Asia Pacific Cryogenic Equipment Market
Asia Pacific Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-use Industry (Energy & Power, Chemical, Metallurgy, Transportation), System Type, Application - Forecast to 2030
OVERVIEW
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
The Asia Pacific cryogenic equipment market is projected to grow from USD 5.32 billion in 2025 to USD 8.72 billion by 2030, at a CAGR of 10.4%. The Asia Pacific cryogenic equipment market is growing due to rapid industrialization, expanding energy demand, and strong investments in LNG infrastructure across China, India, Australia, and South Korea. Rising adoption of industrial gases in metallurgy, healthcare, electronics, and food processing boosts the demand for cryogenic storage and transportation systems. Growth in renewable energy, hydrogen projects, and semiconductor manufacturing further supports market expansion. Additionally, government initiatives for clean energy, increasing healthcare spending, and development of space and aerospace programs accelerate the need for advanced cryogenic equipment across the region.
KEY TAKEAWAYS
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BY COUNTRYChina is likely to hold a 55.6% share of the Asia Pacific cryogenic equipment market in 2025.
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BY EQUIPMENTBy equipment, the tanks segment is projected to grow at the fastest rate from 2025 to 2030.
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BY CRYOGENBy cryogen, the oxygen segment is estimated to register the highest CAGR of 11.2% during the forecast period.
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BY SYSTEM TYPEBy system type, the storage segment is expected to dominate the market between 2025 and 2030.
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BY END-USE INDUSTRYThe electronics segment is estimated to register the highest CAGR of 12.5% during the forecast period.
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COMPETITIVE LANDSCAPEAir Liquide (France), Linde plc (Ireland), Chart Industries (US), Cryofab Inc. (US) and Taylor-Wharton (US) were identified as some of the star players in Asia Pacific cryogenic equipment market.
Major trends in the Asia Pacific cryogenic equipment market include rapid technological innovation, such as smart and IoT-enabled systems, lightweight tank designs, and energy-efficient solutions that improve safety and lower operational costs. There has been a growing demand beyond LNG, notably in hydrogen fuel infrastructure, precision healthcare (cryopreservation), and aerospace applications, expanding use cases. Manufacturers are also offering modular and turnkey solutions and expanding services, including maintenance and training. Additionally, automation and predictive maintenance are increasing to enhance plant efficiency, while sustainability initiatives are driving R&D into green cryogenic technologies aligned with clean-energy goals.
TRENDS & DISRUPTIONS IMPACTING CUSTOMERS' CUSTOMERS
The Asia Pacific cryogenic equipment market is being reshaped by surging LNG demand, large-scale hydrogen initiatives, and rising consumption of industrial gases across healthcare, energy, and manufacturing hubs, such as China, Japan, and India. Governments are pushing cleaner fuels and supporting LNG import terminals, hydrogen corridors, and industrial gas distribution networks, accelerating investments in tanks, vaporizers, pumps, and regasification units. However, high capital costs, fluctuating gas prices, and stringent, often fragmented safety and environmental regulations raise compliance burdens and heighten obsolescence risk for inefficient legacy assets.
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
MARKET DYNAMICS
Level
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Shift toward renewable energy
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Increasing use of gases in metallurgy, oil & gas and energy power industries
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Price volatility
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New space and satellite missions
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Emerging applications of cryogenic electronics
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Risks associated with leakage of cryogenic fluids
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
Driver: Increasing use of gases in metallurgy, oil & gas and energy power industries
The Asia Pacific cryogenic equipment market is propelled by surging consumption of industrial gases in metallurgy, oil & gas, chemicals, and power generation, especially in China, India, Japan, and South Korea. Steelmaking, refining, and large power plants increasingly rely on oxygen, nitrogen, and LNG, requiring extensive cryogenic storage, regasification, and distribution infrastructure. Government decarbonization goals and investments in LNG import terminals and hydrogen projects further boost the adoption of advanced cryogenic tanks, vaporizers, pumps, and valves across the region.
Restraint: Price volatility
Volatile prices of stainless steel, aluminum, nickel alloys, and specialized insulation materials significantly raise the capex and lifecycle costs of cryogenic tanks, vessels, and piping in Asia Pacific. Frequent fluctuations driven by geopolitical tensions, energy costs, and supply disruptions complicate contract pricing and reduce OEM and EPC margins on long-cycle LNG and industrial gas projects. Smaller local fabricators struggle to hedge input costs, delaying expansions and limiting the availability of competitively priced, high-specification cryogenic equipment in emerging Southeast Asian markets.
