Product Code: 20008
The Global Cryogenic Equipment Market, valued at USD 24.12 Billion in 2024, is projected to experience a CAGR of 7.26% to reach USD 36.73 Billion by 2030. Cryogenic equipment comprises specialized machinery engineered to generate, sustain, and operate in ultra-low temperature environments, typically below -150 degrees Celsius, facilitating the liquefaction, storage, and distribution of industrial gases such as nitrogen, oxygen, and liquefied natural gas. The market's expansion is fundamentally propelled by the increasing global demand for cleaner energy alternatives, specifically liquefied natural gas, and the continuous growth of healthcare applications, including biobanking and cryosurgery.
| Market Overview |
| Forecast Period | 2026-2030 |
| Market Size 2024 | USD 24.12 Billion |
| Market Size 2030 | USD 36.73 Billion |
| CAGR 2025-2030 | 7.26% |
| Fastest Growing Segment | Chemical |
| Largest Market | North America |
Key Market Drivers
The increasing demand for liquefied natural gas (LNG) represents a primary growth catalyst for the global cryogenic equipment market. As international energy policies increasingly favor cleaner alternatives to traditional fossil fuels, the role of natural gas, particularly in its liquefied form, expands across power generation and industrial sectors. This global energy transition necessitates robust cryogenic infrastructure for the efficient liquefaction, transportation, and long-term storage of LNG at ultra-low temperatures. The ongoing development of new export and import terminals, along with the upgrading of existing facilities, directly fuels the demand for specialized cryogenic tanks, heat exchangers, and associated processing equipment.
Key Market Challenges
The substantial initial investment and ongoing operating costs associated with developing and implementing cryogenic systems present a significant challenge to the growth of the global cryogenic equipment market. This considerable capital outlay acts as a formidable barrier, deterring potential new market entrants and smaller businesses from adopting or expanding cryogenic technologies. The requirement for specialized materials capable of enduring ultra-low temperatures, coupled with the inherent technical complexities involved in the safe handling and operation of cryogenic substances, inevitably escalates these upfront expenditures.
Key Market Trends
The hydrogen economy represents a substantial growth area for cryogenic equipment, as hydrogen is recognized as a key clean energy carrier for decarbonization efforts across various sectors. The need to liquefy, store, and transport hydrogen at ultra-low temperatures necessitates specialized cryogenic infrastructure, including advanced tanks, pumps, and heat exchangers. According to the Hydrogen Council's Hydrogen Insights 2024 report, clean hydrogen projects that reached Final Investment Decision (FID) saw a significant increase in committed investment, rising from approximately USD 10 billion in 2020 to some USD 75 billion across 434 projects in 2024, indicating a clear shift toward implementation. Demonstrating this market development, Chart Industries announced in March 2024 an order from Element Resources for a hydrogen liquefaction plant, liquid hydrogen storage tanks, and transportation equipment for a major green hydrogen production facility in California. This trend highlights a fundamental shift in energy infrastructure, creating new demand for sophisticated cryogenic technologies.
Key Market Players
- Air Liquide S.A.
- Linde Plc
- Emerson Electric Co.
- Chart Industries Inc.
- Baker Hughes Company
- IHI Corporation
- Kawasaki Heavy Industries Ltd
- Mitsubishi Heavy Industries Ltd
- Howden Broking Group Limited
- Burckhardt Compression AG
Report Scope:
In this report, the Global Cryogenic Equipment Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Cryogenic Equipment Market, By Product Type:
- Valve
- Tank
- Vaporizer
- Pump
- Others
Cryogenic Equipment Market, By Cryogen Type:
- Nitrogen
- Oxygen
- Argon
- Liquefied Natural Gas
- Others
Cryogenic Equipment Market, By End User:
- Energy & Power
- Chemical
- Electronics
- Shipping
- Metallurgical
- Others
Cryogenic Equipment Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
Competitive Landscape
Company Profiles: Detailed analysis of the major companies presents in the Global Cryogenic Equipment Market.
