The Global Cryogenic Equipment Market size was valued at USD 21.99 Billion in 2023. The cryogenic equipment industry is projected to grow from USD 23.60 Billion in 2024 to USD 38.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.35% during the forecast period (2024 - 2032).
The demand for technical gases in numerous industries to attain a particular temperature level, increasing investments in liquefied natural gas power plants, and rising focus on processing & manufacturing industries are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for cryogenic equipment is driven by the rising demand for clean energy power and is anticipated to boost the market growth. The transportation, storage, and regasification applications for generating clean energy hold substantial market growth potential.
Development in the healthcare industry from developing economies and significant investment into metallurgical, chemical & petrochemical sectors would propel the demand for the equipment used in the cryogenic application. Hence, the growing awareness of adopting clean energy sources globally propels the global cryogenic equipment market revenue.
The ongoing development of advanced technologies, sustainable cryogenic units, and rising projects related to integrating liquefication procedures and combined-cycle gasification will foster the industry dynamics. Accelerating acquisitions in chemical plants and refineries in line with the expansive suburban migration will fuel cryogenic equipment adoption.
In addition, an increasing customer base, helped by an enhancing number of advanced solutions, will expand the business landscape. For instance, in June 2021, Dalian Shipbuilding Industry, a subsidiary of China State Shipbuilding Corporation, delivered the world’s first dual-fuel VLCC 2x3500m³ C-type liquefied natural gas cryogenic storage tank.
Growing expenditure on space and satellite missions is anticipated to drive the market for these developments for holding specimens from space in cryogenic gases owing to their inert nature. Moreover, with the depletion of coal resources, liquefied natural gas-based power plants are increasing as a clean source of energy, which presents a considerable market development opportunity for cryogenic equipment.
Moreover, initiatives have been taken by the U.S. government to create 18 GW of renewed gas-based power plants, which is due to the increase in the industrial and power sectors. This carries a potential growth opportunity for these products. Improved natural gas consumption and enhanced healthcare in the nations are two important industry drivers for cryogenic equipment.
The global cryogenic equipment market segmentation, based on product type, includes valves, tanks, vaporizers, pumps, and others. The tank segment dominated the market, accounting for 35% of market revenue (7.69 Billion). In developing economies, category growth is driven by the growing requirement to maintain gases for numerous essential industrial processes against conventional cooling lubricants with longer durability, superior insulation, and less maintenance. However, the pump is the fastest-growing category due to the high and ultra-high vacuum requirements of the oil and gas industry.
Figure 1: Global Cryogenic Equipment Market by Product Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The global cryogenic equipment market segmentation, based on cryogen type, includes nitrogen, oxygen, argon, liquefied natural gas, and others. The liquefied natural gas category generated the most income (70.4%) due to the rise in liquefied natural gas demand in emerging economies. However, nitrogen is the fastest-growing category due to its numerous usage in the oil & gas and metallurgy industries. It is utilized in the healthcare sector for blood freezing and medication packing and in the pharmaceutical and food & beverage industries drives the global cryogenic equipment market.
June 2020:Cryospain Engineering declared Asia expansion with a project to create a new tank for nitrogen storage in Taiwan.
The global cryogenic equipment market segmentation, based on cryogen type, includes energy & power, chemical, electronics, shipping, metallurgical, and others. The metallurgical category generated the most income due to the extensive usage of argon, oxygen and nitrogen gases in the metallurgy industry. However, the chemical is the fastest-growing category owing to its application in oxidation processes, coal gasification, sulfur recovery units, regeneration of catalysts, cooling reactors, and other applications.
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American cryogenic equipment market will dominate due to the continous increase in energy demand, and several developments in the fields, including space research, healthcare, and chemicals, will boost the market growth in this region. Further, the US cryogenic equipment market held the largest market share, and the Canadian cryogenic equipment market was the fastest-growing market in the North American region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Global Cryogenic Equipment Market Share By Region 2022 (Usd Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's cryogenic equipment market accounts for the second-largest market share due to the growing exploration of natural gas reserves and accelerating construction activities. Favorable regulatory measures concerning the expansion of low-emission components have augmented the deployment of cryogenic equipment in this region. Further, the German cryogenic equipment market held the largest market share, and the UK cryogenic equipment market was the fastest-growing market in the European region.
The Asia-Pacific cryogenic equipment market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing consumer awareness, substituting conventional equipment, and adopting sustainable solutions drives the market growth in this region. Moreover, China’s cryogenic equipment market held the largest market share, and the Indian cryogenic equipment market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the cryogenic equipment market grow even more. Market participants are also undertaking numerous strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the cryogenic equipment industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global cryogenic equipment industry to benefit clients and increase the market sector. Major players in the cryogenic equipment market, including Chart Industries, Inc. (U.S.), Cryofab, Inc. (U.S.), Linde (Germany), Nikkisso Cryoquip (U.S.), Nikkiso Co. Ltd (Japan), and others, are attempting to increase market demand by investing in research and development operations.
Chart Industries Inc is a manufacturer of engineered equipment. It designs and manufactures engineered cryogenic equipment in the liquid gas supply chain. The company's product offerings include vacuum-insulated containment vessels, cold boxes, liquefaction process units, heat exchangers, other cryogenic components, ambient temperature fans and equipment, and gas processing equipment. Chart's products are used in the production, purification, liquefaction, storage, distribution and end-use of atmospheric, hydrocarbon, and industrial gases.
