Cryogenic Equipment Market Size, Share, and Growth Analysis, By Product (Tanks, Valves), By Cryogen (Nitrogen, Oxygen), By System Type, By Application, By End Use, By Region - Industry Forecast 2025-2032

Global Cryogenic Equipment Market size was valued at USD 11.9 billion in 2023 and is poised to grow from USD 12.72 billion in 2024 to USD 21.69 billion by 2032, growing at a CAGR of 6.9% during the forecast period (2025-2032).

The Global Cryogenic Equipment Market is experiencing robust growth, driven by rising demand across industries such as healthcare, energy, food & beverage, and electronics. Cryogenic equipment plays a pivotal role in the storage and transportation of liquefied gases such as LNG, nitrogen, oxygen, and argon at ultra-low temperatures. Technological advancements, especially in superconducting technologies, and the increasing adoption of LNG as a cleaner fuel alternative are expanding the market scope. Additionally, the surge in demand for medical-grade cryogenic systems amid rising global healthcare needs, including vaccine storage and organ preservation, has further stimulated growth. The expansion of industrial gas applications in metallurgy, semiconductors, and biotechnology also contributes significantly. Moreover, government initiatives promoting clean energy and the development of LNG infrastructure are accelerating investments. Our analysis reveals that Asia-Pacific is emerging as a lucrative region due to industrial expansion and urbanization, while North America maintains strong momentum supported by energy sector modernization.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cryogenic Equipment market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Cryogenic Equipment Market Segments Analysis

Global Cryogenic Equipment Market is segmented by Product, Cryogen, System Type, Application, End Use and region. Based on Product, the market is segmented into Tanks, Valves, Pumps, Vaporizers, Vacuum Jacket Piping (VJP) and Others. Based on Cryogen, the market is segmented into Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Hydrogen and Others. Based on System Type, the market is segmented into Storage System, Handling System, Supply System and Others. Based on Application, the market is segmented into Distribution and Storage. Based on End Use, the market is segmented into Oil & Gas, Metallurgy, Automotive, Food & Beverage, Chemical and Other. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Cryogenic Equipment Market

The increasing global transition towards cleaner energy alternatives, particularly the utilization of natural gas, is significantly elevating the demand for cryogenic equipment. The specific requirements of liquefied natural gas (LNG) for specialized cryogenic technology in storage and transport are notable. In 2023, the China National Offshore Oil Corporation (CNOOC) completed substantial expansions at its Guangdong Dapeng LNG terminal, enhancing its import capabilities. As China's first LNG import facility, it has surpassed a cumulative receiving volume of 100 million metric tons, reinforcing its position as the nation's largest LNG terminal. This development underscores the worldwide expansion of LNG infrastructure, further driving the need for cryogenic tanks and compressors.

Restraints in the Global Cryogenic Equipment Market

The substantial expenses associated with acquiring and installing cryogenic equipment continue to pose a significant challenge, particularly for smaller enterprises. The high capital investment required for components such as cryogenic tanks, compressors, and liquefaction systems can be daunting. A prime illustration of this is the LNG Canada project, which demands a staggering USD 31 billion investment, underscoring the considerable initial financial outlay necessary for establishing LNG infrastructure. Such high costs restrict the accessibility of these technologies for numerous businesses, ultimately hindering the overall growth and expansion of the global cryogenic equipment market in various regions.

Market Trends of the Global Cryogenic Equipment Market

The Global Cryogenic Equipment Market is witnessing a robust upward trend driven by heightened demand in sectors such as healthcare, food processing, and energy. The LNG market, growing at 3.1% in 2023, illustrates the increasing reliance on cryogenic technology, particularly with major industry players like Air Products and Chemicals, Inc. investing heavily in LNG infrastructure. Additionally, the expanding adoption of cryogenic applications in medical fields-especially in cryopreservation and organ transport-further fuels this growth. Linde's recent establishment of a cryogenic facility underscores the escalating need for advanced cryogenic solutions, positioning the industry for sustained expansion in the near future.