Cryogenic Vessel Market is expected to Grow with a CAGR of 5.04% through 2030
The Cryogenic Vessel Market
is driven by increasing demand for liquefied gases in medical, industrial, and
energy sectors, along with growing adoption of LNG as a cleaner fuel
alternative globally.
According to TechSci Research
report, “Cryogenic Vessel Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2030F”, the Cryogenic Vessel Market was valued at USD 10.92 Billion in 2024 and is expected to reach USD 14.80 Billion by 2030 with a CAGR of 5.04%. Cryogenic
Vessel Market is experiencing a surge in demand in the forecast period. The cryogenic vessel market is being propelled
by a confluence of powerful market drivers rooted in surging global demand
across various high-growth industries, the relentless pursuit of energy
efficiency and safer handling of liquefied gases, and the increasing need for
advanced low-temperature storage and transportation solutions.
A primary catalyst is the
expanding liquefied natural gas (LNG) sector: escalating energy needs,
especially in developing economies and emerging markets, are prompting
governments and private-sector players to boost LNG infrastructure, which
directly fuels demand for high-performance cryogenic tanks for safe,
long-distance LNG transport and on‑site storage. At the same
time, rising utilization of industrial gases such as liquid oxygen, nitrogen,
and argon in sectors like healthcare, metal fabrication, chemical processing,
and food preservation further amplifies growth prospects for cryogenic vessels
engineered for purity and pressure control at ultra-low temperatures.
The rapid emergence of
hydrogen as a clean energy vector—particularly cryogenic liquid hydrogen for
fuel cell vehicles and heavy industry—serves as another powerful driver:
nations pursuing decarbonization targets are investing heavily in hydrogen
supply chains, storage depots, and fueling stations, all of which depend on
robust cryogenic vessel technology. In addition, the life sciences arena
continues to lean heavily on cryogenic storage solutions as biomedical research
advances, cell and gene therapy markets scale up, and biobanking becomes more
ubiquitous; the requirement for secure, long-term preservation of biological
specimens at cryogenic temperatures translates into rising demand for
precision-engineered vessels that can safeguard sensitive material.
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Based on the Cryogenic Liquid,
the Liquid Nitrogen segment held the largest Market share in 2024. The
Cryogenic Vessel Market in the Liquid Nitrogen segment is being propelled by a
convergence of technological advancements, expanding application domains, and
mounting end-user demands for ultra-low‑temperature storage
solutions, with demand surging particularly across healthcare, pharmaceuticals,
biotechnology, food processing, and industrial sectors. In the healthcare and
life sciences arena, cryogenic vessels play a critical role in preserving biological
samples, stem cells, vaccines, and reproductive materials at reliably cold
temperatures, and the expanding global biopharmaceutical market—driven by
increasing research funding, regulatory approvals of cell and gene therapies,
and rising demand for long‑term biobanking—is fueling strong uptake of larger
capacity, better‑insulated, and higher‑performance vessels.
Meanwhile, the industrial gas
sector is growing in scale and sophistication, with liquid nitrogen
increasingly employed for cryogenic tempering, inerting, rubber and plastics
processing, and food freezing; this extends the demand beyond core biostorage into
broader industrial uses where on-demand cold supply and safety features are
essential. Concurrently, technological improvements in vessel design—such as
advanced vacuum insulation, lighter composite materials, and smart telemetry
for temperature and pressure monitoring—are enhancing operational efficiency,
usability, and safety, encouraging replacement of older units and adoption of
premium models.
Regulatory requirements
around cold‑chain compliance, quality assurance for sample
preservation, and industry standards for handling cryogens are also driving
procurement of certified, robust vessels. In regions with upgrading
infrastructure, users are also transitioning from passive containment to
active, refrigerated, or hybrid systems integrated with liquid nitrogen
delivery mechanisms to ensure precise thermal control. Moreover, the growing
emphasis on sustainability is prompting manufacturers and end‑users to favor energy‑efficient cryogenic systems
that minimize boil‑off losses and reduce nitrogen consumption, translating
into long‑term cost savings and lower environmental impact.
