Growing demand for LNG and hydrogen to boost market growth are expected to drive market expansion soon at a CAGR of 6.59% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Cryogenic Equipment Market” that contains information from 2019 to 2032. 

The Global Cryogenic Equipment Market is estimated to register a CAGR of 6.55% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the Global Cryogenic Equipment Market— Chart Industries, Air Liquide, Nikkiso Co., Ltd., Cryofab Inc., Air Products and Chemicals, Inc., INOX India Limited, Parker Hannifin Corp., Flowserve Corporation, Linde plc, SHI Cryogenics Group.

Cryogenic Equipment Market Highlights

The Global Cryogenic Equipment Market is estimated to register a CAGR of 6.59% during the forecast period and is estimated to reach USD 23,232.9 Million by 2032.

Cryogenic equipment finds predominant application in the oil and gas sector, specifically for the transportation and storage of Liquefied Natural Gas (LNG) and industrial gases within industrial processes. The economic growth facilitated by the expanding manufacturing industry and a rising consciousness regarding clean energy resources significantly contribute to market growth. Moreover, the market is propelled by escalating investments in LNG-based power plants and the increasing demand within the transportation and storage sectors.

Cryogenic equipment plays a crucial role in various industries, including healthcare, manufacturing, energy, and aerospace, where low temperatures are required for processes such as liquefied natural gas (LNG) production, medical applications, and scientific research. The push for environmentally friendly fuels like LNG and hydrogen, driven by the goal to diminish carbon emissions from traditional energy sources, is set to propel the adoption of cryogenic equipment worldwide. Moreover, the rising industrialization in developing nations across the Asia Pacific region is anticipated to amplify the demand for industrial gases in sectors like electronics, space, and satellites, consequently fostering an increased need for cryogenic equipment. The primary gases, namely nitrogen, oxygen, and natural gas, are expected to constitute nearly 80% of the overall demand for cryogenic equipment. Additional gases in demand encompass argon, helium, nitrous oxide, ethylene, and carbon dioxide.

The demand for liquefied natural gas (LNG) has surged due to increased usage in gas-based power plants, and the adoption of LNG fuel in transportation. This growth is driven by the rising energy demand from LNG-powered plants, leading to increased usage of cryogenic equipment such as oil tankers, valves, vaporizers, pumps, and refrigerators in the oil and gas sector. LNG is produced by cooling underground gas reserves to approximately -162°C, facilitating storage and transportation. Hydrogen, another cryogenic gas, can be produced from sources like LNG and renewable sources through water electrolysis. Cryogenic gases, when kept cool, remain in liquid form and can be stored in smaller tanks. However, if the temperature increases, they turn into gas, necessitating proper insulation and pressure considerations in equipment design. Safety regulations are in place to protect individuals and the environment. The equipment used for handling cooled gases is collectively known as cryogenic equipment.

According to the U.S. Energy Information Administration (EIA), only four countries supplied the U.S. with 49.2 billion cubic feet of LNG in 2020, constituting approximately 2% of total natural gas imports into the United States. In addition, the National Energy Administration of China reported that China's total LNG receiving capacity in 2021 is nearly 105.8 million metric tons per year, expected to rise to 127 million metric tons per year in 2022. This surge in LNG demand is anticipated to drive the cryogenic equipment market, given its vital role in LNG transportation and storage.

The recent surge in the LNG market is directly contributing to an increased demand for cryogenic equipment in this sector. While renewable energy is environmentally friendly, its intermittent nature, especially in solar power, poses challenges for steady electricity generation. LNG-based supplementary power systems help mitigate emissions while ensuring a stable power supply during peak demand, leading to a rising need for cryogenic equipment in the energy and power industry. The push for decarbonization presents significant opportunities for cryogenic equipment, aligning with countries' goals to reduce carbon emissions. As part of the France 2030 plan, the government has earmarked approximately $6.14 billion (EUR 5.6 billion) to decarbonize industrial sectors like steel, cement, chemicals, and metallurgy. These initiatives are anticipated to boost demand for LNG and hydrogen, consequently driving the demand for cryogenic equipment.

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Segment Analysis

The Global Cryogenic Equipment Market has been segmented based on product type, and region.

