Cryogenic equipment market to grow at 6.7% CAGR by 2032, driven by rising industrial gas demand

✅Overview of the Market

The global cryogenic equipment market is poised for significant growth, with its valuation expected to increase from US$ 25.15 billion in 2025 to US$ 40.09 billion by 2032, exhibiting a strong CAGR of 6.7% over the forecast period. Cryogenic equipment plays a vital role in various industries such as healthcare, energy, electronics, and chemicals, owing to its ability to operate under extremely low temperatures for the storage and transport of liquefied gases.

This market is driven by the growing demand for liquefied natural gas (LNG), advancements in healthcare requiring efficient cryopreservation, and increasing investments in space and aerospace sectors. Among the product types, cryogenic tanks dominate the market due to their widespread application across gas processing and LNG storage. Asia Pacific holds the largest share in the global market, primarily driven by the region's surging LNG infrastructure development, industrial expansion, and rapid urbanization in countries like China and India.

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✅Key Highlights from the Report

➤ The cryogenic equipment market is set to reach US$ 40.09 Bn by 2032, growing at a CAGR of 6.7%.
➤ Asia Pacific is projected to dominate the market due to rising LNG adoption and industrialization.
➤ Cryogenic tanks are the leading segment, thanks to their extensive use in gas transportation and storage.
➤ Healthcare and energy industries are major end-users driving market demand.
➤ Investments in clean energy projects are significantly boosting cryogenic technology deployment.
➤ Technological advancements are enhancing equipment efficiency and operational reliability.

✅Market Segmentation

Cryogenic equipment is segmented based on product type, which includes tanks, valves, pumps, vaporizers, and others. Cryogenic tanks lead the segment due to their critical role in LNG storage and liquid gas containment, offering reliability, safety, and efficiency. Pumps and vaporizers are also gaining momentum as essential components in gas transfer and regasification processes.

From an end-user perspective, the market caters to industries such as energy & power, healthcare, chemicals, metallurgy, and electronics. The energy & power sector holds a commanding share, largely due to the growing demand for LNG infrastructure. Meanwhile, the healthcare segment is expanding rapidly, fueled by increasing usage of cryogenic solutions in organ preservation, biomedical research, and vaccine storage.

✅Regional Insights

Asia Pacific is expected to continue its leadership in the global cryogenic equipment market. This is attributed to rapid industrial growth, government policies favoring natural gas over coal, and rising energy consumption. Major LNG projects and strong manufacturing activity in China, India, and South Korea further fuel regional growth.

North America and Europe also hold significant shares, with established LNG terminals, a robust healthcare sector, and increasing focus on renewable energy applications. The U.S. is particularly strong in R&D and is home to several key players contributing to market innovation.

✅Market Dynamics

Market Drivers

A primary growth driver for the cryogenic equipment market is the rising global demand for LNG as a cleaner alternative to traditional fuels. Moreover, the healthcare industry's increasing reliance on cryogenic storage for biological samples and advanced therapies is bolstering demand. The expanding aerospace sector, which utilizes cryogenic fuel systems, further adds to the market's momentum.

Market Restraints

Despite its growth prospects, the market faces restraints, notably the high initial investment and maintenance costs associated with cryogenic systems. The complexity in handling ultra-low-temperature operations and safety concerns related to gas leaks or equipment failure also hinder broader adoption, especially in emerging economies.

Market Opportunities
Significant opportunities lie in green energy adoption, such as hydrogen fuel storage and transportation. As countries move toward carbon neutrality, cryogenic equipment will play a crucial role in the hydrogen economy. Furthermore, technological integration with IoT and automation will enhance equipment monitoring and efficiency, offering companies competitive advantages.

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✅Company Insights

✦ Chart Industries, Inc.
✦ Cryofab, Inc.
✦ Linde plc
✦ Air Liquide S.A.
✦ Emerson Electric Co.
✦ Air Products and Chemicals, Inc.
✦ Herose GmbH
✦ INOXCVA
✦ Wessington Cryogenics Ltd.
✦ VRV S.p.A.

■ In 2024, Air Products announced an investment of over US$ 500 million in new cryogenic infrastructure for green hydrogen production.

■ Linde plc recently launched an IoT-integrated cryogenic storage tank that improves monitoring and efficiency, aimed at boosting reliability in the healthcare sector.

✅Conclusion

The cryogenic equipment market is entering a phase of dynamic growth, driven by industrial transformation, a shift towards sustainable energy, and technological innovation. The increasing demand for liquefied gases in industries such as healthcare, LNG, and metallurgy is pushing manufacturers to innovate and scale operations. With Asia Pacific at the forefront of market expansion, supported by strategic investments and industrial development, stakeholders can anticipate substantial returns by aligning their strategies with emerging opportunities. Strategic moves such as product innovation, digital integration, and regional expansion will be crucial for businesses looking to lead in this evolving industry landscape.

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This release was published on openPR.