Cryogenic Equipment Market

The cryogenic equipment market is projected to reach USD 22.96 billion by 2030 from USD 13.55 billion in 2024, at a CAGR of 9.3%. Cryogenic systems are small components of highly specialized systems that work in situations below –150°C. It is essential for storing, processing, and maintaining gases and materials in a cryogenic state. Three key aspects define the scope and relevance of the cryogenic equipment market: the extensive variety of equipment types-from storage tanks, vacuum-insulated containers, refrigerators, valves, pumps, and liquefiers-all of which facilitate crucial functions in healthcare, energy, aerospace, metallurgy, and electronics; the continued dependency on cryogenics-the science of low temperature-into modern medicine and biology such as cryopreservation of tissues, reproductive cells, stem cells, and cord blood; superconductivity research; advanced scientific studies; and the consumption of ever more gas on industrial liquefaction and ultra-low-temperature contexts that underpin modern energy systems, precision manufacture, and high-performance research infrastructure.

Between 2020 and 2024, leading market participants such as Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US), Chart Industries (US), PARKER HANNIFIN CORP (US), Nikkiso Co., Ltd. (Japan), and INOX India Limited (India) are the market leaders in the global cryogenic equipment market actively pursued growth-oriented strategies. Their strategic emphasis centered on geographic and operational expansions, as well as contracts, agreements, partnerships, and collaborations, aimed at strengthening their competitive positioning and expanding their overall market presence.

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Air Products and Chemicals, Inc. has a business in industrial gases that is mostly engaged in the development and engineering of industrial gas projects, as well as owning and operating them. The company also produces products, sells services, and offers solutions for atmospheric gases, offering process and specialty gases, as well as equipment and services. It is also known for its cryogenic equipment products, which range from tanks, vaporizers, and pressure regulators. Air Products manufactures industrial gas equipment in the US and operates in 52 countries. The major competitors of Air Products in cryogenic equipment are Linde plc, Inox India Limited, and Chart Industries.

PARKER HANNIFIN CORP. specializes in motion and control technologies and systems and operates its business through two segments: Diversified Industrial and Aerospace Systems. Its Diversified Industrial segment offers products under four subsegments: Engineered Materials Group, Filtration Group, Instrumentation Group, and Motion Systems Group. The company offers a wide range of cryogenic valves under its Instrumentation Group. Other products offered under the segment include accumulators, electronic valves, filter driers, high-purity gas delivery fittings and regulators, and pressure regulating valves. The company’s Aerospace Systems business segment offers products used in commercial and military airframe and engine programs.

Market Ranking

Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US), Chart Industries (US), PARKER HANNIFIN CORP (US), Nikkiso Co., Ltd. (Japan), and INOX India Limited (India) have gotten their spots crowned as best players in the world cryogenic equipment market based on their market presence, technological know-how, and investment strategies. These companies are focused on facilitating a low carbon and clean energy transition through the development of high-efficiency cryogenic storage tanks, vaporizers, heat exchangers, pumps, and complete systems for liquefied gases like liquefied natural gas, liquid hydrogen, liquid oxygen, nitrogen, and carbon dioxide. Their cryogenic equipment offerings are highly relevant across energy, industrial gases, healthcare, electronics, space, and mobility. Leading market driving forces include LNG infrastructure development, adoption of hydrogen fuel due to its clean nature, industrial gas demand growth, and development of carbon capture, utilization, and storage (CCUS) projects. Firms such as Linde, Air Liquide, and Air Products leverage their extensive industrial gas businesses to deploy cryogenic equipment on a massive scale. Other market players such as Chart Industries, Nikkiso, Parker Hannifin, and INOX India are concentrating on customized cryogenic equipment solutions and advanced fluid management technology. All these market participants are collectively enhancing the cryogenic equipment market to facilitate the entire energy transition and advanced industries.

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 - Forecast to 2030

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