Cryogenic Equipment Industry Outlook 2025-2029: Market Set to Cross $32.52 Billion Milestone

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How Large Will the Cryogenic Equipment Market Size By 2025?
The market size for cryogenic equipment has seen considerable growth in the past few years. The expansion is anticipated to increase from $21.14 billion in 2024 to an impressive $22.7 billion in 2025, maintaining a compound annual growth rate (CAGR) of 7.4%. This surge during the historic period can be credited to the escalating demand for industrial gas, a higher requirement for energy storage and distribution, usage in healthcare and medicine, space exploration initiatives, and the ongoing pursuit of energy efficiency.

How Big Is the Cryogenic Equipment Market Size Expected to Grow by 2029?
Expectations are high for substantial expansion in the cryogenic equipment market in the coming years, with an anticipated valuation of $32.52 billion in 2029, marking a compound annual growth rate of 9.4%. This projected growth during the forecast period can be linked to the escalating demand for electronics manufacturing, the food and beverage sector, enhanced aerospace and defense requirements, renewable energy storage, and environmental sustainability. The forecast period also showcases major trends such as the progression of the hydrogen economy, advances in biotechnology and medical fields, the adoption of cryogenic cooling methodologies in semiconductor manufacturing processes, the application of cryogenic systems in food freezing and preservation, and the growth in cryopreservation and stem cell banking.

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Which Key Market Drivers Powering Cryogenic Equipment Market Expansion and Growth?
The cryogenic equipment market is anticipated to get a boost from the growing demand for liquified natural gas (LNG). LNG, a natural gas cooled to a liquid state at -260 degrees Fahrenheit, is utilized in various everyday activities like cooking, power generation, home heating, and fertilizer production, among other things. The surge in LNG demand is due to an uptake from domestic and industrial consumers and a steady shift from coal to natural gas for electricity generation. Cryogenic equipment, including storage tanks, vaporizers, and containers, is employed to move LNG from one location to another. EIN presswire, a press release distributor based in the US, estimates the global cryogenic equipment market to be valued at $19.9 billion in 2022 and forecast it to reach $39 billion by 2032, growing at an annual rate of 7%. This market growth is propelled by rising natural gas usage, the call for clean energy solutions, and an increased application of cryogenic devices in industries such as aerospace, automotive, and healthcare, all while navigating challenges like elevated costs and safety issues.

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What Are the Key Trends Driving Cryogenic Equipment Market Growth?
The cryogenic equipment market has seen significant growth due to technological advancements. Firms operating in this sector are focusing their efforts on devising innovative technologies to better suit their customer needs. One such example is Azenta, an American biotech firm, which in February 2023, introduced the Cryo Store Pico. This technology is designed for the prolonged preservation and viability of high-worth biological samples, which are cooled at a massive -190°C. The Cryo Store Pico, with its automated storage and retrieval system, minimizes the likelihood of human errors and thus, optimizes productivity.

What Are the Emerging Segments in the Cryogenic Equipment Market?
The cryogenic equipment market covered in this report is segmented -

1) By Equipment: Tanks, Valves, Vaporizers, Pumps, Other Equipment
2) By Cryogen: Nitrogen, Argon, Oxygen, LNG, Hydrogen, Helium, Other Cryogens
3) By Application: Storage, Transportation, Processing, Other Applications
4) By End-User: Energy And Power, Chemicals, Metallurgy, Electronics, Shipping, Other End Users

Subsegments:
1) By Tanks: Vertical Tanks, Horizontal Tanks, Cryogenic Storage Tanks
2) By Valves: Cryogenic Globe Valves, Cryogenic Gate Valves, Cryogenic Check Valves, Cryogenic Ball Valves
3) By Vaporizers: Ambient Vaporizers, Heated Vaporizers, Steam Vaporizers
4) By Pumps: Cryogenic Centrifugal Pumps, Cryogenic Positive Displacement Pumps, Submersible Cryogenic Pumps
5) By Other Equipment: Transfer Hoses, Safety Equipment, Pressure Regulators, Insulation Materials

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Who Are the Global Leaders in the Cryogenic Equipment Market?
Major companies operating in the cryogenic equipment market include Air Liquide S.A., Beijing Tianhai Industry Co. Ltd., Chart Industries Inc., Emerson Electric Co., Flowserve Corporation, Herose GmbH, Inoxca India Ltd., Linde plc, Taylor Wharton International LLC, Wessington Cryogenics Ltd., ACME Cryogenics Inc., Graham Partners Inc., Honeywell International Inc., McDermott International Inc., Nikkiso Cryo Inc., Sumitomo Heavy Industries Ltd., Parker Hannifin Corporation, SHI Cryogenics Group, Sulzer Ltd., PHPK Technologies, INOX India Pvt. Ltd., Fives SAS, Cryofab Inc., Shell-n-Tube Pvt. Ltd., Canadian Nuclear Laboratories, CCH Equipment Company, Chase Research Cryogenics Ltd., Clark Industries Inc.

Which are the Top Profitable Regional Markets for the Cryogenic Equipment Industry?
Asia-Pacific was the largest region in the cryogenic equipment market in 2024. The regions covered in the cryogenic equipment market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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