Cryogenic Equipment Market

Market Definition

The market encompasses a broad range of technologies and systems used for the production, storage, transportation, and application of materials at extremely low temperatures. 

This market includes solutions deployed across industries such as healthcare, energy, metallurgy, electronics, and aerospace, supporting operations that require liquefied gases like nitrogen, oxygen, argon, and liquefied natural gas (LNG) under precise and controlled cryogenic conditions. The report provides a comprehensive analysis of key drivers, emerging trends, and the competitive landscape expected to influence the market over the forecast period.

Cryogenic Equipment Market Overview

The global cryogenic equipment market size was valued at USD 21.13 billion in 2023 and is projected to grow from USD 22.26 billion in 2024 to USD 33.25 billion by 2031, exhibiting a CAGR of 5.90% during the forecast period. 

This market is experiencing significant growth, driven by rising demand for LNG as a cleaner energy alternative, particularly in power generation, marine transport, and industrial applications. Expanding global energy needs and the transition toward low-emission fuels have fueled investments in LNG infrastructure, in turn, boosting the demand for cryogenic storage tanks, vaporizers, and pipelines.

Major companies operating in the cryogenic equipment industry are Linde PLC, Flowserve Corporation, Cryofab, Inc., INOX India Limited, Chart Industries, Air Liquide Advanced Technologies, Nikkiso, Parker Hannifin Corp, Wessington Cryogenics, HEROSE GMBH, Beijing Tianhai Cryogenic Equipment Co., Ltd., Oxford Instruments, SHI Cryogenics Group, Dover Corporation, and Emerson Electric Co.

Additionally, the healthcare sector’s increasing reliance on cryogenic technologies for the storage and transport of biological materials, such as vaccines and blood components, is further contributing to market expansion. 

In the industrial gases sector, cryogenic equipment is essential for the separation, liquefaction, and distribution of gases like oxygen and nitrogen, which are widely used in manufacturing, electronics, and food processing. On-going advancements in cryogenic technology, coupled with government support for cleaner energy projects are further propelling market growth.

• In August 2023, Air Products received a contract from Fermilab for the development of an underground cryogenic system to cool 17,500 tons of liquid argon for the Deep Underground Neutrino Experiment (DUNE).  DUNE is a flagship international physics project led by the U.S. Department of Energy's Fermilab, aimed at studying neutrino behavior.

Key Highlights

1. The cryogenic equipment market size was valued at USD 21.13 billion in 2023.
2. The market is projected to grow at a CAGR of 5.90% from 2024 to 2031.
3. Asia Pacific held a market share of 46.42% in 2023, with a valuation of USD 9.81 billion.
4. The tank segment garnered USD 6.98 billion in revenue in 2023.
5. The liquefied natural gas (LNG) segment is expected to reach USD 10.94 billion by 2031.
6. The oil & gas segment is expected to reach USD 10.51 billion by 2031.
7. The market in North America is anticipated to grow at a CAGR of 6.28% during the forecast period.

Market Driver

Life Sciences Expansion and LNG Adoption

The market is witnessing robust growth, primarily driven by the increasing demand from the life sciences and healthcare sectors, as well as the expanding adoption of LNG as a clean energy solution. 

In the life sciences and healthcare industries, cryogenic equipment plays a pivotal role in the storage and transportation of temperature-sensitive biological materials, such as vaccines, biologics, blood plasma, and advanced cell therapies. 

These materials require ultra-low temperature conditions to preserve their integrity and effectiveness, necessitating specialized cryogenic technologies such as cryogenic freezers, storage tanks, and transport vessels. The growing adoption of personalized medicine, coupled with the global distribution of biologics, is significantly boosting the demand for reliable cryogenic solutions.

• In March 2025, Cryoport, Inc. launched the HE 800 C of its MVE Biological Solutions High-Efficiency cryogenic freezer series. The new model is designed to meet the evolving needs of fertility clinics, biorepositories, and clinical laboratories by offering ultra-low temperature storage at -190°C in a compact, ergonomic format.

The increasing adoption of LNG as a clean energy source is emerging as a critical market driver for cryogenic equipment. LNG, produced by cooling natural gas to its liquid form at low temperatures is being increasingly adopted as an environmentally sustainable alternative to conventional fuels, such as coal and oil. 

Cryogenic equipment designed for LNG storage and transportation, including tanks, pipelines, and specialized valves, is in high demand to safely manage and distribute LNG at scale. The growing use of LNG in power generation, industrial applications, and transportation, further propels the need for advanced cryogenic solutions capable of efficiently handling LNG under extreme temperature conditions.

