Cryogenic Equipment Market

The global cryogenic equipment market share is projected to grow from $11.9 billion in 2023 to $16.6 billion by 2028, achieving a 6.9% compound annual growth rate, according to MarketsandMarkets' Cryogenic Equipment Market Analysis. This robust expansion reflects the essential role these specialized systems play in enabling the storage, transport, and handling of ultra-low temperature materials across diverse industrial applications worldwide.

The most significant factor shaping cryogenic equipment market trends is the growing transition toward cleaner energy sources. The increasing adoption of liquefied natural gas (LNG) as a clean and efficient energy alternative, combined with rising utilization of industrial gases in metallurgy, oil and gas, and energy sectors, continues to drive demand for advanced cryogenic solutions capable of maintaining extremely low temperatures.

Major players such as Linde plc (Ireland), Air Liquide (France), Air Products and Chemicals, Inc. (US), Chart Industries (US), and Parker Hannifin Corp. (US) control significant cryogenic equipment market share through comprehensive product portfolios and strategies including technological innovation, strategic partnerships, and capacity expansions. Tanks dominate the equipment segment due to widespread storage requirements, while nitrogen leads the cryogen category driven by extensive industrial applications. Asia Pacific captures the largest regional share, with companies like INOX India Limited making substantial investments to expand manufacturing capabilities and meet growing regional demand.

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The cryogenic equipment market size plays a critical role in enabling industries to handle materials at temperatures below -150 degrees Celsius safely and efficiently. These specialized systems support operations across diverse sectors including energy production, healthcare, electronics manufacturing, and aerospace. With accelerating global energy transitions and increasing reliance on industrial gases for manufacturing processes, the Cryogenic Equipment Market Share continues to expand steadily.

The global cryogenic equipment market continues to grow as industries seek efficient solutions for ultra-low temperature applications. Cryogenic technologies including storage tanks, valves, vaporizers, pumps, and specialized handling systems enable the safe management of liquefied gases such as nitrogen, oxygen, argon, LNG, and hydrogen across multiple end-user sectors.

A comprehensive Cryogenic Equipment Market Analysis reveals a dynamic landscape shaped by energy transitions, technological advancement, and expanding industrial gas applications. This positions the cryogenic sector as an increasingly vital segment within the broader industrial equipment industry.

Cryogenic Equipment Market Analysis — Growth Drivers & Challenges

Market Drivers

• Rising adoption of LNG as a clean energy alternative is creating substantial demand for cryogenic storage and distribution infrastructure.
• Increasing utilization of industrial gases in metallurgy, chemicals, and energy sectors drives requirements for advanced cryogenic handling systems.
• Expansion of hydrogen economy initiatives and fuel cell technologies necessitates specialized cryogenic equipment for hydrogen storage and transport.
• Growing electronics industry requires cryogenic systems for semiconductor manufacturing, testing, and development of superconducting technologies.

Competitive Landscape & Key Market Players

The cryogenic equipment market is characterized by the presence of several established players competing for market share. Some of the leading companies in the cryogenic equipment industry include:

• Linde plc (Ireland)
• Air Liquide (France)
• Air Products and Chemicals, Inc. (US)
• Chart Industries (US)
• Parker Hannifin Corp. (US)

Asia Pacific commands the largest cryogenic equipment market share globally, driven by rapid industrial expansion, evolving energy infrastructure, and government initiatives supporting clean energy adoption. The region benefits from ongoing investments, such as INOX India Limited's partnership with Shell Energy in 2020 to develop LNG supply infrastructure through roadways, and Chart Industries' expansion of manufacturing facilities to produce larger cryogenic tanks for aerospace and marine applications.

Europe represents the second-largest market, where increasing focus on clean energy solutions and a thriving healthcare industry drive demand for advanced cryogenic systems. North America shows continued growth potential as industries expand hydrogen infrastructure and aerospace applications.

The Middle East emerges as a strategic growth region, leveraging its position as a major LNG producer to develop extensive cryogenic infrastructure for liquefaction and export operations.

Related Reports:

Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-user Industry (Energy & Power, Chemical, Metallurgy, Transportation), System Type, Application & Region - Global Forecast to 2028