It markets the products under the brand names Air-X-Changers, BlueInGreen, Chart China, Chart Ferox, Cofimco, Cryo Technologies, Flow, Gofa, Hudson, Industrie Meccaniche di Bagnolo (IMB), Smithco, SES Innovation, VCT Vogel and VRV. In July 2019, Charts Industries Inc. bought the Industrial Air-X-Changers business from Harsco Corp., a form of business for specially engineered air-cooled heating systems for the shale gas compression and preparation, refining, and petrochemical industries, particularly in the US.
SoftInWay Inc. is a global engineering company focusing on designing, analyzing, and optimizing turbomachinery components and systems. The company offers innovative software solutions and engineering services for various industries, including aerospace, power generation, oil and gas, automotive, and more. In December 2019, SoftInWay Inc, an industry-leading consulting service provider, announced the launch of new designs for turbo-style configuration of cryogenic equipment, such as pumps that cater to the pressure rise and required flow rate while minimizing cost and time.
January 2022: Saulsbury was awarded the EPC contract to design and install two cryogenic processing facilities in the Midland Basin. The facilities, designed with a base-rated capacity of 200 million standard cubic feet per day (MMSCFD) each, mark Saulsbury's 61st and 62nd cryogenic processing facility projects since 2006, representing nearly 11 billion cubic feet per day (BCFD) of processing capacity, and its 23rd and 24th cryogenic processing facility in the West Texas region.
July 2021: Linde announced that the company had started its new on-site facility in Qinzhou, China, delivering oxygen and other industrial gases to Shanghai Huayi's new chemical complex. The new facility comprises three air separation units that will supply up to 7,500 tons of oxygen and 5,000 tons of nitrogen per day.
November 2019: Ampco Pumps introduced Cryo-pump technology for low-temperature processing applications designed with highly specialized internal seals for centrifugal and positive displacement pumps for processing at temperatures as low as -70F / -56C.
April 2024
Dippin' Dots, the nation's premier flash-frozen beaded ice cream manufacturer, announced on January 3 the formation of Dippin' Dots Cryogenics LLC.
Dippin' Dots Cryogenics will use its 30 years of experience and intellectual property in cryogenic processes and machinery to make its patented technology and equipment available to other industries that use cryogenics, such as the nutraceutical, pharmacy, agriculture, aquaculture, and animal feed sectors.
Working with Dippin' Dots' exclusive equipment manufacturer, the Dippin' Dots Cryogenic team can tailor machines to meet the demands of any specific organization. Sizes range from small-scale pilot plants to high-capacity models capable of producing 2,000 kg per hour. Specifications like as control systems and steam cleaning are customized for each customer. The equipment is made in the United States, has a reduced footprint to enhance efficiency, and boasts a clean-in-place procedure.
"What distinguishes the Dippin' Dots Cryogenics processor is its small footprint and exceptional volume capacity," Dippin' Dots chief development officer Stan Jones said. "We understand its capabilities beyond what we foundationally use it for and look forward to sharing our innovations with other industries."
The Dippin' Dots Cryogenics technique employs liquid nitrogen to flash freeze items that must meet high quality criteria. More precisely, the method is appropriate as a preliminary step for any items that must be freeze dried. Key examples are industries that produce probiotics, bacterial cultures, and plant extracts. The tiny pellets offer an optimal surface area for freeze drying while preserving the integrity of the media culture.
Dippin' Dots CEO Scott Fischer said, "This is the next logical step for us as an organization." Dippin' Dots Cryogenics not only broadens the Dippin' Dots portfolio and worldwide reach, but also enables our solutions to be used in a variety of sectors to improve and enhance goods. We are pleased to formally extend our substantial cryogenic expertise and experience to aid other enterprises."
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 21.99 Billion |
| Market Size 2024 | USD 23.60 Billion |
| Market Size 2032 | USD 38.6 Billion |
| Compound Annual Growth Rate (CAGR) | 6.35% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Market Competitive Landscape, Revenue Forecast, Growth Factors, and Trends |
| Segments Covered | Product Type, Cryogen Type, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Chart Industries, Inc. (U.S.), Cryofab, Inc. (U.S.), Linde (Germany), Nikkisso Cryoquip (U.S.), Nikkiso Co. Ltd (Japan), SHI Cryogenics Group (Japan), HEROSE GMBH (Germany), Wessington Cryogenics (U.K.), Cryo Pur (France), INOXCVA (INOX India Pvt Ltd) (India), and Sulzer (Switzerland) |
| Key Market Opportunities | The growing requirement for technical gases in various industries |
| Key Market Dynamics | Increasing investments in liquefied natural gas power plants |
Cryogenic Equipment Market Highlights:
Frequently Asked Questions (FAQ) :
The global cryogenic equipment market size was valued at USD 21.99 Billion in 2023.
The global market is projected to grow at a CAGR of 6.35% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are Nikkisso Cryoquip (U.S.), Nikkiso Co. Ltd (Japan), SHI Cryogenics Group (Japan), HEROSE GMBH (Germany), Wessington Cryogenics (U.K.), Cryo Pur (France), INOXCVA (INOX India Pvt Ltd) (India), and Sulzer (Switzerland).
The tank category dominated the market in 2022.
The liquefied natural gas category dominated the market in 2022.
The metallurgical had the largest share of the global market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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