Market Challenge

Challenges in Integrating Advanced Cryogenic Systems into Existing Infrastructure

A major challenge in the cryogenic equipment market is the increasing technological complexity of advanced systems and the integration of new technology into existing infrastructure. 

As industries demand more efficient, sustainable, and specialized cryogenic solutions, manufacturers are required to develop and deploy highly sophisticated technologies. This includes ultra-low temperature storage, cryogenic pumps, and integrated monitoring systems. 

Integrating advanced cryogenic systems into existing infrastructure without causing downtime is a major challenge, especially in critical sectors like healthcare, LNG production, and food processing. To overcome these challenges, companies are focusing on modular and scalable cryogenic solutions that are easier to integrate into existing systems.

Market Trend

Smart Monitoring and High-Density Storage Solutions

A key trend in the global market is the integration of smart monitoring and inventory management systems. They allow businesses to remotely monitor critical parameters such as temperature, pressure, and liquid levels across their cryogenic systems in real time. 

By leveraging advanced sensors and cloud-based analytics, these systems enable predictive maintenance, reducing equipment failure and improving overall system reliability. 

Additionally, automated inventory management helps in efficiently tracking supplies like liquefied gases, reducing waste, and enhancing logistical operations. As a result, businesses can improve operational efficiency, reduce downtime, and ensure more sustainable and cost-effective operations.

• In March 2025, Air Products showcased its Freshline Smart Technology and food freezing solutions at the Seafood Expo North America. The solutions, utilizing cryogenic gases like liquid nitrogen and carbon dioxide aim to optimize food processing, with a focus on freezing and chilling for seafood processors.

In addition, the market is shifting towards compact, high-density storage solutions. As industries strive for greater efficiency, there is an increasing demand for cryogenic storage systems that maximize space while maintaining or improving capacity. 

Compact, high-density systems are designed to store larger volumes of cryogenic fluids within smaller, more efficient spaces. This trend is driven by the growing need for scalable solutions that can be deployed in diverse environments, from medical facilities and laboratories to food processing plants and energy sectors. These storage solutions reduce the physical footprint of cryogenic systems, resulting in lower infrastructure costs and enhanced flexibility.  

Cryogenic Equipment Market Report Snapshot

Segmentation	Details
By Product	Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, Others
By Cryogen Type	Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), Hydrogen, Helium, Others
By End User	Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Others
By Region	North America: U.S., Canada, Mexico
	Europe: France, UK, Spain, Germany, Italy, Russia, Rest of Europe
	Asia-Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia-Pacific
	Middle East & Africa: Turkey, U.A.E., Saudi Arabia, South Africa, Rest of Middle East & Africa
	South America: Brazil, Argentina, Rest of South America

Market Segmentation

• By Product (Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, Others): The tank segment earned USD 6.98 billion in 2023 due to rising demand for large-scale cryogenic storage solutions in industrial and energy applications.
• By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), Hydrogen, Helium, and Others): The liquefied natural gas (LNG) segment held 32.11% of the market in 2023, due to increasing global adoption of LNG as a cleaner alternative fuel.
• By End User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others): The oil & gas segment is projected to reach USD 10.51 billion by 2031, owing to expanding exploration and production activities requiring advanced cryogenic infrastructure.

Cryogenic Equipment Market Regional Analysis

Based on region, the market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Asia Pacific accounted for 46.42% share of the cryogenic equipment market in 2023, with a valuation of USD 9.81 billion. This dominance is attributed to rapid industrialization, extensive LNG infrastructure development, and strong manufacturing capabilities. 

In China, the ongoing expansion of LNG terminals and growing adoption of natural gas in power generation and transportation are key factors driving the demand for cryogenic equipment. Japan and South Korea continue to be major consumers, backed by well-established LNG import frameworks and early investments in hydrogen storage and fuel cell technologies. 

India is also emerging as a high-growth market due to rising LNG utilization in industrial corridors and coastal cities. Additionally, the presence of prominent equipment manufacturers in Asia Pacific further enhances the region’s position in the global market.

The cryogenic equipment industry in North America is expected to register the fastest growth, with a projected CAGR of 6.28% over the forecast period. The U.S. is at the center of this growth, driven by its booming LNG export infrastructure, especially along the Gulf Coast, where large-scale liquefaction plants are under expansion. 

There’s also rising demand from the aerospace sector, where cryogenic systems are essential for handling liquid hydrogen in launch and propulsion systems. The region benefits from strong technological capabilities, with U.S.-based firms advancing modular and high-efficiency cryogenic equipment tailored for LNG, hydrogen, and emerging clean energy applications.

