Cryogenic Equipment Market to Hit USD 38.87 Billion by 2032, Driven by 6.29% CAGR

The Cryogenic Equipment Market size was valued at USD 23.86 Billion in 2024 and the total Cryogenic Equipment revenue is expected to grow at a CAGR of 6.29% from 2025 to 2032, reaching nearly USD 38.87 Billion.

Cryogenic Equipment Market Overview:

The cryogenic equipment market encompasses a wide array of solutions such as tanks, valves, vaporizers, and pumps designed to operate at ultra-low temperatures. These tools are crucial for storing and transporting liquefied gases like oxygen, nitrogen, argon, and LNG. As the world accelerates its transition toward sustainable energy sources and healthcare advancements, the need for reliable, high-performance cryogenic systems has reached unprecedented levels. This demand is further amplified by the growing focus on energy efficiency, environmental safety, and technological precision.

From energy and power to shipping and electronics, multiple industries are integrating cryogenic technologies to enhance operational safety and efficiency. The market's momentum is not only shaped by the rising consumption of LNG but also by emerging sectors like cryogenic energy storage systems and high-temperature superconductors. These developments are offering lucrative avenues for manufacturers and suppliers across the globe, driving a fresh wave of innovation and competitiveness.

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Cryogenic Equipment Market Dynamics:

A strong driver for the market's growth is the explosive demand for LNG, particularly in power generation and heavy industries. With many governments pushing for cleaner energy alternatives to reduce carbon emissions, LNG has emerged as a cornerstone fuel, propelling the need for advanced cryogenic equipment. Additionally, enhancements in healthcare infrastructure, especially in developing countries, are fostering demand for medical-grade cryogenic storage for biological materials, vaccines, and organs.

However, the market faces challenges such as high initial setup costs and the complexities associated with maintaining cryogenic conditions. Despite these barriers, continuous technological innovation, government initiatives to bolster clean energy, and increased R&D investments are counteracting these hurdles. Furthermore, the rising trend of modular cryogenic systems offers industries a more scalable and cost-effective solution, thus widening the market's potential reach.

Cryogenic Equipment Market Outlook and Future Trends

Looking ahead, the cryogenic equipment market is poised for dynamic expansion, largely driven by innovations in cryogenic energy storage and hydrogen liquefaction. As the global economy pivots towards green hydrogen as a future energy source, demand for specialized cryogenic equipment capable of handling liquid hydrogen is expected to skyrocket. The transportation sector, in particular, will witness robust adoption as hydrogen fuel cells become more prevalent in both automotive and aerospace industries.

Moreover, increasing investments in infrastructure for LNG export and import terminals, along with advancements in space exploration technologies, are setting the stage for long-term growth. Strategic mergers, acquisitions, and partnerships will be instrumental in driving the next phase of industry evolution. Companies that focus on enhancing product reliability, operational efficiency, and eco-friendliness are likely to lead the market's transformation in the coming years.

Key Recent Developments:

Vietnam: Vietnam's push for LNG-based energy has accelerated investments in cryogenic infrastructure. Notably, the country announced multiple joint ventures with international players to build LNG terminals, boosting demand for cryogenic tanks and valves. For instance, PV Gas and partners are developing a massive LNG import terminal in Thi Vai, anticipated to become operational by 2026.

Thailand: Thailand's national energy plan emphasizes LNG imports to replace coal usage, driving the expansion of cryogenic storage systems. Bangkok Industrial Gas (BIG) recently collaborated with Japanese firms to enhance cryogenic storage capabilities and reduce LNG transportation costs within Thailand.

Japan: Japan remains a global leader in cryogenic technology innovations. In 2024, Air Water Inc. acquired a 51% stake in CryoAir Technologies to strengthen its capabilities in LNG and hydrogen liquefaction equipment. This strategic move is aligned with Japan's ambitious hydrogen energy roadmap.

South Korea: South Korean companies like Hyundai Heavy Industries are ramping up investments in cryogenic shipbuilding technologies. In a key development, Daewoo Shipbuilding and Marine Engineering signed a contract to supply LNG carriers equipped with advanced cryogenic storage systems to European clients.

Singapore: Singapore continues to establish itself as a regional LNG trading hub. In early 2025, Singapore LNG Corporation (SLNG) announced plans to expand its cryogenic storage capacity by 40%, involving an investment of over USD 500 million, aimed at meeting growing demand from Southeast Asia.

United States: The U.S. witnessed major consolidation in the cryogenic sector with Chart Industries' acquisition of Howden Group in late 2024. This merger, valued at USD 4.4 billion, aims to bolster cryogenic equipment portfolios spanning LNG, hydrogen, and industrial gases markets across North America and beyond.

Europe: Europe's cryogenic equipment market is thriving on the back of LNG import terminal expansion and clean energy initiatives. In 2025, French multinational Air Liquide acquired German-based Cryoconcept to integrate cutting-edge cryogenic refrigeration technologies into their energy transition projects, particularly focused on hydrogen production and carbon capture.

Cryogenic Equipment Market Segmentation

by Product Type

Tanks
Valves
Vaporizers
Pumps
Other

by Cryogenic Type

Nitrogen
Oxygen
Argon
LNG
Other

by End-User

Energy & Power
Chemical
Metallurgy
Electronics
Shipping
Other

by Application

Storage
Distribution

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Some of the current players in the Cryogenic Equipment Market are:

1. Wessington Cryogenics
2. Praxair Technology
3. Air Products and Chemicals
4. Air Liquide
5. Graham Partners
6. Ebara
7. Technifab Product
8. Nikisso Cryo
9. Oxford Instruments Plc.
10.Herose GmbH
11.FIBA Technologies Inc.
12.Cryoquip Llc.
13.INOX India Pvt. Ltd.
14.JSC Cryogenmash
15.Beijing Tiahan industry
16.Cryo Pure Corporation
17.Cryodepot
18.Chart Industries
19.INOXCVA
20.Emerson Electric

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