Cryogenic Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Valve, Tank, Vaporizer, Pump, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, and Others), By End User (Energy & Power, Chemical, Electronics, Shipping, Metallurgical, and Others), By Region, By Competition, 2020-2030F

Market Overview

The Global Cryogenic Equipment Market, valued at USD 24.12 Billion in 2024, is projected to experience a CAGR of 7.26% to reach USD 36.73 Billion by 2030. Cryogenic equipment comprises specialized machinery engineered to generate, sustain, and operate in ultra-low temperature environments, typically below -150 degrees Celsius, facilitating the liquefaction, storage, and distribution of industrial gases such as nitrogen, oxygen, and liquefied natural gas. The market's expansion is fundamentally propelled by the increasing global demand for cleaner energy alternatives, specifically liquefied natural gas, and the continuous growth of healthcare applications, including biobanking and cryosurgery. Moreover, rapid industrialization and urbanization in developing economies further drive the need for industrial gases across diverse sectors like metallurgy, chemicals, and electronics. According to the European Industrial Gases Association, in 2024, the global industrial gas market's value stood at €86.9 billion.

However, a significant challenge hindering market growth is the substantial initial investment and ongoing operating costs associated with developing and implementing cryogenic systems. These expenses arise from the necessity for specialized materials capable of enduring extreme temperatures and the inherent technical complexities involved in safely handling cryogenic substances. Furthermore, stringent regulatory requirements governing the design, installation, and maintenance of cryogenic infrastructure add to the overall capital outlay, potentially impacting wider adoption.

Key Market Drivers

The increasing demand for liquefied natural gas (LNG) represents a primary growth catalyst for the global cryogenic equipment market. As international energy policies increasingly favor cleaner alternatives to traditional fossil fuels, the role of natural gas, particularly in its liquefied form, expands across power generation and industrial sectors. This global energy transition necessitates robust cryogenic infrastructure for the efficient liquefaction, transportation, and long-term storage of LNG at ultra-low temperatures. The ongoing development of new export and import terminals, along with the upgrading of existing facilities, directly fuels the demand for specialized cryogenic tanks, heat exchangers, and associated processing equipment. According to the International Gas Union's 2025 World LNG Report, global liquefied natural gas trade grew by 2.4% in 2024 to 411.24 million tonnes, highlighting the escalating need for sophisticated cryogenic solutions to support this crucial energy supply chain.

The expanding applications in the healthcare and biotechnology sectors constitute another significant driver for cryogenic equipment market growth. Cryopreservation techniques are fundamental for preserving biological materials, including human cells, tissues, organs, and various therapeutic compounds, ensuring their viability for future medical research, regenerative medicine, and clinical applications. Advancements in personalized medicine and cell and gene therapies further amplify the reliance on precise, controlled cryogenic environments for sample integrity and efficacy. Demonstrating this trend, in June 2024, Toronto-based biotechnology firm Acorn Biolabs disclosed approximately $8 million USD in Series A fundraising, specifically aimed at advancing the freezing of stem cells for future cell-based regenerative medicine therapies. Such investments underscore the integral role of cryogenic technologies in cutting-edge medical and biological innovation. Overall, the foundational industrial gas sector, a key consumer of cryogenic equipment, continues to see substantial capital investment. According to Linde plc, a prominent industrial gas company, in 2024, the company reported capital expenditure of $1.07 billion for the September quarter, reflecting sustained financial commitment to infrastructure supporting diverse cryogenic applications.

Download Free Sample Report

Key Market Challenges

The substantial initial investment and ongoing operating costs associated with developing and implementing cryogenic systems present a significant challenge to the growth of the global cryogenic equipment market. This considerable capital outlay acts as a formidable barrier, deterring potential new market entrants and smaller businesses from adopting or expanding cryogenic technologies. The requirement for specialized materials capable of enduring ultra-low temperatures, coupled with the inherent technical complexities involved in the safe handling and operation of cryogenic substances, inevitably escalates these upfront expenditures.

Furthermore, the persistent burden of ongoing operational costs continues to impede market expansion. These expenses encompass specialized maintenance, high energy consumption necessary for maintaining extreme cold, and the continuous need for highly skilled personnel. Such sustained financial commitments impact the profitability and long-term viability of cryogenic projects across various industries. For instance, according to the American Gas Association, construction-related capital expenditures for natural gas utilities in the United States, which include extensive cryogenic infrastructure, surged from $32.7 billion in 2022 to $49.1 billion in 2023. This substantial investment highlights the significant financial threshold, potentially hindering wider adoption and market penetration due to elevated costs.

Key Market Trends

The evolution of the global cryogenic equipment market is significantly shaped by the emergence of new energy paradigms and the continuous drive for operational optimization. Two pivotal trends in this landscape are the development of cryogenic solutions for the hydrogen economy and the sustained focus on enhanced energy efficiency in cryogenic systems.

The hydrogen economy represents a substantial growth area for cryogenic equipment, as hydrogen is recognized as a key clean energy carrier for decarbonization efforts across various sectors. The need to liquefy, store, and transport hydrogen at ultra-low temperatures necessitates specialized cryogenic infrastructure, including advanced tanks, pumps, and heat exchangers. According to the Hydrogen Council's Hydrogen Insights 2024 report, clean hydrogen projects that reached Final Investment Decision (FID) saw a significant increase in committed investment, rising from approximately USD 10 billion in 2020 to some USD 75 billion across 434 projects in 2024, indicating a clear shift toward implementation. Demonstrating this market development, Chart Industries announced in March 2024 an order from Element Resources for a hydrogen liquefaction plant, liquid hydrogen storage tanks, and transportation equipment for a major green hydrogen production facility in California. This trend highlights a fundamental shift in energy infrastructure, creating new demand for sophisticated cryogenic technologies.