• In April 2024,  Fives secured a contract to supply Cryomec cryogenic pumps for an air-separation unit at the Louisiana Clean Energy Complex in Darrow, USA. It is one of the world's largest blue hydrogen complexes and aims to produce over 750 million standard cubic feet of blue hydrogen daily for carbon emission reduction.

 Regulatory Frameworks

• In the United States, cryogenic equipment is regulated by agencies such as the Occupational Safety and Health Administration (OSHA), which sets standards for safe handling and storage of cryogenic materials, and the Department of Transportation (DOT), which governs the transportation of cryogenic liquids.
• In the European Union, cryogenic equipment must comply with the Pressure Equipment Directive which establishes safety requirements for pressure equipment. These regulations ensure uniform safety standards for cryogenic equipment across member states.
• In China, the State Administration for Market Regulation (SAMR) governs the manufacturing and use of cryogenic tanks, while the national standard GB/T specifies guidelines for cryogenic storage tanks and equipment.
• In Japan, the Ministry of Health, Labour and Welfare (MHLW) oversees safety standards for cryogenic equipment in industrial environments, and the Japanese Industrial Standards provide specifications for cryogenic tanks and vessels.
• In India, cryogenic equipment is regulated by the Bureau of Indian Standards (BIS), which provides guidelines for cryogenic liquid storage tanks, while the Directorate General of Mines Safety (DGMS) ensures safety in mining and industrial applications.

Competitive Landscape

The cryogenic equipment market is characterized by key players focusing on innovation, geographic expansion, and strategic partnerships. Key players are developing advanced, energy-efficient, and modular systems tailored to LNG, industrial gas, and hydrogen applications. 

To better serve high-growth regions like Asia Pacific and North America, companies are localizing production and expanding distribution networks to reduce lead times and meet regional demands. Manufacturers are establishing regional manufacturing units, service centers, and distribution networks to shorten lead times, reduce costs, and provide customized solutions tailored to local requirements.

Moreover, market players are enhancing their aftermarket services by offering maintenance, retrofitting, and digital monitoring to strengthen customer retention and generate recurring revenue. Mergers and acquisitions remain a key approach to accessing proprietary technologies and entering new markets, especially in emerging sectors such as liquefied biogas and aerospace.

• In July 2024, Flowserve Corporation and NexGen Cryogenic Solutions, Inc. reached an agreement under which Flowserve acquired the intellectual property and in-process R&D of cryogenic LNG submerged pump technology and cold energy recovery turbine systems from NexGen Cryo. The deal aims to enhance Flowserve’s cryogenic equipment offerings for LNG applications and support its decarbonization-focused growth strategy.

List of Key Companies in Cryogenic Equipment Market:

• Linde PLC
• Flowserve Corporation
• Cryofab, Inc.
• INOX India Limited
• Chart Industries
• Air Liquide Advanced Technologies
• Nikkiso
• Parker Hannifin Corp
• Wessington Cryogenics
• HEROSE GMBH
• Beijing Tianhai Cryogenic Equipment Co., Ltd.
• Oxford Instruments
• SHI Cryogenics Group
• Dover Corporation
• Emerson Electric Co.

Recent Developments (Acquisition/Expansion/Product Launches)

• In January 2025, Cryoport, Inc. unveiled its Cryoport Express Cryogenic HV3 Shipping System designed to improve the transportation of biologics and temperature-sensitive materials. The system offers enhanced protection, mobility, and compliance with airline requirements, aimed at improving patient access to advanced therapies in underserved areas.
• In December 2024, ACME Cryogenics introduced its XL-Bore Vacuum-Jacketed Piping (VJP) systems for high-volume cryogenic-liquid handling. The new VJP systems, capable of handling large sizes up to 20” x 24”, aim to improve cryogenic cooling efficiency, minimize heat leaks, and offer superior thermal performance for applications in space exploration, vehicle fueling, and other cryogenic-liquid transfer operations.
• In August 2024, Dover acquired SPS Cryogenics B.V. and Special Gas Systems B.V., expanding its Clean Energy & Fueling segment. The acquisition enhances Dover's global cryogenic gas flow control platform and strengthens its capabilities in providing vacuum-insulated piping systems for liquefied gases like nitrogen, oxygen, and carbon dioxide.
• In August 2024, Nikkiso Clean Energy & Industrial Gases Group expanded its manufacturing operations in Wurzen, Germany. The new facility will nearly double its manufacturing capacity, focusing on cryogenic pump assembly, heat exchangers, and hydrogen fueling skids to meet growing demand in clean energy sectors such as hydrogen fueling stations, LNG terminals, and hydrogen production plants.