Available Customizations:
Global Cryogenic Equipment Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
Table of Contents
1. Product Overview
- 1.1. Market Definition
- 1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations
2. Research Methodology
- 2.1. Objective of the Study
- 2.2. Baseline Methodology
- 2.3. Key Industry Partners
- 2.4. Major Association and Secondary Sources
- 2.5. Forecasting Methodology
- 2.6. Data Triangulation & Validation
- 2.7. Assumptions and Limitations
3. Executive Summary
- 3.1. Overview of the Market
- 3.2. Overview of Key Market Segmentations
- 3.3. Overview of Key Market Players
- 3.4. Overview of Key Regions/Countries
- 3.5. Overview of Market Drivers, Challenges, Trends
4. Voice of Customer
5. Global Cryogenic Equipment Market Outlook
- 5.1. Market Size & Forecast
- 5.2. Market Share & Forecast
- 5.2.1. By Product Type (Valve, Tank, Vaporizer, Pump, Others)
- 5.2.2. By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Others)
- 5.2.3. By End User (Energy & Power, Chemical, Electronics, Shipping, Metallurgical, Others)
- 5.2.4. By Region
- 5.2.5. By Company (2024)
- 5.3. Market Map
6. North America Cryogenic Equipment Market Outlook
- 6.1. Market Size & Forecast
- 6.2. Market Share & Forecast
- 6.2.1. By Product Type
- 6.2.2. By Cryogen Type
- 6.2.3. By End User
- 6.2.4. By Country
- 6.3. North America: Country Analysis
- 6.3.1. United States Cryogenic Equipment Market Outlook
- 6.3.1.1. Market Size & Forecast
- 6.3.1.2. Market Share & Forecast
- 6.3.1.2.1. By Product Type
- 6.3.1.2.2. By Cryogen Type
- 6.3.1.2.3. By End User
- 6.3.2. Canada Cryogenic Equipment Market Outlook
- 6.3.2.1. Market Size & Forecast
- 6.3.2.2. Market Share & Forecast
- 6.3.2.2.1. By Product Type
- 6.3.2.2.2. By Cryogen Type
- 6.3.2.2.3. By End User
- 6.3.3. Mexico Cryogenic Equipment Market Outlook
- 6.3.3.1. Market Size & Forecast
- 6.3.3.2. Market Share & Forecast
- 6.3.3.2.1. By Product Type
- 6.3.3.2.2. By Cryogen Type
- 6.3.3.2.3. By End User
7. Europe Cryogenic Equipment Market Outlook
- 7.1. Market Size & Forecast
- 7.2. Market Share & Forecast
- 7.2.1. By Product Type
- 7.2.2. By Cryogen Type
- 7.2.3. By End User
- 7.2.4. By Country
- 7.3. Europe: Country Analysis
- 7.3.1. Germany Cryogenic Equipment Market Outlook
- 7.3.1.1. Market Size & Forecast
- 7.3.1.2. Market Share & Forecast
- 7.3.1.2.1. By Product Type
- 7.3.1.2.2. By Cryogen Type
- 7.3.1.2.3. By End User
- 7.3.2. France Cryogenic Equipment Market Outlook
- 7.3.2.1. Market Size & Forecast
- 7.3.2.2. Market Share & Forecast
- 7.3.2.2.1. By Product Type
- 7.3.2.2.2. By Cryogen Type
- 7.3.2.2.3. By End User
- 7.3.3. United Kingdom Cryogenic Equipment Market Outlook
- 7.3.3.1. Market Size & Forecast
- 7.3.3.2. Market Share & Forecast
- 7.3.3.2.1. By Product Type
- 7.3.3.2.2. By Cryogen Type
- 7.3.3.2.3. By End User
- 7.3.4. Italy Cryogenic Equipment Market Outlook
- 7.3.4.1. Market Size & Forecast
- 7.3.4.2. Market Share & Forecast
- 7.3.4.2.1. By Product Type
- 7.3.4.2.2. By Cryogen Type
- 7.3.4.2.3. By End User
- 7.3.5. Spain Cryogenic Equipment Market Outlook
- 7.3.5.1. Market Size & Forecast
- 7.3.5.2. Market Share & Forecast
- 7.3.5.2.1. By Product Type
- 7.3.5.2.2. By Cryogen Type
- 7.3.5.2.3. By End User
8. Asia Pacific Cryogenic Equipment Market Outlook
- 8.1. Market Size & Forecast
- 8.2. Market Share & Forecast
- 8.2.1. By Product Type
- 8.2.2. By Cryogen Type
- 8.2.3. By End User
- 8.2.4. By Country
- 8.3. Asia Pacific: Country Analysis
- 8.3.1. China Cryogenic Equipment Market Outlook
- 8.3.1.1. Market Size & Forecast
- 8.3.1.2. Market Share & Forecast
- 8.3.1.2.1. By Product Type
- 8.3.1.2.2. By Cryogen Type
- 8.3.1.2.3. By End User
- 8.3.2. India Cryogenic Equipment Market Outlook
- 8.3.2.1. Market Size & Forecast
- 8.3.2.2. Market Share & Forecast
- 8.3.2.2.1. By Product Type
- 8.3.2.2.2. By Cryogen Type
- 8.3.2.2.3. By End User
- 8.3.3. Japan Cryogenic Equipment Market Outlook
- 8.3.3.1. Market Size & Forecast
- 8.3.3.2. Market Share & Forecast
- 8.3.3.2.1. By Product Type
- 8.3.3.2.2. By Cryogen Type
- 8.3.3.2.3. By End User
- 8.3.4. South Korea Cryogenic Equipment Market Outlook
- 8.3.4.1. Market Size & Forecast
- 8.3.4.2. Market Share & Forecast
- 8.3.4.2.1. By Product Type
- 8.3.4.2.2. By Cryogen Type
- 8.3.4.2.3. By End User
- 8.3.5. Australia Cryogenic Equipment Market Outlook
- 8.3.5.1. Market Size & Forecast
- 8.3.5.2. Market Share & Forecast
- 8.3.5.2.1. By Product Type
- 8.3.5.2.2. By Cryogen Type
- 8.3.5.2.3. By End User
9. Middle East & Africa Cryogenic Equipment Market Outlook
- 9.1. Market Size & Forecast
- 9.2. Market Share & Forecast
- 9.2.1. By Product Type
- 9.2.2. By Cryogen Type
- 9.2.3. By End User
- 9.2.4. By Country
- 9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Cryogenic Equipment Market Outlook
- 9.3.1.1. Market Size & Forecast
- 9.3.1.2. Market Share & Forecast
- 9.3.1.2.1. By Product Type
- 9.3.1.2.2. By Cryogen Type
- 9.3.1.2.3. By End User
- 9.3.2. UAE Cryogenic Equipment Market Outlook
- 9.3.2.1. Market Size & Forecast
- 9.3.2.2. Market Share & Forecast
- 9.3.2.2.1. By Product Type
- 9.3.2.2.2. By Cryogen Type
- 9.3.2.2.3. By End User
- 9.3.3. South Africa Cryogenic Equipment Market Outlook
- 9.3.3.1. Market Size & Forecast
- 9.3.3.2. Market Share & Forecast
- 9.3.3.2.1. By Product Type
- 9.3.3.2.2. By Cryogen Type
- 9.3.3.2.3. By End User
10. South America Cryogenic Equipment Market Outlook
- 10.1. Market Size & Forecast
- 10.2. Market Share & Forecast
- 10.2.1. By Product Type
- 10.2.2. By Cryogen Type
- 10.2.3. By End User
- 10.2.4. By Country
- 10.3. South America: Country Analysis
- 10.3.1. Brazil Cryogenic Equipment Market Outlook
- 10.3.1.1. Market Size & Forecast
- 10.3.1.2. Market Share & Forecast
- 10.3.1.2.1. By Product Type
- 10.3.1.2.2. By Cryogen Type
- 10.3.1.2.3. By End User
- 10.3.2. Colombia Cryogenic Equipment Market Outlook
- 10.3.2.1. Market Size & Forecast
- 10.3.2.2. Market Share & Forecast
- 10.3.2.2.1. By Product Type
- 10.3.2.2.2. By Cryogen Type
- 10.3.2.2.3. By End User
- 10.3.3. Argentina Cryogenic Equipment Market Outlook
- 10.3.3.1. Market Size & Forecast
- 10.3.3.2. Market Share & Forecast
- 10.3.3.2.1. By Product Type
- 10.3.3.2.2. By Cryogen Type
- 10.3.3.2.3. By End User
11. Market Dynamics
- 11.1. Drivers
- 11.2. Challenges
12. Market Trends & Developments
- 12.1. Merger & Acquisition (If Any)
- 12.2. Product Launches (If Any)
- 12.3. Recent Developments
13. Global Cryogenic Equipment Market: SWOT Analysis
14. Porter's Five Forces Analysis
- 14.1. Competition in the Industry
- 14.2. Potential of New Entrants
- 14.3. Power of Suppliers
- 14.4. Power of Customers
- 14.5. Threat of Substitute Products
15. Competitive Landscape
- 15.1. Air Liquide S.A.
- 15.1.1. Business Overview
- 15.1.2. Products & Services
- 15.1.3. Recent Developments
- 15.1.4. Key Personnel
- 15.1.5. SWOT Analysis
- 15.2. Linde Plc
- 15.3. Emerson Electric Co.
- 15.4. Chart Industries Inc.
- 15.5. Baker Hughes Company
- 15.6. IHI Corporation
- 15.7. Kawasaki Heavy Industries Ltd
- 15.8. Mitsubishi Heavy Industries Ltd
- 15.9. Howden Broking Group Limited
- 15.10. Burckhardt Compression AG
16. Strategic Recommendations
17. About Us & Disclaimer