The global cryogenic equipment market is witnessing significant growth, driven by the increasing demand for liquefied gases across industries such as energy, healthcare, metallurgy, and electronics. According to Kings Research, the market was valued at USD 21.13 billion in 2023 and is projected to reach USD 22.26 billion in 2024, further growing to USD 33.25 billion by 2031, exhibiting a CAGR of 5.90% during the forecast period (2024–2031).

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Cryogenic equipment plays a crucial role in the production, storage, and transportation of gases at extremely low temperatures, typically below -150°C. These gases—such as liquefied natural gas (LNG), oxygen, nitrogen, argon, and hydrogen—are essential for industrial processes, clean energy generation, and medical applications.

The surge in global energy demand, coupled with rising adoption of liquefied natural gas (LNG) as a cleaner alternative to fossil fuels, is propelling the need for reliable cryogenic systems. Moreover, rapid advancements in cryogenic insulation technologies and the growing focus on hydrogen storage for clean mobility solutions are further enhancing market prospects.

The expansion of healthcare infrastructure, particularly in developing nations, and the increased use of cryogenic gases for medical and pharmaceutical purposes, including vaccine preservation and biological research, are expected to fuel steady market growth in the coming years.

Market Dynamics

Key Market Drivers

1. Rising LNG Trade and Global Energy Transition

The ongoing global energy transition is encouraging the adoption of liquefied natural gas (LNG) as a cleaner fuel for power generation, transportation, and industrial applications. Cryogenic equipment is essential for liquefying, storing, and regasifying natural gas at extremely low temperatures.
With the surge in LNG exports from the U.S., Qatar, and Australia, demand for cryogenic tanks, valves, vaporizers, and pumps is growing rapidly. LNG infrastructure development—such as terminals, carriers, and distribution networks—continues to expand, creating significant opportunities for cryogenic equipment manufacturers.

2. Expanding Use of Industrial Gases

Industries such as metallurgy, chemicals, food processing, and semiconductors rely heavily on industrial gases like oxygen, nitrogen, and argon. The increasing use of these gases for metal cutting, welding, cooling, and inerting processes requires advanced cryogenic systems to ensure safe storage and handling.
In metallurgy, for instance, cryogenic nitrogen is used for temperature control in heat treatment and quenching operations, while cryogenic oxygen supports combustion enhancement and steelmaking. These applications are fueling steady market demand across heavy industries.

3. Growing Adoption of Cryogenics in Healthcare and Life Sciences

The healthcare sector is one of the fastest-growing end-users of cryogenic technology. Cryogenic storage systems are widely used for preserving biological materials, vaccines, organs, and blood samples. The rise in biotechnology research and the global emphasis on cold-chain medical logistics, especially during the COVID-19 pandemic, have highlighted the importance of reliable cryogenic solutions.
Moreover, cryosurgery and cryotherapy are becoming increasingly popular in medical treatments, driving further adoption of specialized cryogenic devices.

4. Emerging Hydrogen Economy

Hydrogen is rapidly becoming a key component of the clean energy landscape. Cryogenic equipment is integral to hydrogen liquefaction, storage, and transportation, as hydrogen must be cooled to around -253°C to remain in liquid form.
As nations invest in hydrogen fueling infrastructure and fuel cell vehicle technology, demand for advanced cryogenic tanks, pumps, and valves is expected to surge. This emerging sector represents one of the most promising long-term growth avenues for the market.

Market Restraints

1. High Capital and Maintenance Costs

The installation and operation of cryogenic systems require significant capital investment due to complex design, material requirements, and safety standards. In addition, regular maintenance and monitoring are necessary to prevent gas leaks, equipment failure, or frost damage. These high costs can deter small- and medium-scale enterprises from adopting cryogenic technologies.

2. Safety and Operational Challenges

Cryogenic operations involve handling of substances at extremely low temperatures, which pose serious safety risks. Improper insulation, equipment malfunction, or exposure can lead to frostbite, material embrittlement, and system failure. Strict compliance with safety standards and training requirements adds to the operational complexity, limiting widespread deployment in certain industries.

3. Lack of Standardization in Emerging Markets

While developed regions such as North America and Europe have established cryogenic safety codes and certification processes, emerging markets often lack standardized regulations. The absence of unified standards for design, material selection, and testing can hinder international trade and product interoperability.