The increasing trend toward
decentralized laboratory facilities and near‑patient diagnostic centers
further fuels demand for smaller, portable liquid nitrogen vessels that offer
flexibility without compromising performance. Additionally, strategic
partnerships between vessel manufacturers and laboratories or biobanks, along with
bundled service offerings such as maintenance, calibration, and logistics
support, are creating recurring revenue streams and strengthening market
adoption. The COVID‑19 pandemic’s impact continues to underpin strong
requirements for vaccine storage infrastructure, which often relies on ultra‑cold chains supported by
liquid nitrogen, further accentuating vessel demand globally.
In parallel, growth in
cryotherapy and aesthetic medicine applications is prompting ancillary uptake
of compact nitrogen vessel solutions. Taken collectively, these factors—from
increasing biological material preservation and biotech expansion, rising
industrial gas usage, continuous product innovation, evolving regulatory
mandates, cost‑efficiency and environmental concerns, to shifts in
healthcare delivery models and pandemic‑driven infrastructure needs—are
driving sustained and robust growth for the Cryogenic Vessel Market within the
Liquid Nitrogen segment.
Based on the region, Asia
Pacific is the fastest growing region in the cryogenic vessel market, driven by
rapid industrialization, expanding energy infrastructure, and increasing demand
for liquefied gases across sectors such as healthcare, chemicals, and clean
energy. Countries like China, India, Japan, and South Korea are witnessing
significant investments in LNG infrastructure, hydrogen energy projects, and
medical gas supply chains. The region benefits from strong government support
for clean energy initiatives, large-scale manufacturing capabilities, and
rising adoption of advanced technologies. Additionally, the growth of
biotechnology and pharmaceutical industries in Asia Pacific further accelerates
the need for reliable cryogenic storage and transportation solutions.
Major companies operating in
the Global Cryogenic Vessel Market are:
- Linde plc
- Chart Industries, Inc.
- INOXCVA (INOX India Limited)
- Isisan A. S.
- FIBA Technologies, Inc.
- Cryofab, Inc.
- Cryolor (Cryolor S.A.)
- Wessington Cryogenics Ltd.
- Gardner Cryogenic (Gardner
Cryogenics, Inc.)
- Cryogas Equipment Pvt. Ltd.
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“The Global Cryogenic Vessel
Market is expected to rise in the upcoming years and register a significant
CAGR during the forecast period. The cryogenic vessel market is poised for
substantial growth, driven by rising demand across industrial, medical, and
scientific domains for the safe and efficient storage and transport of
liquefied gases such as LNG, hydrogen, nitrogen, and oxygen. Technological
advancements in insulation systems, membrane structures, and lightweight
composites are enhancing performance while lowering lifecycle costs. The market
is further supported by increased adoption in clean energy sectors,
particularly hydrogen fuel infrastructure, and expanding pharmaceutical and
biotech cold-chain logistics. Strategic investments from major energy players,
coupled with supportive regulatory frameworks and infrastructure development,
position cryogenic vessels as a critical component in advancing low-carbon
energy and industrial transformation. Therefore, the Market of Cryogenic Vessel
is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based global management consulting firm.
“Cryogenic
Vessel Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented, By Raw Material (Steel, Nickel Alloy, Aluminum Alloy, and Others),
By End-User Industry (Energy Generation, Metal Processing, Healthcare, Food
& Beverages, Others), By Cryogenic Liquid (LNG, Liquid Nitrogen, Liquid
Oxygen, Liquid Hydrogen, Others), By Region, By Competition, 2020-2030F”, has evaluated the future
growth potential of Global Cryogenic Vessel Market and provides statistics
& information on the Market size, structure, and future Market growth. The
report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Cryogenic Vessel Market.
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