The Cryogenic Equipment Market size was estimated at USD 12.5 billion in 2023 and is projected to reach USD 19.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.00% during the forecast period (2024-2030).
Cryogenic Equipment Market
(Market Size)
$12.5 billion
$19.5 billion
2023
2030
Source: Citius Research
| Study Period |
2018 - 2030 |
| Base Year For Estimation |
2023 |
| Forecast Data Period |
2024 - 2030 |
| CAGR (2024-2030) |
7.00% |
| 2023 Market Size |
USD 12.5 billion |
| 2030 Market Size |
USD 19.5 billion |
| Key Players |
Linde, Chart Industries, Air Liquide, Air Products, Wessington Cryogenics |
Market Summary
The cryogenic equipment market is an essential segment within the manufacturing and construction industries, providing specialized machinery and systems designed to handle materials at extremely low temperatures, typically below -150 degrees Celsius. This market supports a wide range of industrial applications, including the storage and transportation of liquefied gases, energy production, and advanced manufacturing processes. Key products include storage tanks, valves, vaporizers, and pumps that ensure safe and efficient operations in cryogenic environments. The demand is driven by sectors such as energy, healthcare, and electronics, where precise temperature control is critical. Companies operating in this space focus on innovation to enhance equipment durability, safety, and efficiency, catering to the growing needs of global industries. The market is characterized by stringent regulatory standards and a emphasis on technological advancements to meet evolving industrial requirements.
Key Highlights
The cryogenic equipment market is distinguished by its critical role in enabling advanced industrial applications that rely on ultra-low temperature processes. A key highlight is the increasing adoption of liquefied natural gas (LNG) as a cleaner energy source, which fuels demand for storage and transportation equipment. Technological innovations, such as advanced insulation materials and automated control systems, enhance operational efficiency and safety. The market also benefits from growing investments in healthcare and scientific research, where cryogenic equipment is used for biological sample preservation and medical applications. Leading companies are expanding their product portfolios through strategic acquisitions and partnerships, strengthening their global presence. Additionally, the focus on sustainability and energy efficiency drives the development of eco-friendly cryogenic solutions, positioning the market for sustained growth amid evolving industrial demands.
Drivers, Opportunities & Restraints
Several drivers propel the cryogenic equipment market, including the rising demand for LNG infrastructure and the expansion of the healthcare and electronics sectors. The global shift towards clean energy sources amplifies the need for efficient cryogenic storage and handling systems, supporting market growth. Opportunities abound in emerging economies, where industrialization and energy projects create new demand for advanced equipment. The increasing use of cryogenic technology in space exploration and scientific research further opens avenues for market expansion. However, restraints include high initial costs associated with cryogenic equipment and the complexity of maintenance, which can deter small and medium-sized enterprises. Regulatory challenges and safety concerns related to handling extremely low temperatures also pose hurdles. Despite these restraints, ongoing technological advancements and growing industrial applications present a positive outlook for the market.
Concentration Insights
The cryogenic equipment market exhibits a concentrated competitive landscape, with a few major players dominating significant market share. Companies such as Linde PLC, Air Products and Chemicals, Inc., and Chart Industries, Inc. lead the industry, leveraging their extensive product portfolios and global distribution networks. These established players focus on innovation and strategic mergers to maintain their competitive edge. Regional players also contribute to market dynamics, often specializing in niche applications or serving local industries. The market concentration is influenced by high barriers to entry, including stringent safety standards and substantial capital investment requirements. Collaboration with end-users and continuous research and development efforts are key strategies employed by leading firms to strengthen their market position and address evolving customer needs.
Type Insights
The cryogenic equipment market is segmented by type into key categories such as storage tanks, valves, vaporizers, and pumps. Storage tanks are crucial for holding liquefied gases like nitrogen, oxygen, and LNG, designed with advanced insulation to minimize boil-off losses. Valves play a critical role in controlling the flow of cryogenic fluids, requiring materials that withstand extreme temperatures without failure. Vaporizers are used to convert liquefied gases back into their gaseous state, essential for various industrial processes. Pumps facilitate the transfer of cryogenic liquids, emphasizing efficiency and reliability. Each type of equipment is engineered to meet specific operational demands, with innovations focusing on enhancing safety, durability, and performance. The diversity in equipment types allows the market to cater to a broad spectrum of applications across different industries.
