Cryogenic Equipment Market Growth, Share, and Trends Report 2025-2033

IMARC Group estimates the market to reach USD 34.40 Billion by 2033, exhibiting a CAGR of 4.23% during 2025-2033.

Market Overview:

The cryogenic equipment market is experiencing rapid growth, driven by industrial applications, growing demand for LNG, and technological advancements. According to IMARC Group's latest research publication, "Cryogenic Equipment Market Report by Equipment (Tanks, Pumps, Heat Exchanger, Valves, and Others), Cryogen (Nitrogen, Liquified Natural Gas, Helium, and Others), Application (Storage, Transportation, Processing, and Others), End Use Industry (Oil and Gas, Energy and Power, Food and Beverages, Healthcare, Marine and Aerospace, Chemicals, and Others), and Region 2025-2033", offers a comprehensive analysis of the industry, which comprises insights on the global cryogenic equipment market share. The global market size was valued at USD 22.73 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 34.40 Billion by 2033, exhibiting a CAGR of 4.23% during 2025-2033.

This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.

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Our report includes:

• Market Dynamics

• Market Trends And Market Outlook

• Competitive Analysis

• Industry Segmentation

• Strategic Recommendations

Factors Affecting the Growth of the Cryogenic Equipment Industry:

• Industrial Applications:

Cryogenics is essential to liquefied gases such as nitrogen, oxygen, argon, and helium, especially for their production and handling. They are used by industries for many purposes such as raw materials for the manufacturing process, as cooling agents, and as protective breathing atmospheres. Cryogenic treatments are commonly applied in the metal industry to improve the properties of metals and alloys. Cryogenic cooling is also useful in improving hardness, strength, and durability of materials, important in industries like aerospace, automotive, and manufacturing.

• Growing Demand for LNG:

LNG production and export have escalated since countries started seeking cleaner sources of energy and, thus, natural gas as the alternate fossil fuel of choice instead of coal or oil. Cryogenic equipment is vital for liquefaction, transport, and storage of LNG. Growing production and export activities continue to spur the demand for cryogenic tanks, compressors, and other related equipment. Cryogenic technology is a major part of most LNG infrastructure developments - liquefaction plants, storage facilities, regasification terminals, etc. Construction and expansion of these facilities create a significant market for cryogenic equipment required to safely and efficiently manage LNG.

• Technological Advancements:

Innovative thermal insulation materials including VIPS and advanced composite materials have improved the efficiency of cryogenic storage and transport. These materials significantly minimize heat leakages and improve energy efficiency, which eventually stabilizes the state of stored cryogenic materials. Better cryogenic refrigeration systems have also improved the performance and operational costs. Most of the modern systems beat their predecessor in terms of efficiency in achieving lower temperatures while consuming less energy.

Leading Companies Operating in the Global Cryogenic Equipment Industry:

• Air Liquide S.A.

• Air Products and Chemicals Inc.

• Chart Industries Inc.

• Cryofab Inc.

• Cryoquip LLC (Nikkiso Co. Ltd.)

• Emerson Electric Co.

• Flowserve Corporation

• Herose GmbH

• INOX India Pvt. Ltd

• Linde Plc

• Parker-Hannifin Corporation

• Wessington Cryogenics

Cryogenic Equipment Market Report Segmentation:

By Equipment:

• Tanks

• Pumps

• Heat Exchanger

• Valves

• Others

Tanks exhibit a clear dominance in the market due to their critical role in safely storing and transporting cryogens at extremely low temperatures.

By Cryogen:

• Nitrogen

• Liquified Natural Gas

• Helium

• Others

Liquified natural gas represents the largest segment, driven by increasing energy demands and its pivotal role in clean energy transitions.

By Application:

• Storage

• Transportation

• Processing

• Others

Storage holds the biggest market share attributed to the critical need for maintaining the integrity and efficiency of stored cryogens across various industries.

By End Use Industry:

• Oil and Gas

• Energy and Power

• Food and Beverages

• Healthcare

• Marine and Aerospace

• Chemicals

• Others

Chemicals account for the majority of the market share accredited to its reliance on cryogenic processes for the preservation and processing of chemicals.

Regional Insights:

• North America (United States, Canada)

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

• Latin America (Brazil, Mexico, Others)

• Middle East and Africa

Asia Pacific dominates the market owing to the growing energy needs and rising investments in infrastructure development across the region.

Research Methodology:

The report employs a comprehensive research methodology, combining primary and secondary data sources to validate findings. It includes market assessments, surveys, expert opinions, and data triangulation techniques to ensure accuracy and reliability.

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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