Nitrogen Cryogenic Equipment Market

The nitrogen cryogenic equipment market is projected to grow from USD 4.14 billion in 2025 to USD 6.20 billion by 2030, at a CAGR of 8.4% during the forecast period (2025–2030). The nitrogen cryogenic equipment market is experiencing growth because of the rise in the demand for high-purity nitrogen in electronics, chemicals, metallurgy, and energy industries. The inerting and blanketing processes, as well as the cooling and purging of nitrogen processes, are largely dependent on the need for a reliable cryogenic storage and distribution system. The increase in semiconductor production, industrial automation, and LNG plants further contributes to demand. Moreover, the cost-effectiveness of nitrogen, the benefits of increased safety, and its accessibility favorably motivate companies to use nitrogen cryogenic solutions in place of alternative gases.

The companies' strategies focused on product launches and strategic partnerships that reinforce their technology leadership and sustainability agenda. The major companies (such as Linde plc (Ireland), Chart Industries (US), Parker Hannifin Corp (US), Air Products and Chemicals, Inc (US), and INOX India Limited (India) have implemented strategies directed toward growing and increasing their market presence.

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In April 2023, Linde plc signed an agreement with Evonik to supply green hydrogen in Singapore. This agreement allows Linde plc to build, own, and operate a 9 MW alkaline electrolyzer plant on Jurong Island, Singapore.

In August 2023, Chart Industries collaborated with 8 Rivers Capital to develop equipment for 8 Rivers Capital.

In 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 Technip Energies for the Xi'an LNG Emergency Reserve & Peak Regulation Project with Shaanxi LNG Reserves & Logistics Company Ltd., in Shaanxi Province, China.

In March 2020, INOX India Limited partnered with Shell Energy to develop the market for LNG supply through roadways from Shell’s LNG terminal in Gujarat.

INOX India Limited is a global manufacturer of cryogenic tanks and equipment; beverage kegs; and bespoke technology, equipment, and solutions used in diverse industries, such as steel, healthcare, chemical and fertilizer, oil & gas, aviation, energy, aerospace, pharmaceutical, and construction. INOX supplies its products and services primarily to industrial gas companies and space organizations. The company was formed after the acquisition of Cryogenic Vessel Alternatives (CVA), a cryogenic transportation equipment manufacturer, by INOX India.

Linde plc is an enterprise specializing in industrial gases and engineering. The firm is involved in manufacturing gases as well as in the design, engineering, and fabrication of machinery utilized in the production of these gases. The industrial gases provided by Linde consist of gases such as oxygen, nitrogen, argon, and various rare gases (krypton, neon, and xenon), in addition to process gases including carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. The company conducts its operations across seven reportable divisions: Manufacturing, Chemicals & Energy, Metals & Mining, Electronics, Food & Beverage, and Others. The company produces and distributes industrial gases through cryogenic plants. Industrial gases can be packed or delivered onsite or through merchant sales. The onsite and merchant sale methods involve the distribution of liquefied industrial gases using cryogenic equipment.

Market Ranking

The nitrogen cryogenic equipment market is highly competitive, with key players collectively accounting for around 40–48% of sales, while smaller local players share the remainder. Linde plc (Ireland), Chart Industries (US), Parker Hannifin Corp (US), Air Products and Chemicals, Inc (US), and INOX India Limited (India) stay ahead by offering a wide range of cryogenic equipment for metallurgy, energy & power, chemicals, and electronics. Linde plc mainly focuses on enhancing its presence globally by entering into agreements and collaborations. For instance, Linde plc signed an agreement with BASF SE for engineering, procurement, and construction of a synthesis gas plant in Zhanjiang, China. In March 2020, INOX India Limited partnered with Shell Energy to develop the market for LNG supply through roadways from Shell’s LNG terminal in Gujarat. The remaining 52-60% of the market is shared among other regional and emerging markets, contributing to extensive fragmentation and offering opportunities for smaller players to establish a footprint.

Related Reports:

Nitrogen Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), End-use Industry (Energy & Power, Chemical, Metallurgy, Transportation), Region - Forecast to 2030

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