distribution and storage, on the premise of application. The storage segment is expected to dominate the cryogenic equipment market as storing cryogenic gases such as LNG is crucial for efficient transportation and requires specialized cryogenic storage tanks, driving high demand for storage equipment across various industries.

End-User

By end-user, the market is classified into oil and gas, metallurgy, automotive, food and beverage, chemical, and others. The oil and gas industry holds the largest market share due to its heavy reliance on LNG, which requires specialized cryogenic equipment for storage, transportation, and regasification, as LNG needs to be cooled to extremely low temperatures.

• For instance, in January 2025, PSG, an operating company of Dover Corporation, announced that it had acquired Cryogenic Machinery Corp., a specialized designer and manufacturer of mission-critical cryogenic centrifugal pumps, mechanical seals and accessories serving customers in the industrial gas market and cryogenic applications, such as liquefied oxygen, argon, and nitrogen. Cryo-Mach’s products would expand PSG’s participation in the cryogenic end market.

Region

Geographically, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific: This is the region, which is ruling over the cryogenic equipment market, with an estimated share of 37%. This is due to this region’s rapid industrialization, high demand for liquefied natural gas, significant growth in the steel and chemical industries, and increasing focus on space exploration in this region.

• For instance, in November 2024, INOX India Ltd, one of the world's leading cryogenic technology solution providers, announced the securing of a significant contract from Highview Power, UK for its upcoming Liquid Air Energy Storage (LAES) facility. Under the contract, INOXCVA would supply 5 Vertical 690kl, high pressure EN Design Vacuum Insulated Cryogenic Tanks for the project. This contract marked INOXCVA's entry into the cutting-edge field of liquid air energy storage and represents the company's first order for a liquid air energy storage project.

Europe: Europe is expected to grow with the highest CAGR during the forecast period. This is due to its significant investments in the energy sector, increasing demand for LNG, along-side efforts to achieve net-zero emissions and modernization in sectors, such as healthcare which heavily utilizes cryogenic technologies.

• For instance, in March 2024, Air Products celebrated the launch of its new Freshline tunnel freezer. Designed with Air Products' extensive food freezing knowledge and manufactured in Europe with DSI's robust experience, Freshline was a new era of SMART Cryogenic Freezing. With a shared commitment to pushing the boundaries of cryogenic freezing, the companies eagerly anticipated introducing this efficient and high-performance freezer to the food industry.

Cryogenic Equipment Market Report Scope:

Segmentation:

By Product Type:

• Tanks
• Valves
• Vaporizers
• Pumps
• Others

By Cryogen Type:

• Nitrogen
• Oxygen
• Liquefied Natural Gas
• Argon
• Others

By Application:

• Distribution
• Storage

By End User:

• Oil and Gas
• Metallurgy
• Automotive
• Food and Beverage
• Chemical
• Others

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • Malaysia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of the Middle East & Africa

The companies operating in the market are Linde PLC, Chart Industries, Air Liquide Advanced Technologies, Air Products and Chemicals, Inc., PARKER HANNIFIN CORP, and others. The key players are adopting strategies such as focusing on energy efficiency improvements, establishing strong partnerships, developing customized solutions for specific industries, and investing in research and development for the diversification of the market.

Cryogenic Equipment Market Companies:

• Linde PLC

• Chart Industries
• Air Liquide Advanced Technologies
• Air Products and Chemicals, Inc.
• PARKER HANNIFIN CORP
• Flowserve Corporation
• Nikkiso
• INOX India Limited
• Cryofab, Inc.
• Wessington Cryogenics
• Beijing Tianhai Cryogenic Equipment Co., Ltd
• Emerson Electric Co.
• HEROSE
• ULVAC, Inc.

View an Additional List of Companies in the Cryogenic Equipment Market

• In October 2024, Air Liquide was advancing space exploration, having signed a contract with space propulsion expert Avio for the design of the new generation of cryogenic tanks for the upper stage of the future Vega-E launcher. The project was coordinated by the European Space Agency (ESA), and the launcher would use cryogenic tanks filled with a mixture of oxygen stored at -182° C and methane stored at -161° C to act as propellant for the oxygen-methane engine.
• In February 2025, ISRO successfully carried out the ignition trial of the indigenous CE20 cryogenic engine powering the upper stage of LVM3, with a Multi-element igniter under vacuum conditions, which simulated the engine ignition in the vacuum condition of space. During this test, the ignition of the engine Thrust Chamber was carried out with a multi-element igniter in vacuum, under the tank pressure conditions that were expected to prevail at the time of restarting the cryogenic engine in flight.

Analyst View:

Technological developments, rising demand from sectors including healthcare, energy, renewable energy, and space exploration, and expanding research centers, are driving growth in the cryogenic equipment market.  Rapid cooling, high efficiency, accurate temperature control, enhanced material qualities, and eco-friendly procedures are all provided by the equipment.

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