Opportunity: New space and satellite missions
Rapid growth in regional space programs and commercial satellite constellations is creating a high-value opportunity for cryogenic equipment suppliers in Asia Pacific. Agencies such as ISRO in India and CNSA in China are ramping up launches that rely on cryogenic propulsion stages using liquid oxygen and liquid hydrogen, demanding highly reliable tanks, valves, transfer lines, and ground-support systems. Rising private investments in small-sat launchers and spaceports across Australia, Japan, and Southeast Asia further expand demand for custom, high-performance cryogenic systems and associated control instrumentation.
Challenge: Risks associated with leakage of cryogenic fluids
Leakage or venting of LNG, liquid hydrogen, and other cryogenic fluids poses serious safety and environmental challenges for operators in Asia Pacific. Methane slip from LNG infrastructure and boil-off gas losses contribute to greenhouse emissions, while accidental releases can create fire, explosion, or asphyxiation risks in densely populated industrial zones. Regulators are tightening standards on leak detection, fugitive emissions, and emergency response, forcing asset owners to invest in better insulation, monitoring, and containment technologies, which increases project complexity and operating costs.
ASIA PACIFIC CRYOGENIC EQUIPMENT MARKET: COMMERCIAL USE CASES ACROSS INDUSTRIES
| COMPANY | USE CASE DESCRIPTION | BENEFITS |
|---|---|---|
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Designs and manufactures LNG storage tanks, satellite stations, and transport modules that feed gas-fired power plants and city-gas networks across China and wider Asia Pacific | Supported fuel switching from coal to gas by ensuring secure large-scale LNG storage and regasification, improving plant flexibility, cutting emissions, and reducing supply interruptions through standardized, modular cryogenic infrastructure |
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Provides large vacuum-insulated cryogenic tanks, pipelines, and flow control systems to steel and non-ferrous metal plants using oxygen and argon for basic oxygen furnaces and secondary metallurgy in India and neighboring Asia Pacific markets | Enabled continuous high-volume gas supply that improves furnace efficiency, increases throughput, and lowers specific energy consumption | Robust insulation minimizes boil-off losses and supports stringent safety rules in heavy metallurgical operations |
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Manufactures stationary and mobile cryogenic storage tanks, semi-trailers, and containers for liquid nitrogen, oxygen, argon, CO2, and LNG serving industrial gas distributors that supply electronics fabs, metal processors, chemical plants, and transport fleets across Asia Pacific | Enabled safe, long-duration storage and bulk delivery of high-purity cryogenic gases, reducing losses and logistics costs for end users | Standardized, vacuum-insulated vessels and trailers support reliable supply chains across diverse industrial and transportation applications |
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
MARKET ECOSYSTEM
The Asia Pacific cryogenic equipment ecosystem spans raw material suppliers, cryogenic equipment manufacturers, industrial gas manufacturers, and end users across energy, metallurgy, healthcare, and chemicals industries. Stainless steel, aluminum, and advanced insulation providers feed component makers that build valves, pumps, tanks, vaporizers, and control systems for handling LNG and industrial gases at ultra-low temperatures. Regional OEMs and system integrators combine these components into turnkey storage, transport, and regasification solutions, which are then deployed at LNG terminals, industrial gas plants, metallurgical facilities, and hospitals under increasingly stringent safety and environmental standards.?
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
MARKET SEGMENTS
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
Asia Pacific Cryogenic Equipment Market, by Equipment
The equipment segments include tanks, valves, vaporizers, pumps, and other specialized devices used to store, control, and transfer cryogenic fluids across industrial facilities in Asia Pacific. Tanks form the largest equipment segment because LNG terminals, industrial gas depots, and end-user plants depend on large, insulated vessels for safe bulk storage and multimodal transport of liquefied gases
Asia Pacific Cryogenic Equipment Market, by Cryogen
The cryogen segments cover nitrogen, oxygen, argon, LNG, hydrogen, and other specialty gases used across metallurgy, electronics, healthcare, energy, and transportation. Nitrogen is the largest cryogen segment as power plants, refineries, chemical complexes, and food and electronics manufacturers in Asia Pacific consume substantial volumes for inserting, purging, cooling, and preservation processes, driving continuous demand for associated cryogenic infrastructure.
