US Cryogenic Equipment Market

The US cryogenic equipment market is projected to grow from USD 2.84 billion in 2025 to USD 4.65 billion by 2030, at a CAGR of 10.4% during the forecast period (2025–2030). The thriving energy, metallurgy, electronics, chemicals, and aerospace industries contribute to the market growth. The large-scale LNG production, storage, and export unit projects also boost the demand for cryogenic tanks, vaporizers, pumps, and valves. The increased investments in the production and transportation of hydrogen contribute to the long-term necessity of highly developed cryogenic systems. Additionally, large industrial gas firms, ongoing technological development, and a well-established manufacturing base drive the market. Stern safety regulations, high standards of operations, and continuous improvement of infrastructure also contribute to the adoption of confident and high-performance cryogenic equipment in industries.

Major companies operating in the US cryogenic equipment market include Linde plc (Ireland), Chart Industries (US), Cryofab Inc. (US), Air Products and Chemicals, Inc. (US), and Taylor-Wharton (US). These companies have implemented strategies, including product launches, collaborations, acquisitions, and partnerships, to expand their business.

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For instance, in July 2023, Chart Industries opened a second facility in Alabama. This plant is expected to fabricate the largest shop-built cryogenic tanks ever manufactured globally—70% larger than the previous model—to begin in the first quarter of 2024. The tanks manufactured at this site will be used as propellant storage solutions in the aerospace industry, hydrogen and LNG storage solutions in the marine industry, and many other processes and technologies adopted in the sciences and decarbonization industries.

Chart Industries (US)

Chart Industries manufactures cryogenic equipment used across the liquid gas supply chain. The company operates its business through four business segments: Cryo Tank Solutions; Heat Transfer System; Specialty Products; and Repair, Services & Leasing. The Cryo Tank Solutions segment supplies bulk, microbulk, and mobile equipment used in the storage, distribution, vaporization, and application of industrial gases and certain hydrocarbons. In October 2020, the company divested its D&S segment, through which it used to sell cryobiological products. The company offers a range of cryogenic equipment, including heat exchangers, vacuum-insulated containment vessels, liquefaction process units, other cryogenic components, gas processing equipment, cold boxes, and ambient temperature fans. It has offices in over 10 countries in Asia Pacific, Europe, and North America. Its engineering and manufacturing facilities are in China, the Czech Republic, Italy, Germany, and France.

Linde plc (Ireland)

Linde plc is an enterprise specializing in industrial gases and engineering. The company is involved in manufacturing gases and designing, engineering, and fabricating machinery utilized in producing these gases. Its industrial gases 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. It conducts its operations across seven reportable divisions: Healthcare, 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 US cryogenic equipment market is highly competitive, with key players accounting for around 40–48% of sales, while many smaller local players share the rest. Linde plc (Ireland), Chart Industries (US), Cryofab Inc. (US), Air Products and Chemicals, Inc. (US), and Taylor-Wharton (US) stay ahead by offering a range of cryogenic equipment for metallurgy, energy & power, chemicals, and electronics industries. Linde plc mainly focuses on enhancing its presence globally by entering agreements and collaborations. 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:

US Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-use Industry (Energy & Power, Chemicals, Metallurgy, Transportation), and Application - Forecast to 2030

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