Cryogenic Equipment Market Size, Share & Trends Analysis Report By Product (Tank, Valves), By Cryogen (Nitrogen, Liquified Natural Gas), By Application (Distribution, Storage), By End Use (Metallurgy, Chemical), By Region, And Segment Forecasts, 2024 - 2030

Cryogenic Equipment Market Size & Trends

The global cryogenic equipment market size was estimated at USD 23,575.3 million in 2023 and is anticipated to expand at a CAGR of 6.6% from 2024 to 2030. The growing demand for cryogenic equipment in both the metallurgy and automotive industries is driving the demand for the cryogenic equipment market over the forecast period. This is due to the unique properties of cryogenic technology that make it ideal for certain processes in these industries.

The metallurgy industry globally is witnessing a notable surge in the demand for cryogenic equipment as a pivotal enabler of advanced processing techniques. Cryogenic equipment plays a crucial role in metallurgical applications, particularly in the treatment and manipulation of metals at extremely low temperatures. Processes such as cryogenic hardening and tempering enhance the mechanical properties of metals, resulting in improved durability and performance. The growing emphasis on precision and efficiency in metallurgical operations, coupled with the increasing demand for specialized alloys and high-performance materials, has propelled the need for sophisticated cryogenic equipment in heat treatment and metal processing facilities.

Market Concentration & Characteristics

The market growth stage is medium, and the pace of the market growth is accelerating. The market for cryogenic equipment is experiencing robust growth and expansion, driven by increased demand across various industries. Moreover, continuous technological advancements are shaping the cryogenic equipment market, enhancing the efficiency and capabilities of these systems. Innovations in cryocooling technologies, insulation materials, and safety features are notable examples. Advancements in cryogenic storage systems, such as the development of more efficient and cost-effective insulation materials, contribute to minimizing heat transfer and improving overall system performance.

The market for cryogenic equipment is subject to stringent safety and regulatory standards, reflecting the critical nature of applications in industries like healthcare, aerospace, and energy. Compliance with standards such as those set by organizations like the International Organization for Standardization (ISO) and the American Society for Testing and Materials (ASTM) is crucial. Compliance ensures the safe and reliable operation of cryogenic systems, fostering trust among end users and regulatory authorities.

There is a growing emphasis on environmental sustainability within the cryogenic equipment market. The development of eco-friendly cryogenic solutions, such as the use of alternative refrigerants with lower environmental impact, aligns with the broader industry trend toward greener technologies. Companies are investing in research and development to create cryogenic equipment that minimizes environmental footprints while maintaining high-performance standards.

Drivers, Opportunities & Restraints

The demand for cryogenic equipment market is driven by increasing demand for natural gas and the expanding energy industry. As more countries shift towards cleaner energy sources, the need for liquefied natural gas is rising, which in turn requires extensive cryogenic equipment for storage and transportation. Furthermore, advancements in medical and biological technology necessitate the storage of biological samples at cryogenic temperatures, thus propelling the market forward.

Moreover, the cryogenic equipment market faces restraints, including high operational and maintenance costs, alongside the stringent regulations governing the handling and storage of cryogenic substances. The initial setup cost for cryogenic storage facilities is also significantly high, which can be a deterrent for small and medium enterprises.

However, the market also presents numerous opportunities, particularly in the development and adoption of innovative cryogenic technologies that enhance efficiency and safety. Emerging markets in Asia-Pacific and the Middle East, driven by industrialization and growth in the healthcare sector, offer new avenues for expansion. Moreover, the increasing focus on renewable energy sources and the need for efficient energy storage solutions further boost the demand for advanced cryogenic equipment.

Product Insights

“The demand for the pumps product segment is expected to grow at a significant CAGR of 7.3% from 2024 to 2030 in terms of revenue.”

The tank product equipment segment led the market and accounted for a share of 32.9% in 2023. The requirement to maintain gases for multiple essential industrial processes against traditional cooling lubricants with superior insulation, longer durability, and less maintenance is anticipated to drive product demand over the forecast period. For instance, In the energy sector, the escalating demand for liquefied natural gas (LNG) is a key driver for cryogenic tanks, as they are integral to the entire LNG supply chain, including production, storage, and transportation.

