Global Cryogenic Equipment Market Analysis, By Product (Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, Others), By Cryogen Type (Nitrogen, Argon, Oxygen, Liquefied Natural Gas, Hydrogen, Helium, Others), By End User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Others), and Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)—Market Size, Share, Trends & Forecast 2025-2035

Cryogenic Equipment Market: Overview

The global cryogenic equipment market estimated at USD 24.56 billion in 2024, and is projected to reach approximately USD 46.62 billion by 2035, at a CAGR of 6.8% from 2025 to 2035. the increasing demand for cryogenic equipment is driven by a combination of technological advancements, expanding industries, and global shifts toward cleaner energy sources and improved healthcare solutions. Cryogenic technology is also important in the development of large-scale energy storage systems, such as cryogenic energy storage. In this system, excess energy from renewable sources (wind, solar) is converted into liquid air or liquid nitrogen and stored at extremely low temperatures. 

Moreover, developing countries are increasingly investing in infrastructure, including energy and medical systems, which drives demand for cryogenic technologies. As these regions modernize, there is greater adoption of cryogenic equipment for energy storage, transportation, and medical uses, especially in areas where access to advanced healthcare and energy solutions is expanding.

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Market Growth Drivers

Increasing Demand for Liquified Natural Gas (LNG) Drives the Market

LNG is natural gas that has been cooled to a liquid state at extremely low temperatures (around -162°C or -260°F) for easier storage and transportation. The growing demand for LNG—due to its role as a cleaner alternative to coal and oil for power generation, transportation, and industrial applications—requires advanced cryogenic equipment. With countries worldwide aiming to reduce carbon emissions by shifting to cleaner energy sources like LNG, international trade in LNG has expanded significantly. Emerging markets in Asia, Europe, and Latin America, for instance, are increasingly importing LNG to meet their energy needs.

Growing Focus on Food Safety and Preservation Propelled the Demand 

Cryogenics has significant applications in food preservation, especially in freezing and storage. The food and beverage industry increasingly relies on cryogenic freezing to ensure the preservation of food quality, taste, and safety. The technique is superior to traditional freezing methods, reducing ice crystal formation and maintaining texture and flavor.

Market Restraints

Complex Cryogenic Equipment 

Cryogenic systems are complex and require specialized knowledge for design, operation, and maintenance. This complexity can create challenges related to system integration, troubleshooting, and workforce training. Any errors in handling cryogenic equipment can result in safety risks or operational inefficiencies. Additionally, the need for ongoing research and development to improve cryogenic technologies adds to the complexity of the market.

Lack of Skilled Professionals

Cryogenic equipment requires a highly specialized workforce for both installation and maintenance. There is a shortage of skilled technicians and engineers with expertise in cryogenics, which can lead to delays in project timelines and increased labor costs. Training a competent workforce and ensuring safety standards are maintained in complex cryogenic systems requires considerable investment from companies, which can be a barrier to widespread adoption.

Market Opportunities

Expansion of LNG Infrastructure

Liquefied Natural Gas (LNG) is a growing segment due to its use as a cleaner energy alternative to coal and oil. The global push for energy security and reducing carbon emissions is driving the construction of new LNG liquefaction plants, regasification terminals, and storage facilities. This requires extensive cryogenic equipment for storage, transport, and regasification. As LNG trade increases, especially in emerging markets in Asia, Europe, and Latin America, there is significant potential for the growth of LNG cryogenic systems, including tanks, pipelines, and transport vessels. Opportunities also exist in small-scale LNG (ssLNG) applications, which are designed to serve remote areas or smaller industrial users with a need for LNG but lacking large-scale infrastructure.

Hydrogen Storage and Transport Provides the Opportunity

Hydrogen is being increasingly recognized as a key energy source for a sustainable future, particularly in fuel cells and as a substitute for fossil fuels. However, hydrogen needs to be stored and transported in liquid form at cryogenic temperatures, creating significant demand for cryogenic equipment. The hydrogen economy is rapidly gaining momentum, with investments in hydrogen production, storage, and transportation infrastructure. This provides opportunities for cryogenic technology providers to supply tanks, pipelines, and refrigeration units for liquid hydrogen storage and distribution.