Another influential trend is the enhanced energy efficiency in cryogenic systems, driven by rising operational costs and environmental sustainability objectives. Efforts are focused on minimizing energy consumption across the entire cryogenic value chain, from liquefaction to storage and distribution. This involves innovations in system design, improved insulation materials, and advanced process controls to reduce parasitic heat load and boil-off rates. According to the International Institute of Refrigeration, in April 2025, the broader refrigeration sector accounted for 20% of global electricity consumption, underscoring the substantial impact that efficiency gains can have within cryogenic applications. Further highlighting technological progress, researchers at the National Institute of Standards and Technology in June 2024 discovered a method to significantly enhance the efficiency of cryogenic coolers, enabling them to achieve near-absolute zero temperatures up to 3.5 times faster while using approximately 71% less energy. These advancements are critical for the long-term economic viability and environmental footprint of cryogenic operations.

Segmental Insights

The chemical and petrochemical segment stands out as a leading and rapidly expanding area within the Global Cryogenic Equipment Market. This robust growth is primarily driven by the escalating demand for industrial gases, such as nitrogen, oxygen, and hydrogen, which are critical for numerous chemical processes. Cryogenic equipment is indispensable for the liquefaction, separation, and purification of these high-purity gases, essential for chemical manufacturing, synthesis of specialty chemicals, and polymer production. Furthermore, the industry's increasing focus on decarbonization and sustainable processes necessitates advanced cryogenic systems for efficient handling and storage, further propelling segment expansion.

Regional Insights

North America emerges as the leading region in the global cryogenic equipment market, primarily driven by its robust industrial ecosystem and high demand across key sectors. The region’s established liquefied natural gas (LNG) industry significantly fuels market growth through increasing export activities and substantial infrastructure investments aimed at developing cleaner energy solutions. Additionally, North America's advanced healthcare sector contributes significantly, requiring extensive cryogenic applications for biobanking, cryosurgery, and specialized medical gas storage. This dominance is further supported by continuous technological advancements and a proactive regulatory environment, including initiatives from bodies such as the U. S. Environmental Protection Agency, promoting efficient and eco-friendly cryogenic solutions.

Recent Developments

• In October 2025, Parker Hannifin's Instrumentation Products Division Europe introduced its new Cryogenic Proportional Relief Valves. These valves are engineered to enhance operational efficiency and safety within hydrogen storage tanks and other Group 1 gas systems, including various cryogenic setups. The design features a gradual pressure release mechanism to manage boil-off gas effectively, aiming to reduce media loss and support continuous operations. The valves also incorporate advanced balanced bellow technology to maintain consistent performance despite fluctuating back pressures, contributing to reliable stem sealing. This innovation is directly linked to the global cryogenic equipment market by improving component performance in critical low-temperature applications.

• In October 2025, SemiQon, a company specializing in quantum computing technology, and VTT received an award from EARTO for their pioneering cryogenic CMOS chip innovation. This breakthrough research enables the full capabilities of advanced complementary metal-oxide semiconductor functionalities at extremely low temperatures, specifically below -270°C. The cryogenic chips are essential for developing scalable quantum computing and advanced space electronics applications. The technology originated from VTT and was spun off into SemiQon to advance commercialization, securing substantial funding earlier in 2025 to further its development.

• In May 2025, Linde Engineering signed an agreement with PsiQuantum to deliver a large-scale cryogenic cooling plant for a utility-scale quantum computer in Brisbane, Australia. This collaboration involves building one of the largest cryogenic cooling plants for operating a quantum computer, designed to achieve temperatures around 4 Kelvin (-269°C). The infrastructure will cool numerous Omega photonic chips, enabling the development of advanced quantum computing systems. This project highlights a significant advancement in applying cryogenic equipment to cutting-edge research, supporting breakthroughs in fields such as healthcare, energy, and material design.

• In February 2025, Air Liquide announced a record order intake in 2024 for its proprietary Turbo-Brayton cryogenic equipment solution. Nearly 70 units of this innovative technology were ordered during the year, primarily recognized by the maritime transport industry. This cryogenic subcooler effectively manages boil-off gas reliquefaction, maintaining liquefied natural gas in storage on LNG carriers and bunker vessels. The consistent commercial success of this equipment, which was originally developed for space applications, demonstrates its adaptability and market demand in the global cryogenic equipment sector for efficient, reliable boil-off gas management solutions.

Key Market Players

• Air Liquide S.A.
• Linde Plc
• Emerson Electric Co.
• Chart Industries Inc.
• Baker Hughes Company
• IHI Corporation
• Kawasaki Heavy Industries Ltd
• Mitsubishi Heavy Industries Ltd
• Howden Broking Group Limited
• Burckhardt Compression AG

Report Scope:

In this report, the Global Cryogenic Equipment Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Cryogenic Equipment Market, By Product Type:

o   Valve

o   Tank

o   Vaporizer

o   Pump

o   Others

• Cryogenic Equipment Market, By Cryogen Type:

o   Nitrogen

o   Oxygen

o   Argon

o   Liquefied Natural Gas

o   Others

• Cryogenic Equipment Market, By End User:

o   Energy & Power

o   Chemical

o   Electronics

o   Shipping

o   Metallurgical

o   Others

• Cryogenic Equipment Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Cryogenic Equipment Market.

Available Customizations:

Global Cryogenic Equipment Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Global Cryogenic Equipment Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]