Cryogenic Equipment Market Size, Share, Growth

Market Overview

The cryogenic equipment market is witnessing significant growth due to increasing demand for industrial gases, LNG infrastructure, and cold-chain logistics. Cryogenic technology—which involves the storage, transport, and handling of ultra-low temperature gases such as liquid nitrogen, oxygen, argon, LNG, and hydrogen—is critical across sectors including oil & gas, healthcare, electronics, food & beverage, metallurgy, and space exploration.

According to DataM Intelligence, the cryogenic equipment market is projected to grow at a CAGR of 5.7% from 2024 to 2031, driven by technological advancements and increased investments in energy and industrial applications.

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Key Market Trends & Developments

✅ Rising Demand for Cryogenic Pumps

The cryogenic pumps market is expected to grow from USD 2.42 billion in 2024 to USD 3.54 billion by 2031, registering a CAGR of 5.6%. Growth is driven by increased LNG consumption and industrial gas applications.

✅ Expansion in LNG & Cold-Chain Infrastructure

Accelerating investments in floating LNG (FLNG) terminals and cryogenic cold-chain logistics systems are fueling market growth—especially in North America and Asia-Pacific regions.

✅ Cryogenic Vaporizers Gain Momentum

With a market size of USD 5.3 billion in 2024, cryogenic vaporizers are in high demand for energy distribution, especially in the transportation and utility sectors powered by LNG.

✅ Hydrogen Storage Tanks on the Rise

The adoption of hydrogen cryogenic tanks is increasing, especially for green energy projects, aerospace, and hydrogen-powered vehicles. Asia-Pacific leads this surge due to technological innovation and sustainability goals.

Cryogenic Equipment Market Segmentation

By Equipment Type

Cryogenic Storage Tanks – Dominating with 32–33% market share.
Cryogenic Pumps – Growing steadily at 5.6% CAGR.
Cryogenic Vaporizers
Valves
Vacuum-Jacketed Piping

By Cryogen Type

LNG (Liquefied Natural Gas) – Fastest-growing due to rising global energy needs.
Liquid Nitrogen – Widely used in food preservation and healthcare.
Liquid Oxygen, Argon, Hydrogen, Helium

By End-Use Industry

Oil & Gas
Food & Beverage
Healthcare & Medical
Energy & Power
Chemical & Metallurgy
Aerospace & Space Research
Electronics Manufacturing

Regional Market Insights

United States

The U.S. cryogenic equipment market is forecasted to grow at a 6.2% CAGR through 2030, backed by:

Increasing LNG terminal development
Food & chemical sector demand
Government incentives for clean energy transitions

Japan

Japan is a strategic player in the Asia-Pacific cryogenics market. With over USD 10 billion invested in LNG since 2019, Japan is focusing on:

Upgrading aging infrastructure
Supporting energy transition policies
Maintaining its status as the world’s top LNG importer

Market Size & Forecast Analysis

USD 11.9 Billion in 2023 → USD 16.6 Billion by 2028 (CAGR: 6.9%)
USD 12.97 Billion in 2024 → USD 24.8 Billion by 2034 (CAGR: 6.7%)
USD 22.32 Billion in 2023 → USD 42.23 Billion by 2032 (CAGR: 7.07%)

Asia-Pacific remains the leading regional market, accounting for nearly 46.6% of global equipment volume in 2024, with major contributions from China, India, and Japan.

Top Cryogenic Equipment Manufacturers

Key Market Players

Linde plc – Leading provider of industrial gases and cryogenic systems
Air Liquide S.A. – Active in LNG, hydrogen, and medical gas equipment
Chart Industries, Inc. – Specializes in cryogenic pumps and storage; acquired Cryofab
Nikkiso Co., Ltd. – Japan-based leader in cryogenic pump technologies
INOX India Ltd. – Major supplier in Asian markets for tanks and valves

Other major companies: Emerson Electric, Air Products, Flowserve, FIBA Technologies, Cryofab, Beijing Tianhai.

These players focus on strategic acquisitions, R&D innovation, and global LNG partnerships to maintain a competitive edge.