Cryogenic Equipment Market: Report Scope

Market Analysis: By Product

Based on product, the cryogenic equipment market has been divided into Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, Others. Among these, the tanks category held largest share in 2024, because tanks are essential for the storage and transportation of cryogenic liquids such as liquefied natural gas (LNG), liquid oxygen (LOX), liquid nitrogen (LIN), and liquid hydrogen (LH2). These gases need to be stored at extremely low temperatures to maintain their liquid state, and tanks are specifically designed to ensure their safe containment.

Market Analysis: By Cryogen Type

Based on cryogen type, the cryogenic equipment market is divided into Nitrogen, Argon, Oxygen, Liquefied Natural Gas, Hydrogen, Helium, Others. The LNG segment accounted for a prominent share in the market in 2024, because LNG is considered a cleaner alternative to coal and oil because it emits less carbon dioxide (CO2), sulfur dioxide (SO2), nitrogen oxides (NOx), and particulate matter when burned. As countries around the world look to reduce their carbon footprint and meet climate goals, the demand for LNG has increased significantly. This has led to a corresponding increase in the need for cryogenic equipment to support LNG's liquefaction, storage, and transportation.

Market Analysis: By End User

Based on end user, the global cryogenic equipment market is divided into Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Others. The metallurgy segment dominates due to the unique and essential role that cryogenic technologies play in enhancing the properties and performance of metals. Cryogenic treatments and processes are widely used in metallurgy to improve material strength, durability, and performance, making it a key application area for cryogenic equipment.

Regional Landscape

The Cryogenic equipment market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa (MEA) based on regions. North America region dominates the cosmetic surgery market, increasing application in sectors, such as energy & power, healthcare, metallurgy, and electronics, among others. Notably, the rising demand for liquefied natural gas (LNG) as a cleaner energy source has significantly contributed to the growth of this market. Moreover, the R&D of cryogenic technologies, particularly in the field of metallurgy, also plays a crucial role in driving the demand for high-quality cryogenic equipment.

Competitive Landscape 

The global cryogenic equipment industry is dominated by businesses like Chart Industries Inc., Linde plc, Herose GmbH, Nikkiso Co. Ltd., Wessington Cryogenics, Braunschweiger Flammenfilter GmbH, Standex International, INOX India Limited because of their unique product offerings, financial stability, strategic innovations, and regionally diverse presence. The participants are focusing their efforts on promoting R&D. Additionally, they support strategic expansion activities including product launch, joint ventures, and partnerships to expand their client base and boost their market position. Some of the prominent players in the market include Chart Industries Inc., Linde plc, Herose GmbH, Nikkiso Co. Ltd., Wessington Cryogenics, Braunschweiger Flammenfilter GmbH, Standex International, INOX India Limited

Strategic Developments

• May 2024, Linde plc, a global operator in industrial gases and engineering, announced a landmark agreement to supply industrial gases to the world's first large-scale green steel plant, H2 Green Steel located in Boden, Sweden. The green steel plant, which aims to produce steel using renewable energy sources, represents a significant step forward in the transition to a low carbon economy. Furthermore, Linde's advanced gas technologies will play a crucial role in supporting the plant's operations, contributing to a more sustainable future for the steel industry.
• February 2023, Azenta, Inc. launched Cryo Store Pico. The product is designed specifically for high-value biological samples utilized in various stages of life sciences. Azenta is well-known for its cutting-edge automated cryogenic solutions, such as the BioStore III Cryo and the CryoPod Carrier. Pico is the latest addition to their innovative product line, offering advanced automated cryogenic technology that is tailored to meet the requirements of clinical and laboratory applications, further cementing Azenta's reputation as a leading provider of cryogenic solutions.