The cryogenic equipment market is expanding due to rising demand for LNG, technological advancements, and healthcare, energy, and manufacturing applications, driven by the need for efficient storage and transportation solutions.
Home>Industry Reports>Global Cryogenic Equipment Market Assessment, Opportunities and Forecast, 2018-2032F
Global cryogenic equipment market is projected to witness a CAGR of 6% during the forecast period 2025-2032, growing from USD 23.99 billion in 2024 to USD 38.23 billion in 2032.
A wide range of applications and end users will likely fuel the market growth. The rising demand for clean energy and technological advancements are likely to be healthcare and biotechnology applications. The usage of active refrigeration in space has increased due to the space cryocooler's excellent performance and capability thus far. Other recent advancements include using superconductors, hydrogen fuel cells, cryogenic hydrogen systems to power electric aircraft, and hydrogen as fuel for rocket propulsion. Therefore, the industry has several extremely fruitful initiatives to be enthusiastic about.
The shift towards liquefied natural gas (LNG) and hydrogen as cleaner energy sources drives the demand for cryogenic equipment, particularly in storage and transportation applications. The increasing focus on renewable energy storage solutions further enhances the need for advanced cryogenic systems. Automation technologies are being integrated into cryogenic systems, allowing for precise control and monitoring of processes, which reduces human error and increases operational efficiency. The prohibition of outside sources of emission enhances the growth of the cryogenic equipment market by forcing industries to adopt abatement technologies. As a result of stringent government policies and the need to adopt government practices, new cryogenic technology, particularly specialized valves that reduce GHG gas emissions in different industries, has been developed.
For instance, in September 2023, Flowserve Corporation announced the launch of the Worcester cryogenic series of reduced-port, quarter-turn floating ball valves for liquefied natural gas (LNG), hydrogen, and other industrial gas and cryogenic applications. Worcester cryogenic valves, which come in three-piece (CF44 series) and flanged (CF51/CF52 series) formats, have a strong stem and offer outstanding fugitive emissions management thanks to an enhanced live-loaded stem seal.
The market for cryogenic equipment is growing rapidly due to the rising consumption of industrial gases and improvements in cryogenic technology. These changes impact diverse sectors such as energy, medicine, and electronics, bringing forth new usages that lead to greater efficiency. The use of gases in liquid forms such as liquid nitrogen, liquid oxygen, and liquid argon is surging, for instance, in the food industry, metal industry, and health care supplies due to their importance in various uses. In the food sector, processing with cryogenic gases allows rapid product freezing without compromising the quality of the goods and is also less time-consuming. For instance, eye-opening freezing tunnels employ liquid nitrogen that helps move the product at an incredibly high cooling rate.
Manufacturing techniques also apply cryogenic practices in compensating for heat for parts being worked on, as in the automotive industry, where excess liquid nitrogen is used to shrink-fit parts. This approach provides trouble-free assembly of parts without harming the fitted unit.
For instance, in June 2024, Hypro Engineers Pvt. Ltd. launched a new cryogenic tank range for the global market. The tanks delivered serve different applications, including transporting liquid oxygen, carbon dioxide, and nitrogen. The tanks will support sub-zero operations and applications ranging from breweries to industrial manufacturing.
The rising progress in the technologies and materials employed in cryogenic equipment leads to better energy efficiency and safety levels. A combination of advanced materials capable of withstanding very low temperatures and improved thermal insulation is necessary to cut heat transfer and energy losses. Human intervention is minimized, and processes are made more efficient by introducing control and monitoring technologies into a cryogenic system. Growth is also expected in this sector’s application of cryogenics in the storage of biological materials such as vaccines and cellular tissues, among other things.
Nonetheless, emerging applications such as hydrogen economy development, space exploration technologies, and food preservation techniques are likely to drive the market dynamics in the future. The rise of hydrogen vehicles and the necessary hydrogen infrastructure will call for more advanced cryogenic systems for better management of fuels. The need for cryogenic installation systems is growing in space missions relating to liquid propulsion engines using propellants such as hydrogen and oxygen.
For instance, in January 2024, Acme Cryogenics, part of OPW Clean Energy Solutions and Dover Corporation, added two new valves to its Model CV Valve product line to meet growing customer demands in the hydrogen market. The product line now includes new 6" and 8" valves for handling hydrogen and applications requiring a vacuum-jacketed valve and piping system.
The electronics segment is the fastest-leading segment in the market based on the end-user industry. A major driver is the rapid growth in semiconductor manufacturing, including an increasing demand for advanced devices that require precise cooling and testing processes. Cryogenic technologies are essential for maintaining low temperatures for optimal application performance. Additionally, the rise of superconducting electronics plays a significant role in this segment's growth. Superconductors operate effectively at cryogenic temperatures, making specialized cryogenic equipment vital for their development and application, particularly in fields like quantum computing and high-performance computing. Companies tend to introduce new technologies that deliver higher precision and accuracy in operations.