Based on the product type, the global Cryogenic Equipment market has been bifurcated into Valve, Tank, Vaporizer, Pumps, and Others. Cryogenic valves, used in extremely cold conditions, are essential for companies dealing with compressed natural gas (CNG) and liquefied natural gas (LNG). They operate between -150°C and -196°C and are crucial for storing and transporting high-pressure cryogenic gases like nitrogen, oxygen, hydrogen, argon, and helium. The growing LNG trade, rising industrial gas demand, and expansion of liquefied gas usage across various industries drive the market. The increasing deployment of on-site liquefaction plants for effective cryogenic production, transfer, and storage also contributes to market growth. For example, Kawasaki Heavy Industries planned to equip a marine vessel with a liquefied hydrogen storage tank for low-emission propulsion in line with its Hydrogen Energy Supply Chain (HESC) project. The market for cryogenic valves is expected to grow, particularly in the Asia-Pacific region, due to increasing oil and gas activities and rising demand from various industries in countries like China, India, and Japan. The high consumption of cryogenic valves in oil and gas, especially in China, where downstream production is increasing, is boosting the market. The chemical production industry, another significant end-user, contributes to market growth.

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The cryogenic equipment market in North America is expected to grow at a CAGR of 6.35% during the forecast period of 2023-2032. North America, particularly the United States and Canada, is a major player in the aerospace and healthcare sectors, which depend heavily on cryogenic equipment. In aerospace, cryogenic equipment is employed in various ways, including rocket propulsion systems, satellite technologies, and space exploration initiatives. Meanwhile, the healthcare sector uses cryogenic equipment for various medical and scientific applications, such as cryosurgery, the cryopreservation of biological specimens, and storing pharmaceuticals and vaccines.

With coal resources dwindling, there is significant potential for the U.S. and Canada to export Liquefied Natural Gas (LNG). As a result, LNG-based power plants are gaining market share, presenting a potential growth opportunity for cryogenic equipment and driving market expansion. The demand for gas is expected to rise in the future, primarily due to growth in the industrial and power sectors. The U.S. government had plans to add 18 GW of new gas-based power plants by 2020, with completion expected by 2022. The U.S. also concentrates on the manufacturing and processing industries, such as machinery and primary metals production industries, which comprise 11% of the U.S. economy. As coal resources continue to deplete, the potential for LNG exports from the U.S. and Canada presents a growth opportunity for cryogenic equipment.

Europe is witnessing huge economic growth due to the development of industrial infrastructure.  The region is projected to experience robust growth with a Compound Annual Growth Rate (CAGR) of 6.79% between 2023 and 2032, although this is slightly less than the growth rates of Asia-Pacific and North America. This growth is driven by advancements in the Liquefied Natural Gas (LNG) infrastructure in Europe, the modernization of Germany's healthcare sector, and the efforts of European countries to achieve net-zero emissions. Due to these factors, the demand for LNG and Hydrogen cryogenic equipment is expected to increase. The primary sectors driving the demand for cryogenic equipment are electronics, metallurgy, and energy and power. Germany is poised as a profitable market due to its expanding economy, bolstered by a robust industrial foundation. Meanwhile, Spain is expected to enhance its regional market presence by extending its industrial operations to areas with heightened demand for cryogenic equipment. As an example, Cryospain Engineering has affirmed its strategic expansion into Asia in June 2020, coupled with plans to construct a new nitrogen storage tank in Taiwan.

The Asia-Pacific region, the largest cryogenic equipment market, is also anticipated to experience the fastest growth from 2023 to 2032. The driving forces behind this demand are primarily China and Japan, with India following closely. The demand for cryogenic equipment in this region is largely fueled by the need for LNG, with a growing emphasis on transitioning to low-carbon technologies in industry and transportation.

In China, the market is propelled by the development of LNG infrastructure projects, while in Japan, it's the rising demand for LNG. Australia contributes to its natural gas production operations. The increased production of metals for infrastructure development is leading to a higher demand for gases like oxygen in both China and India. China and India's growing semiconductor manufacturing industry is expected to boost the demand for nitrogen, oxygen, argon, and hydrogen, essential in electronics manufacturing. Additionally, investments in space and satellite applications in India are predicted to increase the demand for oxygen, hydrogen, and LNG.

Key Findings of the Study

• The Global Cryogenic Equipment Market is expected to reach USD 23,232.9 Million by 2032, at a CAGR of 6.59% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market.


• Chart Industries, Air Liquide, Nikkiso Co., Ltd., Cryofab Inc., Air Products and Chemicals, Inc., INOX India Limited, Parker Hannifin Corp., Flowserve Corporation, Linde plc, SHI Cryogenics Group are the key market players.