Asia Pacific Cryogenic Equipment Market, by System Type
The system type segments comprise storage systems, handling systems, supply systems, and other integrated configurations that connect cryogenic tanks, pipelines, and process units. Storage systems are the fastest-growing segment, as utilities, hydrogen projects, and LNG bunkering hubs invest in large-scale, thermally efficient storage farms to support fluctuating demand and grid-balancing applications
Asia Pacific Cryogenic Equipment Market, by End-use Industry
The end-use industry segments span metallurgy, energy and power, chemicals, electronics, transportation, and other industries that rely on cryogenic gases for process efficiency or cleaner fuels. Metallurgy is the largest end-user segment, as steel and non-ferrous metal producers use oxygen, nitrogen, and argon intensively in basic oxygen furnaces, secondary refining, and cooling operations, requiring extensive cryogenic storage, distribution, and recovery systems.
Asia Pacific Cryogenic Equipment Market, by Application
The application segment includes CASU and Non Case. CASU applications are supported by rising demand for high-purity industrial gases used in steel production, electronics manufacturing, healthcare, and chemicals, where large-scale air separation at ultra-low temperatures is critical. At the same time, non-CASU applications are growing with the expansion of LNG transportation, liquefaction and regasification infrastructure, and bulk handling systems. Increasing rail and road transport of liquefied gases, along with diversified industrial usage, is strengthening adoption across both application segments.
REGION
China to be fastest-growing country in Asia Pacific cryogenic equipment market during forecast period
China is expected to record the highest CAGR in the Asia Pacific cryogenic equipment market as it combines massive LNG import capacity with the biggest industrial gas and manufacturing base. Rapid expansion of LNG receiving terminals, ultra-large storage tanks, and hydrogen projects creates sustained demand for cryogenic tanks, pumps, and vaporizers. Strong growth in steelmaking, chemicals, electronics, and healthcare further boosts consumption of nitrogen, oxygen, and other liquefied gases, reinforcing the dominant market share of the country.
ASIA PACIFIC CRYOGENIC EQUIPMENT MARKET: COMPANY EVALUATION MATRIX
Air Liquide and Cryofab Inc. are positioned as stars in the Asia pacific cryogenic equipment market matrix, reflecting clear leadership in market share and product breadth. The company differentiates itself through an extensive cryogenic equipment portfolio and strong reach across industries such as electronics and transportation.
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
KEY MARKET PLAYERS
- Air Liquide (France)
- Linde plc (Ireland)
- Chart Industries (US)
- Cryofab Inc. (US)
- Taylor-Wharton (US)
- Air Products Chemicals, Inc. (US)
- Flowserve Corporation (US)
- Nikkiso Co., Ltd (Japan)
- INOX India Limited (India)
- Emerson Electric Co. (US)
MARKET SCOPE
| REPORT METRIC | DETAILS |
|---|---|
| Market Size in 2024 (Value) | USD 4.84 BN |
| Market Forecast in 2030 (Value) | USD 8.72 BN |
| Growth Rate | CAGR of 10.4% from 2025-2030 |
| Years Considered | 2021–2030 |
| Base Year | 2024 |
| Forecast Period | 2025–2030 |
| Units Considered | Value (USD Million/Billion) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | By equipment: tanks, valves, vaporizers, pumps, and other equipment By cryogen: nitrogen, oxygen, argon, LNG, hydrogen, and others By system type: storage system, handling system, supply system, and other system types By application: CASU and Non-CASU By end-use industry: Energy & power, chemical, metallurgy, transportation, and other end-use industries |
| Countries Covered | China, India, Australia, Japan, Malaysia, and Rest of Asia Pacific |
WHAT IS IN IT FOR YOU: ASIA PACIFIC CRYOGENIC EQUIPMENT MARKET REPORT CONTENT GUIDE
DELIVERED CUSTOMIZATIONS
We have successfully delivered the following deep-dive customizations:
| CLIENT REQUEST | CUSTOMIZATION DELIVERED | VALUE ADDS |
|---|---|---|
| Energy & power | Mapping of Asia Pacific LNG import, regasification, and peak-shaving terminals; sizing of cryogenic tanks, vaporizers, pumps, and transfer lines for large and small-scale LNG and hydrogen projects; benchmarking of best-practice boil-off-gas recovery, cold-energy utilization, and safety systems compliant with regional regulations. | Maximized security of gas supply for power plants and city-gas networks, reduced fuel losses and energy consumption in liquefaction and regasification, and supported the transition from coal and oil to cleaner LNG and hydrogen in line with national decarbonization targets. |
| Metallurgy | Screening and design support for cryogenic storage tanks, vaporizers, and distribution networks delivering oxygen, nitrogen, and argon to blast furnaces, continuous casting lines, and heat-treatment shops across key steel clusters in China, India, Japan, and Southeast Asia; comparison of centralized versus distributed industrial-gas supply models. | Enhanced steel quality and throughput by ensuring stable low-temperature, high-purity gas supply, reduced unplanned downtime due to gas interruptions, and optimized total cost of ownership for industrial-gas handling while meeting stricter environmental norms in Asia Pacific metals production. |
