Cryogenic Equipment Market to Reach US$ 21.9 Billion by 2031, Says Stratview Research

Cryogenic equipment refers to systems designed for the storage, handling, and transport of gases in their cryogenic state at temperatures below -150°C. According to Stratview Research, the cryogenic equipment market was valued at US$ 15 billion in 2025 and is projected to reach US$ 21.9 billion by 2031, growing at a robust CAGR of 6.5% during the forecast period of 2025-2031. The market is gaining momentum due to the accelerating global energy transition, where increasing investments in LNG infrastructure and hydrogen storage systems are driving demand for advanced cryogenic tanks, vaporizers, pumps, and valves across energy, transportation, and industrial sectors.

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Market Statistics

• Market size: US$ 15 billion in 2025
• Forecast value: US$ 21.9 billion by 2031
• CAGR: 6.5%
• Forecast period: 2025-2031
• Base year: 2025
• Total number of segments: 5
• Tables & figures: 100+
• Country-Level Market Assessment: 20

Market Segmentation

By Equipment
• Tanks
• Valves
• Vaporizers
• Pumps

By Cryogen
• Nitrogen
• Argon
• Oxygen
• LNG
• Hydrogen

By End-User
• Energy
• Chemicals
• Metallurgy
• Transportation

By System Type
• Storage
• Handling
• Supply

By Region
• North America
• Europe
• Asia-Pacific
• Rest of the World

Segment Analysis

By equipment, tanks are both the dominant and fastest-growing segment in the cryogenic equipment market because of their indispensable role in storing liquefied gases such as LNG, hydrogen, oxygen, and nitrogen at ultra-low temperatures. Their large storage capacity, durability, and reliability make them essential across LNG terminals, hydrogen hubs, industrial gas facilities, and transportation infrastructure. As investments in LNG trade and hydrogen adoption continue to rise globally, demand for high-capacity cryogenic tanks is accelerating, encouraging manufacturers to expand production capabilities and strengthen long-term infrastructure partnerships.

Based on cryogen, LNG is the dominant as well as the fastest-growing segment due to its growing role as a cleaner fuel alternative in power generation, marine transportation, and industrial applications. LNG infrastructure development, including regasification plants, storage terminals, and bunkering facilities, is significantly increasing the demand for cryogenic systems worldwide. Rising investments in energy security and decarbonization initiatives are also reinforcing LNG adoption, creating strong growth opportunities for cryogenic equipment suppliers serving the global energy transition market.

By end-user, the energy segment dominates the market because LNG exports, hydrogen infrastructure projects, and clean power initiatives require extensive deployment of cryogenic tanks, pumps, and vaporizers. The transportation segment is emerging as the fastest-growing category due to increasing adoption of LNG as a marine fuel and the rapid expansion of hydrogen fuelling stations for trucks, buses, and passenger vehicles. Growing emphasis on emission reduction and sustainable mobility is encouraging equipment manufacturers to focus on advanced cryogenic technologies tailored for transport applications.

In terms of system type, storage is both the dominant and fastest-growing segment because large-capacity cryogenic tanks and containers are essential for LNG terminals, hydrogen hubs, and industrial gas reserves. Storage systems ensure long-term safety, stability, and reliable supply of liquefied gases at ultra-low temperatures, making them critical across industrial and energy infrastructure projects. The continuous expansion of LNG and hydrogen infrastructure is increasing demand for advanced storage solutions, encouraging market participants to prioritize scalable and high-efficiency storage technologies.

Regional Insights
Asia-Pacific is the dominant region in the cryogenic equipment market due to rapid industrialization, expanding LNG import terminals, and significant government investments in hydrogen and clean energy infrastructure. Countries including China, India, Japan, and South Korea are increasing investments in LNG regasification terminals, industrial gas facilities, and hydrogen hubs to support industrial growth and energy transition initiatives. The scale of infrastructure development across the region is encouraging cryogenic equipment manufacturers to expand regional manufacturing and supply-chain capabilities.
Asia-Pacific is also the fastest-growing region in the cryogenic equipment market, fuelled by increasing LNG consumption, industrial growth, and rising investments in clean energy projects. Rapid deployment of LNG bunkering infrastructure and hydrogen mobility solutions is driving demand for cryogenic tanks, pumps, vaporizers, and supply systems across the region. As governments continue supporting low-carbon energy strategies and industrial modernization, the region is expected to remain a key investment destination for cryogenic equipment providers.

Market Drivers

• Rising investments in LNG infrastructure are increasing demand for cryogenic tanks, vaporizers, and storage systems required for large-scale gas transportation and regasification operations.
• Growing adoption of hydrogen as a clean energy source is driving deployment of cryogenic equipment for hydrogen storage, handling, and mobility applications.
• Expansion of LNG-powered marine transportation to comply with IMO emission standards is accelerating demand for cryogenic fuel storage and bunkering systems.
• Rapid industrialization and increasing industrial gas consumption across energy, chemicals, and metallurgy sectors are strengthening the need for advanced cryogenic infrastructure.
• Continuous technological advancements in cryogenic storage and transport systems are improving operational reliability, efficiency, and long-term durability across industrial applications.

Competitive Landscape

Top Companies in the Market
• Linde plc
• Chart Industries, Inc.
• Air Liquide S.A.
• Air Products and Chemicals, Inc.
• Nikkiso Co., Ltd.
• Cryofab, Inc.
• Wessington Cryogenics Ltd.
• Flowserve Corporation
• Parker Hannifin Corporation
• INOXCVA

FAQs

1. What is driving investment in the cryogenic equipment market globally?
Growing LNG infrastructure projects, hydrogen adoption, industrial gas demand, and clean energy transition initiatives are the primary factors increasing investment in cryogenic equipment worldwide.

2. Why is LNG the fastest-growing cryogen segment in the market?
LNG is witnessing rapid growth because it is increasingly used as a cleaner fuel in power generation, marine transport, and industrial applications, driving investments in storage and bunkering infrastructure.

3. Which region offers the strongest growth opportunities for cryogenic equipment suppliers?
Asia-Pacific offers the strongest growth opportunities due to expanding LNG import terminals, hydrogen infrastructure projects, rapid industrialization, and government-backed clean energy investments.

4. Which end-user industry generates the highest demand for cryogenic equipment?
The energy sector generates the highest demand because LNG export facilities, hydrogen hubs, and clean energy projects require large-scale cryogenic storage and handling systems.

5. Who are the major companies operating in the cryogenic equipment market?
Key companies operating in the market include Linde plc, Chart Industries, Air Liquide S.A., Air Products and Chemicals, Nikkiso Co., Ltd., Cryofab, Wessington Cryogenics Ltd., Flowserve Corporation, Parker Hannifin Corporation, and INOXCVA.

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