Application Insights
Cryogenic equipment finds applications across multiple industries, including energy, healthcare, manufacturing, and construction. In the energy sector, it is vital for LNG production, storage, and transportation, supporting the global transition to cleaner fuels. The healthcare industry utilizes cryogenic equipment for preserving biological samples, storing medical gases, and enabling cryosurgery. In manufacturing, applications include metal processing, food freezing, and electronics cooling, where precise temperature control is essential. The construction industry employs cryogenic systems for ground freezing in tunneling projects and other specialized engineering tasks. Each application demands tailored equipment solutions, driving innovation and customization in the market. The versatility of cryogenic technology ensures its relevance across diverse sectors, contributing to sustained market growth.
Regional Insights
The cryogenic equipment market demonstrates varied growth patterns across regions, influenced by industrialization levels and energy demands. North America holds a significant share, driven by advanced healthcare infrastructure and substantial investments in LNG projects. Europe follows, with strong emphasis on renewable energy and scientific research applications. The Asia-Pacific region is experiencing rapid growth, fueled by expanding manufacturing sectors, energy needs, and infrastructure development in countries like China and India. Latin America and the Middle East also contribute, particularly through energy-related projects and industrial expansion. Each region presents unique opportunities and challenges, with local regulations and economic conditions shaping market dynamics. Global companies adapt their strategies to regional specifics, ensuring alignment with local demand and regulatory frameworks.
Company Insights
Prominent companies in the cryogenic equipment market include Linde PLC, Air Products and Chemicals, Inc., Chart Industries, Inc., and Cryofab, Inc. These firms are recognized for their comprehensive product offerings and technological expertise. Linde PLC focuses on providing integrated solutions for industrial gases and cryogenic applications, emphasizing sustainability and innovation. Air Products and Chemicals, Inc. excels in designing equipment for energy and healthcare sectors, with a strong global presence. Chart Industries, Inc. specializes in engineered systems for cryogenic storage and processing, catering to diverse industries. Cryofab, Inc. offers a range of cryogenic components and systems, known for reliability and customization. These companies invest heavily in research and development to enhance product performance and meet evolving market demands, maintaining their leadership through strategic initiatives and customer-centric approaches.
Recent Developments
Recent developments in the cryogenic equipment market highlight ongoing innovation and strategic movements among key players. Linde PLC has expanded its LNG infrastructure solutions, introducing advanced storage systems with improved efficiency. Air Products and Chemicals, Inc. announced new contracts for hydrogen energy projects, incorporating cryogenic technology for gas liquefaction and storage. Chart Industries, Inc. acquired a specialist firm to enhance its product portfolio in healthcare and energy applications. Technological advancements include the development of smart cryogenic equipment with IoT integration for real-time monitoring and control. Additionally, industry collaborations focus on standardizing safety protocols and promoting sustainable practices. These developments reflect the market's dynamic nature, with companies continuously adapting to technological trends and customer requirements to maintain competitiveness.
Report Segmentation
The cryogenic equipment market report is segmented based on type, application, and region to provide a comprehensive analysis. By type, the segmentation includes storage tanks, valves, vaporizers, pumps, and other equipment, each detailed for their specific characteristics and market share. Application segmentation covers energy, healthcare, manufacturing, construction, and other industries, highlighting the diverse uses of cryogenic technology. Regional segmentation divides the market into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa, examining regional trends and growth prospects. This structured approach allows for in-depth insights into each segment, enabling stakeholders to identify opportunities and make informed decisions. The segmentation ensures a thorough understanding of market dynamics, catering to the needs of businesses and professionals seeking detailed market intelligence.
FAQs
What is cryogenic equipment? Cryogenic equipment refers to machinery and systems designed to handle materials at extremely low temperatures, typically below -150 degrees Celsius, used for storage, transportation, and processing in various industries.
What are the main applications of cryogenic equipment? Key applications include LNG storage and transport, healthcare (e.g., medical gas storage and cryopreservation), manufacturing (e.g., metal treatment and food freezing), and construction (e.g., ground freezing).
Which industries use cryogenic equipment? Major industries include energy, healthcare, electronics, manufacturing, and construction, leveraging cryogenic technology for temperature-sensitive processes and applications.
What are the types of cryogenic equipment? Common types include storage tanks, valves, vaporizers, pumps, and heat exchangers, each serving specific functions in cryogenic systems.
Who are the leading players in the cryogenic equipment market? Prominent companies include Linde PLC, Air Products and Chemicals, Inc., Chart Industries, Inc., and Cryofab, Inc., known for their innovation and market leadership.
What factors drive the cryogenic equipment market? Drivers include rising demand for LNG infrastructure, growth in healthcare and electronics sectors, and advancements in cryogenic technology supporting various industrial applications.