Market Opportunities

1. Growing LNG Infrastructure Development

The global focus on cleaner energy has spurred investments in LNG terminals, pipelines, and bunkering facilities. Developing economies in Asia-Pacific, Africa, and South America are increasingly adopting LNG to reduce dependence on coal and oil.
This shift is generating vast opportunities for cryogenic equipment suppliers to provide high-performance tanks, vaporizers, and compressors optimized for large-scale LNG operations.

2. Expansion of Green Hydrogen Production

The rising adoption of green hydrogen, produced via renewable-powered electrolysis, is driving demand for cryogenic systems capable of handling ultra-low temperature hydrogen storage and transport. Several countries, including Germany, Japan, Australia, and Saudi Arabia, have announced large-scale hydrogen projects that will require extensive cryogenic infrastructure.

3. Advancements in Cryogenic Insulation and Materials

Continuous innovations in vacuum-insulated piping, composite materials, and multi-layer insulation are improving thermal efficiency and reducing boil-off losses. These advancements are making cryogenic systems more energy-efficient, durable, and cost-effective, opening new applications in aerospace, semiconductor manufacturing, and food processing.

4. Integration of Automation and IoT

The adoption of smart monitoring and control systems is transforming cryogenic equipment operations. IoT-enabled sensors and AI-based predictive maintenance tools enhance reliability, track temperature fluctuations in real-time, and optimize gas distribution efficiency.
These technologies help minimize downtime, enhance safety, and extend equipment lifespan—making them highly attractive to industrial users.

Market Segmentation

By Product

1. Tanks:
   Cryogenic tanks dominate the market due to their extensive use in storing liquefied gases such as LNG, oxygen, and nitrogen. The demand for both stationary and mobile storage tanks is growing, especially for industrial and transportation applications.

2. Valves:
   Cryogenic valves are designed to regulate gas flow at extremely low temperatures. They are critical for ensuring safe operation in LNG terminals, power plants, and manufacturing facilities.

3. Vaporizers:
   These convert liquefied gases into gaseous form for end-use applications. Ambient air vaporizers and steam-heated vaporizers are widely adopted in LNG regasification and industrial gas systems.

4. Pumps:
   Cryogenic pumps are used to transfer liquefied gases under high pressure. The growing need for high-capacity pumps in LNG and hydrogen applications is fueling segment growth.

5. Actuators and Bayonet Connections:
   These components facilitate automated control and quick connections in cryogenic pipelines, enhancing safety and operational efficiency.

6. Others:
   Includes gauges, safety valves, and control systems essential for maintaining pressure and temperature consistency in cryogenic processes.

By Cryogen Type

1. Nitrogen:
   Nitrogen holds the largest market share due to its widespread use in food preservation, electronics, and healthcare. Liquid nitrogen’s versatility in freezing, inerting, and cryotherapy applications drives steady demand.

2. Oxygen:
   Liquid oxygen is essential in healthcare, metallurgy, and chemical processing. The growing demand for medical oxygen, particularly in post-pandemic scenarios, has intensified the need for efficient cryogenic oxygen storage solutions.

3. Argon:
   Argon is primarily used in metal fabrication, welding, and electronics industries. Its inert nature makes it valuable for maintaining controlled atmospheres during manufacturing.

4. Others (LNG, Hydrogen, Helium):
   These cryogens are witnessing rapid growth as industries expand applications in clean energy and space exploration. Hydrogen, in particular, is expected to see exponential growth as global hydrogen infrastructure matures.

By End User

1. Oil & Gas:
   The oil and gas industry represents the largest end-user segment, primarily driven by LNG production and storage. Cryogenic systems are integral to gas liquefaction, transportation, and regasification facilities.

2. Metallurgy:
   Metallurgical processes such as steelmaking, heat treatment, and metal fabrication require oxygen and nitrogen supplied through cryogenic systems. Increased steel production in Asia-Pacific is propelling segment growth.

3. Power Generation:
   In the energy sector, cryogenic equipment is used for storing LNG and hydrogen to power turbines and fuel cells. The shift toward gas-based power generation is accelerating equipment deployment.

