The Global Cryogenic Equipment Market Size is valued at USD 12.72 billion in 2024 and is predicted to reach USD 25.25 billion by the year 2034 at a 7.2% CAGR during the forecast period for 2025-2034.
Liquefied natural gas (LNG) and industrial gases are primarily transported and stored using cryogenic equipment in the oil and gas sector. The industrial sector's growth is essential for economic development and raising public awareness of the importance of producing sustainable energy sources. These attributes have a significant impact on the market's expansion.
Rising investments in LNG-based power plants and rising demand for the transportation and storage sectors also drive the market. With their inert nature, cryogenic gases are ideal for keeping samples from space, and rising spending on space and satellite missions is predicted to fuel demand for these products. Cryogenic equipment has a huge opportunity to develop its market due to the growth of LNG-based power plants as a clean energy source due to the depletion of coal supplies.
However, the global industry has been significantly impacted by the COVID-19 pandemic. During the pandemic, several industries stayed shut down, which reduced the demand for several gases and hampered industry expansion. Nonetheless, there remained a significant need for liquid oxygen for medical uses.
The Cryogenic Equipment Market is segmented based on equipment, cryogen, end-user industry, system type, application. Based on equipment, the market is segmented as valves, vaporizers, pumps, other equipment. The cryogen segment includes nitrogen, argon, oxygen, LNG, hydrogen, other cryogens. Based on the end-user industry, the market is segmented into metallurgy, energy & power, chemical, electronics, transportation, other end-user industries. The system type segment includes storage system, handling system, supply system, others. Based on the application, the market segmented into Casu (Cryogenic Air Separation Unit), Non-Casu (Non-Cryogenic Air Separation Unit).
Based on equipment, the market is segmented as valves, vaporizers, pumps, other equipment. The pumps segment is a major contributor to the cryogenic equipment market. Cryogenic pumps are crucial for transferring cryogenic fluids such as liquid nitrogen, oxygen, and argon under high pressure and extremely low temperatures. They are widely used across various industries, including healthcare for liquid oxygen supply, as well as in energy, metallurgy, and LNG (liquefied natural gas) sectors. These pumps play a vital role in storage, transport, and distribution systems, with common types including centrifugal, reciprocating, and diaphragm cryogenic pumps. In addition to pumps, valves are essential for controlling the flow and pressure of cryogenic gases and liquids, serving a critical role in safety and regulation, though they generally hold a lower market value and volume. Other cryogenic equipment, such as tanks, hoses, compressors, and cold boxes, is often customized and capital-intensive, contributing a smaller but stable share to the overall market.
The cryogen segment includes nitrogen, argon, oxygen, LNG, hydrogen, other cryogens. The increase in LNG demand in emerging markets is primarily to blame for the sector growth. This enormous expansion and, subsequently, the cryogenic equipment business are projected to be aided by ongoing improvements in LNG storage technologies. The most important element for many businesses to carry out a number of essential applications is oxygen, an oxidizer. It is anticipated that the rapidly expanding metal processing sector would increase demand for liquid oxygen for cast iron furnace blasts while lowering exhaust gas emissions. Oxygen is crucial for welding in the automobile industry, medical and healthcare fields, and rocket fuels.
Asia Pacific's cryogenic equipment market is expected to register the highest market share in revenue in the near future. The availability of raw supplies, increasing industries, and affordable labor are the key variables determining regional growth. Furthermore, increased demand for gas-fired power plants due to increased renewable energy awareness and significant growth in power demand is projected to help the industry. North America is also expected to contribute significantly to revenue. Growing concerns over natural gas resources and increased construction activity are driving the regional economy forward. Increasing favorable regulatory conditions for the development of low-emission elements are predicted to enhance their use.
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Report Attribute |
Specifications |
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Market size value in 2024 |
USD 12.72 Bn |
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Revenue forecast in 2034 |
USD 25.25Bn |
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Growth rate CAGR |
CAGR of 7.2% from 2025 to 2034 |
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Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
By Equipment, Cryogen, End-User Industry, System Type, Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; Southeast Asia; |
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Competitive Landscape |
Linde plc, Air Liquide S.A., Air Products and Chemicals Inc., Chart Industries Inc., Parker-Hannifin Corp., Flowserve Corp., Nikkiso Co. Ltd., Inox India Ltd., Taylor-Wharton, Emerson Electric Co., Wessington Cryogenics Ltd., Sulzer Ltd., Acme Cryogenics Inc., SHI Cryogenics Group, Fives SAS, Cryofab Inc., Herose GmbH, Cryostar SAS, Shell-N-Tube Pvt. Ltd. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Cryogenic Equipment Market Snapshot
Chapter 4. Global Cryogenic Equipment Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2024-2034
4.8. Competitive Landscape & Market Share Analysis, By Key Player (2023)
4.9. Use/impact of AI on Cryogenic Equipment Market Industry Trends
4.10. Global Cryogenic Equipment Market Penetration & Growth Prospect Mapping (US$ Mn), 2021-2034
Chapter 5. Cryogenic Equipment Market Segmentation 1: By Equipment, Estimates & Trend Analysis