Citius Research has developed a research report titled “Cryogenic Equipment Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” delivering key insights regarding business intelligence and providing concrete business strategies to clients in the form of a detailed syndicated report. The report details out the factors such as business environment, industry trend, growth opportunities, competition, pricing, global and regional market analysis, and other market related factors.
Details included in the report for the years 2024 through 2030
• Cryogenic Equipment Market Potential
• Segment-wise breakup
• Compounded annual growth rate (CAGR) for the next 6 years
• Key customers and their preferences
• Market share of major players and their competitive strength
• Existing competition in the market
• Price trend analysis
• Key trend analysis
• Market entry strategies
• Market opportunity insights
The report focuses on the drivers, restraints, opportunities, and challenges in the market based on various factors geographically. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. The Cryogenic Equipment Market report is segmented on the basis of various market segments and their analysis, both in terms of value and volume, for each region for the period under consideration.
Cryogenic Equipment Market Segmentation
Regions Covered
• North America
• Latin America
• Europe
• MENA
• Asia Pacific
• Sub-Saharan Africa and
• Australasia
Cryogenic Equipment Market Analysis
The report covers below mentioned analysis, but is not limited to:
• Overview of Cryogenic Equipment Market
• Research Methodology
• Executive Summary
• Market Dynamics of Cryogenic Equipment Market
• Driving Factors
• Restraints
• Opportunities
• Global Market Status and Forecast by Segment A
• Global Market Status and Forecast by Segment B
• Global Market Status and Forecast by Segment C
• Global Market Status and Forecast by Regions
• Upstream and Downstream Market Analysis of Cryogenic Equipment Market
• Cost and Gross Margin Analysis of Cryogenic Equipment Market
• Cryogenic Equipment Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030
• Competition Landscape
• Market Share of Major Players
• Key Recommendations
The “Cryogenic Equipment Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” report helps the clients to take business decisions and to understand strategies of major players in the industry. The report delivers the market driven results supported by a mix of primary and secondary research. The report provides the results triangulated through authentic sources and upon conducting thorough primary interviews with the industry experts. The report includes the results on the areas where the client can focus and create point of parity and develop a competitive edge, based on real-time data results.
Cryogenic Equipment Market Key Stakeholders
Below are the key stakeholders for the Cryogenic Equipment Market:
• Manufacturers
• Distributors/Traders/Wholesalers
• Material/Component Manufacturers
• Industry Associations
• Downstream vendors
Cryogenic Equipment Market Report Scope
| Report Attribute | Details |
| Base year | 2023 |
| Historical data | 2018 – 2023 |
| Forecast | 2024 - 2030 |
| CAGR | 2024 - 2030 |
| Quantitative Units | Value (USD Million) |
| Report coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Trends and Strategies. Customized report options available on request |
| Segments covered | Product type, technology, application, geography |
| Regions covered | North America, Latin America, Europe, MENA, Asia Pacific, Sub-Saharan Africa and Australasia |
| Countries covered | US, UK, China, Japan, Germany, India, France, Brazil, Italy, Canada, Russia, South Korea, Australia, Spain, Mexico and others |
| Customization scope | Available on request |
| Pricing | Various purchase options available as per your research needs. Discounts available on request |
COVID-19 Impact Analysis
Like most other markets, the outbreak of COVID-19 had an unfavorable impact on the Cryogenic Equipment Market worldwide. This report discusses in detail the disruptions experienced by the market, the impact on flow of raw materials, manufacturing operations, production trends, consumer demand and the projected future of this market post pandemic.
The report has helped our clients:
• To describe and forecast the Cryogenic Equipment Market size, on the basis of various segmentations and geography, in terms of value and volume
• To measure the changing needs of customers/industries
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
• To gain competitive intelligence and uncover new opportunities
• To analyse opportunities in the market for stakeholders by identifying high-growth segments in Cryogenic Equipment Market
• To strategically profile key players and provide details of the current competitive landscape
• To analyse strategic approaches adopted by players in the market, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships
Report Customization
Citius Research provides free customization of reports as per your need. This report can be personalized to meet your requirements. Get in touch with our sales team, who will guarantee you to get a report that suits your necessities.
Frequently Asked Questions
The Global Cryogenic Equipment Market size was valued at $XX billion in 2023 and is anticipated to reach $XX billion by 2030 growing at a CAGR of XX%
The global Cryogenic Equipment Market is expected to grow at a CAGR of XX% from 2023 to 2030.
For further details request a free sample copy of this report
here.
For further details request a free sample copy of this report
here.
For further details request a free sample copy of this report
here.
For further details request a free sample copy of this report
here.