The demand for cryogenic valves, a vital component of cryogenic equipment, is witnessing a significant surge driven by diverse industries. In the liquefied natural gas (LNG) sector, cryogenic valves play a crucial role in controlling and regulating the flow of extremely cold fluids during LNG production, storage, and transportation. Additionally, the increasing demand for specialty alloys and materials, coupled with the rising emphasis on safety and precision in various applications, contributes to the growing need for advanced cryogenic valves. This reflects the critical role they play in ensuring the reliability and efficiency of cryogenic systems across different sectors.

Cryogen Insights

“The demand for the nitrogen cryogen segment is expected to grow at a significant CAGR of 7.2% from 2024 to 2030 in terms of revenue.”

The liquefied natural gas segment led the market and accounted for a share of 31.8% in 2023. The segment growth is caused by the rise in LNG demand in emerging economies. Continuous advancement in LNG storage technologies is likely to facilitate this significant growth and, consequently, the cryogenic equipment industry. Moreover, oxygen is an oxidizer and the most significant component for various industries to conduct several critical applications. The rapidly growing metal processing industry is expected to augment the demand for liquid oxygen for furnace blasts for cast iron and reduce the emission of exhaust gases. Oxygen is also important in automotive for welding in the medical and healthcare sectors, and in rocket fuels.

The nitrogen segment is expected to witness a significant CAGR during the forecast period. It is primarily due to its numerous uses in the oil & gas and metallurgy industries. It is used in the healthcare sector for blood freezing and medication packing as well as in the pharmaceutical and food & beverage industries. In June 2020, Cryospain Engineering announced Asia expansion with a project to develop a new tank for nitrogen storage in Taiwan. A wide range of applications for argon in the metal and industrial sectors is predicted to provide this segment with a significant boost during the projected period. Demand for argon is expected to rise as it can be used alone or in combination with other gases, such as nitrogen, oxygen, carbon dioxide to fulfil customer requirements.

Application Insights

“The demand for the distribution application segment is expected to grow at a significant CAGR of 6.8% from 2024 to 2030 in terms of revenue.”

The storage application segment led the market and accounted for a share of 56.3% in 2023. The demand for the storage of cryogenic equipment is experiencing a notable increase as various industries recognize the critical importance of preserving and managing materials at ultra-low temperatures. In the energy sector, the escalating need for efficient storage of LNG is driving the demand for cryogenic storage facilities and tanks.

The distribution application segment is expected to witness a significant CAGR during the forecast period. The rising trade of technical gases across the world is likely to drive the segment growth, more notably the trade of liquefied natural gases has reinforced the distribution equipment utilized in distributed applications. The need for portable cryogenic tanks has grown due to the increased usage of nitrogen and oxygen for various distribution applications in the food & beverage, oil & gas, and metallurgy industries.

End Use Insights

“The demand for the automotive end use segment is expected to grow at a significant CAGR of 7.5% from 2024 to 2030 in terms of revenue.”

The metallurgy end use segment led the market and accounted for a share of 27.3% in 2023. The metallurgy industry is expected to experience significant growth due to the increased usage of argon, oxygen, and nitrogen gases. Nitrogen is widely used in metallurgy for various purposes such as annealing, neutral hardening, sintering, cyanidation, and during blast furnaces. The high demand for technical gases and rising metallurgy activities drive the growth of this segment. Additionally, the food and beverage industry is poised to witness strong growth during the forecast period. The demand for frozen foods has increased substantially, leading to its popularity in the food and beverage sector. Furthermore, the promotion of environmentally friendly products to reduce carbon footprints has influenced the choice of freezing technology, and legislation governing the food and beverage industry has also played a significant role in this growth.

In the chemical industry, cryogenic equipment plays a pivotal role in various processes that demand precise temperature control and the handling of materials at extremely low temperatures. Cryogenic equipment is extensively employed in the liquefaction, separation, and purification of gases, such as nitrogen, and oxygen. Cryogenic distillation processes, for example, enable the production of high-purity gases critical for chemical manufacturing. Additionally, cryogenic cooling is utilized in the synthesis of specialty chemicals and the production of polymers, where maintaining specific low temperatures is crucial for achieving desired chemical reactions and product characteristics. The chemical industry relies on cryogenic equipment to enhance efficiency, improve product quality, and enable the production of a wide range of chemicals, highlighting its indispensable role in advancing chemical processing technologies.

