PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1963143
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1963143
The cryogenic equipment market is projected to reach USD 22.96 billion by 2030 from USD 13.55 billion in 2024, at a CAGR of 9.3%.
| Scope of the Report | |
|---|---|
| Years Considered for the Study | 2020-2030 |
| Base Year | 2024 |
| Forecast Period | 2025-2030 |
| Units Considered | Value (USD Billion) |
| Segments | by Equipment, Cryogen, End-user Industry, System Type, Application & Region |
| Regions covered | North America, Asia Pacific, Europe, Middle East, Africa, South America |
The growth is attributed to the factors such as Increasing utilization of industrial gases in metallurgy, oil & gas, and energy & power industries. Growing popularity of liquefied natural gas as source of clean and efficient energy has driven the growth of cryogenic equipment market.

"By end-user industry, Electronics segment is projected to be the fastest growing segment of the cryogenic equipment market during the forecast period."
The electronics segment is expected to be the fastest-growing end-user segment in the cryogenic equipment market during the forecast period. In the electronics industry, cryogenic equipment is used widely in the storage and handling of high-purity industrial gases such as nitrogen, oxygen, and argon. These gases are essential in semiconductor fabrication, integrated circuits, flat-panel displays, and printed circuit boards. Their critical importance arises from the important manufacturing processes for which they are to be applied: wafer cooling, inerting, oxidation, deposition, and processing, where precise temperatures must be maintained in an environment free of contamination. The demand owing to extensive consumer need for electronics, electric vehicles, data centers, and advanced computing facilities raises the demand for an infusion of production capacity for semiconductors. It also substantiates a demand for reliable supply systems for cryogenic gases. Continuous advancements in chip miniaturization, high-density packaging, and.next-generation electronic materials are complementary contributors to increased demand. As the activities in electronics production increase in complexity and continue to be quality-driven, more of such equipment will surely be adopted gradually in this segment.
"Storage system segment is expected to be the largest segment during the forecast period based on system type."
By system type, the cryogenic equipment market has been segmented into storage system, handling system, supply system, and others. The storage system segment is expected to hold the largest market share during the forecast period. The large market share and the high growth rate of this segment can be attributed to the lucrative growth opportunities provided by the expanding aerospace industry and technological advancements in cryogenic energy storage (CES) systems.
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"By region, Europe is expected to be the second-largest region in the cryogenic equipment market during the forecast period."
Europe is expected to be the second-largest region in the cryogenic equipment market during the forecast period. The region has been segmented, by country, into Russia, the UK, Germany, France, and Rest of Europe. The market in Rest of Europe is primarily studied for the Netherlands, Italy, Norway, Sweden, Denmark, and Finland. The European market is mainly influenced by the modernization of Germany's healthcare industry and France's commitment to achieving net-zero emissions. the increasing investments in LNG exports are likely to create requirement for cryogenic equipment in the transportation industry, especially the shipping sector, thereby providing a lucrative growth opportunity for cryogenic equipment providers in the region.
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level Executives - 30%, Managers- 25%, and Others- 45%
By Region North America- 27%, Europe- 20%, Asia Pacific- 33%, South America- 12%, The Middle East- 4% and Africa- 4%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The cryogenic equipment market is dominated by a few major players that have a wide regional presence. The leading players in the cryogenic equipment market are Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); and PARKER HANNIFIN CORP (US), among others.
The report defines, describes, and forecasts the global cryogenic equipment market by Equipment, Cryogen, End-user Industry, System Type, and Region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the cryogenic equipment market.
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