For instance, in July 2023, CRYOSPAIN, S.L. launched a new project for the engineering, design, prefabrication, supply, and shipment of a 2,725 m3 flat bottom cryogenic tank to store liquid nitrogen (LIN), specially designed for high-tech electronics chips. Cryogenic nitrogen is necessary for this technological achievement. It enhances performance by quickly cooling components, which lowers electrical resistance. Additionally, it removes impurities from the area around the manufacturing process and provides moisture protection.
Based on the region, Asia-Pacific holds the largest portion of the market. The region is driven by a combination of rapid industrialization, increasing energy demands, and significant investments in infrastructure. One of the primary factors contributing to Asia-Pacific's leadership is the surging demand for liquefied natural gas (LNG). As countries within this region seek cleaner energy sources to reduce carbon emissions, LNG has become increasingly popular due to its lower emissions and higher energy density. Additionally, the electronics sector plays a crucial role in this growth. The region is home to some of the world's largest semiconductor manufacturers, such as Taiwan Semiconductor Manufacturing Company and Samsung Electronics. These companies require cryogenic technologies for cooling and processing advanced chips, further driving demand for specialized cryogenic equipment. Asian equipment manufacturers plan to widen their operations across the globe as the region thrives with rising economic activities.
In August 2024, Japanese brand Nikkiso Clean Energy & Industrial Gases (Group), part of Nikkiso Co. Ltd.’s industrial business segment, expanded its manufacturing operations in Wurzen, Saxony, Germany. The Group's European manufacturing capacity will almost triple as a result of the new area. In order to meet market demand for cryogenic equipment and plant solutions used in clean energy projects like hydrogen fueling stations, LNG and ammonia terminals, and hydrogen production plants, the Group will expand its current carbon capture business.
In November 2024, INOX India (INOX Group) announced the delivery of five specialized cryogenic tanks to UK-based Highview Power for their Liquid Air Energy Storage (LAES) project. The tanks will be delivered to the upcoming LAES project in Manchester, UK, from its plant in Gujarat. This is INOX India's first order for a liquid air energy storage project, the company stated in a statement.
Future Market Scenario (2025-2032F)
Report Scope
“Cryogenic Equipment Market Assessment, Opportunities and Forecast, 2018-2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global cryogenic equipment market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
Report Attribute |
Details |
Base Year of the Analysis |
2024 |
Historical Period |
2018-2023 |
Forecast Period |
2025-2032 |
Projected Growth Rate |
CAGR of 6% between 2025 and 2032 |
Revenue Forecast in 2032 |
USD 38.23 billion |
Segments Covered |
Equipment, Cryogen, Application, System, End-user Industry |
Regions Covered |
North America, Europe, South America, Asia-Pacific, Middle East and Africa |
Key Companies Profile |
Linde PLC, Air Products and Chemicals Inc., Nikkiso Co. Ltd., Parker Hannifin Corp, Flowserve Corporation, Emerson Electric Co., Hypro Engineers Pvt. Ltd., ACME Cryogenics (OPW Clean Energy Solutions, a Dover Corporation Company), Cryofab Inc., CRYOLOR SA |
Customization Scope |
15% free report customization with purchase |
Pricing and Purchase Options |
Avail the customized purchase options to fulfill your precise research needs |
Delivery Format |
PDF and Excel through email (subject to the license purchased) |
In the report, global cryogenic equipment market has been segmented into the following categories:
Key Players Landscape and Outlook
The key player landscape in the cryogenic equipment market is characterized by a mix of established companies and emerging players, each leveraging unique strategies to enhance their market position. Major players focus on innovation and technological advancements to develop high-quality, efficient cryogenic solutions that meet diverse industry needs. Strategic collaborations, partnerships, and acquisitions are commonly employed to expand product offerings and enhance competitive advantages. Additionally, these companies invest significantly in research and development to drive advancements in cryogenic technologies, ensuring they remain at the forefront of industry trends.
For instance, in March 2023, Air Products and Chemicals, Inc. and Shaanxi LNG Reserves & Logistics Company entered into a contract to provide its advanced liquefied natural gas (LNG) technology and machinery to Technip Energies for the Xi'An LNG Emergency Reserve & Peak Regulation Project, with Shaanxi LNG Reserves & Logistics Company Ltd., located in Shaanxi Province, China.
Key Players Operating in Global Cryogenic Equipment Market are:
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