Regional Insights

“India to witness fastest market growth at 7.8% CAGR”

North America cryogenic equipment market region accounted for 19.5% of the global market share in 2023. The demand for cryogenic equipment in North America has experienced a considerable surge in recent years, driven by its increasing application in sectors, such as energy & power, healthcare, metallurgy, and electronics, among others. Notably, the rising demand for liquefied natural gas (LNG) as a cleaner energy source has significantly contributed to the growth of this market.

U.S. Cryogenic Equipment Market

The U.S cryogenic equipment market is expected to grow at a CAGR of 6.1% from 2024 to 2030. The cryogenic equipment market in the U.S. is driven by the growing demand in food & beverage, automotive, and chemical, reflecting a diverse market with a focus on energy and technological advancements.

Europe Cryogenic Equipment Trends

The Europe cryogenic equipment market is driven by the growing demand for LNG as it is a cleaner alternative to traditional fossil fuels. Moreover, the R&D of cryogenic technologies, particularly in the field of metallurgy, also plays a crucial role in driving the demand for high-quality cryogenic equipment.

The Germany cryogenic equipment market held 22.1% share in the European market owing to the rising country's focus on transitioning to a more sustainable energy system, which includes the use of LNG as a cleaner alternative to traditional fossil fuels. The growing demand for LNG has led to an increase in the number of LNG terminals and storage facilities across Germany, creating a need for high-quality cryogenic equipment for the effective storage and transportation of LNG.

UK cryogenic equipment market held 9.5% share in the Europe market which is driven by the increasing adoption of cryogenic technology in various industrial applications, such as food processing, metallurgy, and electronics.

Asia Pacific Cryogenic Equipment Market Trends

The cryogenic equipment market in Asia Pacific is propelled by growing demand for LNG in the region. With the increasing demand for energy, LNG is becoming an increasingly popular source of fuel due to its lower emissions and higher energy density. Another factor contributing to the demand for cryogenic equipment is the increasing focus on space exploration and research in the Asia Pacific region. Cryogenic equipment is essential for the storage and transport of rocket fuels and other materials used in space exploration.

China cryogenic equipment market held over 45.0% share in the Asia Pacific market owing to growing food & beverage, metallurgy, and chemical industries. As the country's middle class continues to grow, so does its purchasing power and desire for high-quality, imported goods. This trend is particularly evident in the food & beverage industry, where there has been an increased demand for products such as wine, coffee, and luxury foods, thereby driving the demand for cryogenic equipment market.

India cryogenic equipment market held 10.7% share in the Asia Pacific market owing to growing chemical, food & beverage and metallurgy industries.According to IBEF, the Indian chemical sector’s small & medium enterprises witnessed 18%-23% revenue growth in 2022, owing to the development in domestic demand and higher realization due to the high prices of chemicals.

Middle East & Africa Cryogenic Equipment Trends

The Middle East & Africa cryogenic equipment market is witnessing steady demand owing to the increasing use of this equipment in various industries such as food & beverage and oil & gas. Cryogenic equipment such as storage tanks, valves, and vaporizers are used in the transportation and storage of liquefied gases such as nitrogen, oxygen, and argon. The growing demand for these gases in the above-mentioned industries is driving the demand for cryogenic equipment in the region.

Saudi Arabia cryogenic equipment market held 21.6% share in the Middle East & Africa market. The market is driven by increased demand from the oil & gas, food & beverage, and chemical industries.

Central & South America Cryogenic Equipment Trends

The cryogenic equipment market in Central & South America is experiencing dynamic growth fueled by expanding industries such as oil & gas, metallurgy and chemicals, robust infrastructural developments, and a surge in industrial activities across the region.

Brazil cryogenic equipment market held 40.5% share in Central & South America, propelled by growing rapidly due to the increasing demand for natural gas and liquefied natural gas (LNG) in the country.

Key Cryogenic Equipment Company Insights

Some of the key players operating in the cryogenic equipment market include Linde plc,Nikkiso Co. Ltd., and Chart Industries, Inc.