5.1. Market Share by Equipment, 2024 & 2034
5.2. Market Size Revenue (US$ Million) & Forecasts and Trend Analyses, 2021 to 2034 for the following Equipment:
5.2.1. Valves
5.2.2. Vaporizers
5.2.3. Pumps
5.2.4. Other Equipment
Chapter 6. Cryogenic Equipment Market Segmentation 2: By Cryogen, Estimates & Trend Analysis
6.1. Market Share by Cryogen, 2024 & 2034
6.2. Market Size Revenue (US$ Million) & Forecasts and Trend Analyses, 2021 to 2034 for the following Cryogen:
6.2.1. Nitrogen
6.2.2. Argon
6.2.3. Oxygen
6.2.4. LNG
6.2.5. Hydrogen
6.2.6. Other Cryogens
Chapter 7. Cryogenic Equipment Market Segmentation 3: By End-User Industry, Estimates & Trend Analysis
7.1. Market Share by End-User Industry, 2024 & 2034
7.2. Market Size Revenue (US$ Million) & Forecasts and Trend Analyses, 2021 to 2034 for the following End-User Industry:
7.2.1. Metallurgy
7.2.2. Energy & Power
7.2.3. Chemical
7.2.4. Electronics
7.2.5. Transportation
7.2.6. Other End-User Industries
Chapter 8. Offline Cryogenic Equipment Market Segmentation 4: By System Type, Estimates & Trend Analysis
8.1. Market Share by System Type, 2024 & 2034
8.2. Market Size Revenue (US$ Million) & Forecasts and Trend Analyses, 2021 to 2034 for the following System Type:
8.2.1. Storage System
8.2.2. Handling System
8.2.3. Supply System
8.2.4. Others
Chapter 9. Cryogenic Equipment Market Segmentation 5: By Application, Estimates & Trend Analysis
9.1. Market Share by Application, 2024 & 2034
9.2. Market Size Revenue (US$ Million) & Forecasts and Trend Analyses, 2021 to 2034 for the following Application:
9.2.1. Casu
9.2.2. Non-Casu
Chapter 10. Cryogenic Equipment Market Segmentation 6: Regional Estimates & Trend Analysis
10.1. Global Cryogenic Equipment Market, Regional Snapshot 2024 & 2034
10.2. North America
10.2.1. North America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Country, 2021-2034
10.2.1.1. US
10.2.1.2. Canada
10.2.2. North America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Equipment, 2021-2034
10.2.3. North America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Cryogen, 2021-2034
10.2.4. North America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by End-User Industry, 2021-2034
10.2.5. North America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by System Type, 2021-2034
10.2.6. North America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
10.3. Europe
10.3.1. Europe Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Country, 2021-2034
10.3.1.1. Germany
10.3.1.2. U.K.
10.3.1.3. France
10.3.1.4. Italy
10.3.1.5. Spain
10.3.1.6. Rest of Europe
10.3.2. Europe Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Equipment, 2021-2034
10.3.3. Europe Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Cryogen, 2021-2034
10.3.4. Europe Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by End-User Industry, 2021-2034
10.3.5. Europe Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by System Type, 2021-2034
10.3.6. Europe Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
10.4. Asia Pacific
10.4.1. Asia Pacific Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Country, 2021-2034
10.4.1.1. India
10.4.1.2. China
10.4.1.3. Japan
10.4.1.4. Australia
10.4.1.5. South Korea
10.4.1.6. Hong Kong
10.4.1.7. Southeast Asia
10.4.1.8. Rest of Asia Pacific
10.4.2. Asia Pacific Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Equipment, 2021-2034
10.4.3. Asia Pacific Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Cryogen, 2021-2034
10.4.4. Asia Pacific Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts System Type, 2021-2034
10.4.5. Asia Pacific Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
10.5. Latin America
10.5.1. Latin America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Country, 2021-2034
10.5.1.1. Brazil
10.5.1.2. Mexico
10.5.1.3. Rest of Latin America
10.5.2. Latin America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Equipment, 2021-2034
10.5.3. Latin America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Cryogen, 2021-2034
10.5.4. Latin America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by End-User Industry, 2021-2034
10.5.5. Latin America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by System Type, 2021-2034
10.5.6. Latin America Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
10.6. Middle East & Africa
10.6.1. Middle East & Africa Wind Turbine Rotor Blade Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
10.6.1.1. GCC Countries
10.6.1.2. Israel
10.6.1.3. South Africa
10.6.1.4. Rest of Middle East and Africa
10.6.2. Middle East & Africa Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Equipment, 2021-2034
10.6.3. Middle East & Africa Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Cryogen, 2021-2034
10.6.4. Middle East & Africa Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by End-User Industry, 2021-2034
10.6.5. Middle East & Africa Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by System Type, 2021-2034
10.6.6. Middle East & Africa Cryogenic Equipment Market Revenue (US$ Million) Estimates and Forecasts by Application, 2021-2034
Chapter 11. Competitive Landscape
11.1. Major Mergers and Acquisitions/Strategic Alliances
11.2. Company Profiles
11.2.1. LINDE PLC
11.2.1.1. Business Overview
11.2.1.2. Key Equipment/Service Overview
11.2.1.3. Financial Performance
11.2.1.4. Geographical Presence
11.2.1.5. Recent Developments with Business Strategy
11.2.2. AIR LIQUIDE
11.2.3. AIR PRODUCTS AND CHEMICALS, INC.
11.2.4. CHART INDUSTRIES
11.2.5. PARKER HANNIFIN CORP
11.2.6. FLOWSERVE CORPORATION
11.2.7. NIKKISO CO., LTD.
11.2.8. INOX INDIA LIMITED
11.2.9. TAYLOR-WHARTON
11.2.10. EMERSON ELECTRIC CO.
11.2.11. WESSINGTON CRYOGENICS
11.2.12. SULZER LTD
11.2.13. ACME CRYO.
11.2.14. SHI CRYOGENICS GROUP
11.2.15. FIVES SAS
11.2.16. CRYOFAB
11.2.17. HEROSE GMBH
11.2.18. CRYOSTAR
11.2.19. SHELL-N-TUBE
Cryogenic Equipment Market- By Equipment
Cryogenic Equipment Market - By Cryogen
Cryogenic Equipment Market - By End-User Industry
Cryogenic Equipment Market - By System Type
Cryogenic Equipment Market - By Application
Cryogenic Equipment Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