| Transportation | Cryogenic network analysis for LNG bunkering corridors serving major Asia Pacific deep-sea ports, highway logistics hubs, and rail terminals; sizing of mobile and fixed storage tanks, fuel trailers, and satellite stations for marine, trucking, and intermodal fleets using LNG or liquid hydrogen as low-carbon fuels | Made LNG and hydrogen fueling safer and more reliable for ships and heavy-duty vehicles, extended operating range of low-emission fleets, and cut logistics costs per kilometer versus conventional fuels while helping operators and ports achieve CO2 and pollutant-reduction targets under tightening regional marine and road-transport standards |
RECENT DEVELOPMENTS
- February 2023 : Linde signed an agreement with BASF, one of the world's largest chemical companies, for the engineering, procurement, and construction of a synthesis gas plant in Zhanjiang, China.
- March 2023 : Air Products and Shaanxi LNG Reserves & Logistics Company signed an agreement to supply its proprietary liquefied natural gas (LNG) process technology and equipment to Techno Energies for the Xi’An LNG Emergency Reserve & Peak Regulation Project with Shaanxi LNG Reserves & Logistics Company Ltd., in ShaanXi Province, China.
Table of Contents
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Methodology
The study involved major activities in estimating the current size of the Asia Pacific Cryogenic Equipment Market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
This research study on the Asia Pacific Cryogenic Equipment Market involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg, Factiva, IRENA, International Energy Agency, and Statista Industry Journal, to collect and identify information useful for a technical, market-oriented, and commercial study of the Asia Pacific Cryogenic Equipment Market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The Asia Pacific Cryogenic Equipment Market comprises several stakeholders, such as cryogenic equipment manufacturers, technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for types of cryogenic equipments such as rod lift systems, electric submersible pumps, progressive cavity pumps, and gas lift systems. The supply side is characterized by rising demand for contracts from the industrial sector and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the Asia Pacific Cryogenic Equipment Market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market share has been determined through primary and secondary research.
- The industry’s value chain and market size, in terms of value, have been determined through both primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size from the above estimation process, the total market has been split into several segments and subsegments. Data triangulation and market breakdown processes have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Market Definition
Cryogenic equipment comprises specialized machinery designed for use at extremely low temperatures, typically below -150 degrees Celsius. It enables the storage, transport, and handling of materials like gases and biological samples at these ultra-low temperatures. This technology finds application in various fields, from healthcare to aerospace, supporting scientific research and industrial processes.
The market for cryogenic equipment is the sum of revenues generated by global companies through the sales of cryogenic equipment.
Key Stakeholders
- Cryogenic equipment manufacturers and providers
- Industrial gas supplying companies
- Manufacturing industries
- R&D laboratories
- Consulting companies from energy & power sector
- Distributors of cryogenic equipment
- Government and research organizations
- State and national regulatory authorities
Objectives of the Study
- To define, describe, segment, and forecast the Asia Pacific Cryogenic Equipment Market by equipment, cryogen, end-user industry, system type, application, and region, in terms of value
- To provide detailed information regarding key drivers, restraints, opportunities, and challenges influencing market growth
- To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market size
- To provide supply chain analysis, trends/disruptions impacting customer business, ecosystem/market map, pricing analysis, Porter’s five forces analysis, case study analysis, and regulatory standards pertaining to cryogenic equipment
- To analyze opportunities for stakeholders in the cryogenic equipment and draw a competitive landscape of the market
- To strategically analyze the ecosystem, tariffs and regulations, patents, and trading scenarios pertaining to cryogenic equipment
- To compare key market players based on product specifications and applications
- To strategically profile key players and comprehensively analyze their market rankings and core competencies
- To analyze competitive developments, such as contracts and agreements, investments and expansions, mergers and acquisitions, partnerships, joint ventures and collaborations, in the cryogenic equipment.
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Growth opportunities and latent adjacency in Asia Pacific Cryogenic Equipment Market