• Chart Industries Inc. is a global manufacturer of highly engineered cryogenic equipment used across various industries, including energy, industrial gas, and biomedical. The company's product portfolio includes a wide range of cryogenic solutions such as storage tanks, transportation vessels, and heat exchangers designed to handle and store gases at extremely low temperatures. The company is known for its innovative technology and commitment to quality, providing solutions that support applications in Liquefied Natural Gas (LNG), carbon capture, and life sciences.

• Linde plc, a global operator in industrial gases and engineering, offers a comprehensive range of products in the cryogenic equipment market, including cryogenic storage tanks, cryogenic vaporizers, cryogenic pumps, and cryogenic distribution systems. The company also supplies cryogenic freezers, cryogenic cylinders, and LNG systems. These products are crucial for applications in healthcare, food preservation, energy, and industrial manufacturing, ensuring the efficient, safe & reliable handling and transportation of cryogenic gases such as oxygen, nitrogen, and LNG.

Ulvac Technologies, Inc., Cryolor SA and MAN Energy Solutions SE are some of the emerging players in the cryogenic equipment market.

• Ulvac Technologies, Inc. specializes in the development and manufacturing of high-precision cryogenic systems. The company provides a range of products designed for the efficient and safe handling of cryogenic gases. Its product portfolio includes cryogenic vacuum pumps, cryogenic traps, and cryogenic gas storage systems, all engineered to meet stringent industry standards. These products are critical for applications in industries such as semiconductor manufacturing, aerospace, and energy. The company also offers advanced technological solutions and its products provide reliability & performance in demanding operational environments.

• Cryolor SA is engaged in the designing and production of advanced cryogenic solutions. The company specializes in a diverse range of products, including cryogenic storage tanks, pressure vessels, and vacuum-insulated piping systems. Its equipment is engineered to support the safe and efficient storage & transportation of liquefied gases such as nitrogen, oxygen, and hydrogen. The company’s product line also includes cryogenic pumps and valves, which are essential for handling and controlling cryogenic fluids in various industrial applications.

Recent Developments

• In May 2024, Linde plc, a global operator in industrial gases and engineering, announced a landmark agreement to supply industrial gases to the world's first large-scale green steel plant, H2 Green Steel located in Boden, Sweden. The green steel plant, which aims to produce steel using renewable energy sources, represents a significant step forward in the transition to a low carbon economy. Furthermore, Linde's advanced gas technologies will play a crucial role in supporting the plant's operations, contributing to a more sustainable future for the steel industry.

• In March 2023, INOXCVA initiated the construction of its new manufacturing facility. The facility, located in Savli, Vadodara, Gujarat, cost USD 24.1 million and was spread across 30 acres of land. Once completed, it will be the largest cryogenic equipment manufacturing facility in India, with the capacity to produce over 20,000 MT of stainless steel equipment per year. This green-field project is a significant step for INOXCVA, as it expands its manufacturing capabilities and reinforces its position as a leading provider of cryogenic equipment.

• In February 2023, Azenta, Inc. launched Cryo Store Pico. The product is designed specifically for high-value biological samples utilized in various stages of life sciences. Azenta is well-known for its cutting-edge automated cryogenic solutions, such as the BioStore III Cryo and the CryoPod Carrier. Pico is the latest addition to their innovative product line, offering advanced automated cryogenic technology that is tailored to meet the requirements of clinical and laboratory applications, further cementing Azenta's reputation as a leading provider of cryogenic solutions.

Cryogenic Equipment Market Report Scope

Global Cryogenic Equipment Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global cryogenic equipment market on the basis of product, cryogen, application, end use, and region:

• Product Outlook (Revenue, USD Million; 2018 - 2030)

  • Tanks

  • Valves

  • Pumps 

  • Vaporizers

  • Vacuum Jacket Piping (VJP)

  • Others

• Cryogen Outlook (Revenue, USD Million; 2018 - 2030)

  • Nitrogen

  • Oxygen

  • Argon

  • Liquefied Natural Gas

  • Others

• Application Outlook (Revenue, USD Million; 2018 - 2030)

  • Distribution

  • Storage

• End Use Outlook (Revenue, USD Million; 2018 - 2030)

  • Oil & Gas

  • Metallurgy

  • Automotive

  • Food & Beverage

  • Chemical

  • Other

• Region Outlook (Revenue, USD Million; 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa