Cryogenic Equipment Market Forecasted to Grow to US$ 40.09 Billion by 2032, with 6.7% CAGR: Persistence Market Research Insights

The global cryogenic equipment market is anticipated to grow from USD 25.15 billion in 2025 to USD 40.09 billion by 2032, registering a Compound Annual Growth Rate (CAGR) of 6.7%. This growth is fueled by the increasing demand for industrial gases and advancements in technologies across multiple sectors such as healthcare, energy, and space exploration. The cryogenic equipment market is integral to applications involving extremely low temperatures and the handling of gases in their liquid states, such as liquefied natural gas (LNG), oxygen, nitrogen, and argon.

A variety of sectors, including healthcare, food processing, and the energy industry, are driving market growth due to the need for efficient storage and distribution systems. As demand for liquefied gases grows, especially LNG, cryogenic storage tanks and vaporizers are crucial. Asia Pacific is expected to be the leading region in terms of market growth, driven by industrialization and energy demands, particularly for LNG. On the other hand, North America and Europe will continue to maintain significant shares due to substantial infrastructure investments and the push toward sustainable energy solutions.

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Key Highlights from the Report

✦ The global cryogenic equipment market size is projected to grow from USD 25.15 billion in 2025 to USD 40.09 billion by 2032.
✦ The demand for cryogenic equipment is particularly high in the industrial gas sector, driven by liquefied natural gas (LNG) infrastructure expansion.
✦ Cryogenic tanks are expected to capture a 35% market share in 2025, crucial for the storage and transportation of liquefied gases.
✦ Asia Pacific is anticipated to dominate the market with a 25% share in 2025, fueled by rapid industrialization and growing LNG demand.
✦ Europe's growing need for LNG storage solutions will drive its 39% market share in 2025, led by investments in cryogenic technologies.
✦ The healthcare sector's post-pandemic demand for cryogenic storage solutions is expected to grow, particularly for medical oxygen storage.

Market Segmentation

The cryogenic equipment market is segmented based on product type, cryogen type, application, and end-user industries.

Product Type:

Tanks: Cryogenic tanks play a crucial role in the storage and transportation of liquefied gases. These tanks are expected to hold a significant portion of the market share, driven by the need for efficient storage systems for LNG, nitrogen, oxygen, and argon.

Valves: Cryogenic valves are indispensable for controlling the flow of liquefied gases in industries such as oil & gas, LNG storage, and healthcare. Valves are anticipated to represent a sizable share of the market, with their increasing demand in LNG regasification terminals.

Pumps: Cryogenic pumps are used to transport liquefied gases within the storage tanks and across supply chains, facilitating the movement of gases like oxygen, nitrogen, and LNG.

Vaporizers: Cryogenic vaporizers are responsible for converting liquefied gases back into their gaseous state, which is necessary for industrial applications such as energy production and food processing.

Vacuum Jacketed Piping: This piping is essential for transporting cryogenic fluids while minimizing heat ingress, preserving the low temperatures of liquefied gases during transit.

Cryogen Type:

Liquefied Natural Gas (LNG): LNG dominates the cryogen segment, making up a significant portion of market revenue. The growth in LNG infrastructure, particularly in Asia Pacific and Europe, is driving this segment.

Nitrogen: Nitrogen-based cryogenic systems are crucial in various applications, such as the medical and food industries, where they are used for freezing and storage purposes.

Oxygen: Liquid oxygen is another important cryogen used in industries like healthcare and metal production. It is essential for oxygen therapy and in the production of steel and other metals.

Argon & Hydrogen: These gases are also significant in the cryogenic sector, particularly for use in welding, metal processing, and as coolants in various applications.

Application:

The cryogenic equipment market is divided into storage and distribution applications. Storage applications dominate the market due to the increasing need for safe and efficient storage of liquefied gases, particularly LNG, oxygen, and nitrogen.

End-User:

The end-user sectors include oil & gas, metallurgy, automotive, food & beverage, and chemical industries. The oil & gas sector is the largest consumer of cryogenic equipment, particularly for LNG storage and transportation.

Regional Insights

North America:

North America is expected to maintain a 18% market share by 2025, driven by the expansion of LNG infrastructure in the U.S. and Canada. The shift from coal-fired power plants to natural gas for cleaner energy production is boosting demand for cryogenic equipment. Additionally, the manufacturing and food processing sectors are contributing to the adoption of cryogenic systems for efficient storage and transportation of gases.

Europe:

Europe is projected to hold the largest share of the market, with a 39% share in 2025. The region's increasing demand for LNG and industrial gases, driven by investments in energy security and the push for low-carbon solutions, is propelling market growth. Leading companies like Linde plc and Air Liquide are expanding their cryogenic storage solutions across the continent.

Asia Pacific:

Asia Pacific, expected to account for 25% of the market share in 2025, is the fastest-growing region for cryogenic equipment. Rapid industrialization, particularly in countries like China, India, and Japan, is spurring demand for LNG and industrial gases. With a projected CAGR of 6.1% from 2025 to 2032, Asia Pacific is set to remain the hub for cryogenic technology development, especially in LNG storage and transportation.

Market Drivers

Several factors are driving the growth of the cryogenic equipment market. One of the most significant drivers is the expansion of LNG infrastructure globally, as more countries shift to natural gas as a cleaner alternative to coal. This shift is leading to a substantial increase in the demand for cryogenic storage tanks, vaporizers, and transport systems. Moreover, the post-pandemic surge in the demand for medical oxygen is further accelerating the need for cryogenic storage systems in the healthcare industry. As hospitals and pharmaceutical companies adopt cryogenic technology to store vaccines and medical gases, the market for medical cryogenic storage solutions is poised to grow rapidly.

Market Restraints

Despite the promising growth, the cryogenic equipment market faces several challenges. The high capital expenditure associated with setting up cryogenic storage systems presents a significant barrier, particularly for small and medium-sized businesses (SMBs). These businesses often struggle with the upfront costs and the ongoing maintenance of cryogenic systems, making it difficult for them to compete in the market. Regulatory hurdles, including stringent environmental and safety standards, also increase compliance costs for manufacturers and end-users.

Market Opportunities

The cryogenic equipment market offers several opportunities for growth. The advancement of cryogenic technologies, particularly in vacuum insulation and storage systems, is driving efficiencies in energy consumption and lowering costs. As industries such as quantum computing and space exploration continue to advance, there is an increasing demand for specialized cryogenic solutions. Additionally, the development of green cryogenic technologies, which reduce carbon emissions, is creating opportunities for market players to innovate and offer sustainable solutions to meet growing environmental concerns.

Reasons to Buy the Report

✔ Comprehensive analysis of market size, growth trends, and forecasts for the cryogenic equipment market from 2025 to 2032.
✔ In-depth understanding of market segmentation, including product types, end-users, and regional insights.
✔ Identification of key market drivers, restraints, and opportunities influencing the cryogenic equipment market.
✔ Detailed competitive landscape analysis, including profiles of leading companies and their market strategies.
✔ Insights into future technological advancements and their impact on the cryogenic equipment market.

Company Insights

• Chart Industries Inc.
• Linde plc
• Herose GmbH
• Nikkiso Co. Ltd.
• Wessington Cryogenics
• Braunschweiger Flammenfilter GmbH
• Standex International
• INOX India Ltd.
• Air Liquide SA
• Premier Cryogenics Ltd.

Key Developments:

In November 2024, INOX India supplied cryogenic tanks for Highview Power's Liquid Air Energy Storage project.

In July 2024, Honeywell acquired Air Products' LNG process technology and equipment business for USD 1.81 billion.

Conclusion

The cryogenic equipment market is on a strong growth trajectory, supported by the expanding demand for LNG, medical gases, and industrial gases. The continued development of sustainable energy solutions, advancements in cryogenic technology, and increasing demand across sectors such as healthcare, space exploration, and food processing are key drivers of this growth. Despite challenges like high investment costs and regulatory compliance, the opportunities for technological advancements, particularly in green cryogenics and industrial applications, present a bright future for the market.

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