4. Others:
   Includes healthcare, aerospace, electronics, and food processing industries, which utilize cryogenic systems for cooling, preservation, and material testing.

Regional Analysis

North America

North America holds a dominant position in the global cryogenic equipment market, driven by strong investments in LNG infrastructure and industrial gas production.
The United States leads the region with large-scale LNG export projects in Texas and Louisiana. The presence of major players such as Chart Industries, Cryogenic Industries, and Air Products further strengthens the regional market.
The adoption of cryogenic technologies in healthcare and hydrogen projects is also gaining traction, particularly in California and Canada.

Europe

Europe is witnessing robust growth supported by clean energy policies and investments in green hydrogen and LNG import terminals.
Countries like Germany, the U.K., France, and the Netherlands are expanding cryogenic infrastructure to support the EU’s climate neutrality goals. The European Union’s emphasis on renewable hydrogen and the development of hydrogen corridors is expected to drive sustained equipment demand.

Asia-Pacific

Asia-Pacific is projected to experience the fastest growth rate during the forecast period. Rapid industrialization, expanding energy needs, and government initiatives toward LNG and hydrogen adoption are key drivers.

• China and India are heavily investing in LNG terminals and industrial gas manufacturing.

• Japan and South Korea are global pioneers in hydrogen technologies, utilizing advanced cryogenic storage and distribution systems.
  The region’s strong manufacturing base and increasing demand for medical gases post-pandemic further boost growth.

Middle East & Africa

The Middle East is emerging as a critical hub for LNG exports and green hydrogen production. Countries like Qatar, Saudi Arabia, and the UAE are investing heavily in cryogenic storage and export facilities to strengthen their energy portfolios.
Africa’s cryogenic equipment market is gradually expanding, supported by infrastructure projects in South Africa and Nigeria focused on industrial gas and LNG development.

Latin America

Latin America’s growth is primarily driven by increasing energy diversification efforts in Brazil, Argentina, and Chile. The expansion of LNG import terminals and investments in renewable energy integration are expected to create new market opportunities for cryogenic solutions.

Competitive Landscape

The global cryogenic equipment market is moderately consolidated, with a mix of established players and emerging technology providers competing on innovation, cost-efficiency, and system reliability.

Key Players

• Chart Industries, Inc.

• Air Liquide S.A.

• Linde plc

• Cryofab, Inc.

• Wessington Cryogenics Ltd.

• INOXCVA

• Cryostar

• Taylor-Wharton International LLC

• Air Products and Chemicals, Inc.

• Herose GmbH

Recent Developments

• 2024: Chart Industries announced the expansion of its LNG equipment manufacturing facility in the U.S. to meet growing export demand.

• 2023: Linde plc partnered with Plug Power to develop liquid hydrogen storage systems for mobility and industrial applications.

• 2023: INOXCVA launched a new range of modular cryogenic tanks designed for renewable hydrogen projects in Asia.

• 2022: Air Liquide inaugurated a large-scale liquid nitrogen production facility in France to cater to the healthcare sector.

Future Outlook

The cryogenic equipment market is poised for steady and transformative growth, propelled by global energy transition trends and technological innovation. Key future trends include:

• Expansion of green hydrogen infrastructure requiring large-scale cryogenic systems.

• Integration of AI and IoT for predictive maintenance and process automation.

• Development of lightweight composite cryogenic tanks for mobility and aerospace.

• Rising collaborations between industrial gas producers and renewable energy developers.

As the world transitions to cleaner energy sources, cryogenic equipment will continue to serve as a backbone for critical industries—enabling the storage, transportation, and utilization of low-temperature gases vital for a sustainable future.

Conclusion

The Cryogenic Equipment Market is entering a phase of accelerated development, driven by global clean energy adoption, industrial gas demand, and medical applications. Continuous innovation in materials, insulation, and digital monitoring systems is enhancing efficiency and safety.
With governments promoting LNG and hydrogen initiatives, the market offers immense opportunities for both established players and new entrants to capitalize on emerging infrastructure projects.

The combination of environmental imperatives, energy diversification, and technological evolution ensures that cryogenic equipment will remain a cornerstone of the global industrial and energy landscape for decades to come.

About Kings Research

Kings Research is a leading market research and consulting firm that provides comprehensive market intelligence and strategic insights to businesses across various industries.