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The global cryogenic equipment market is expected to grow at a CAGR of 7.3% between 2024 and 2032. Cryogenic equipment is useful for attaining or maintaining a cryogenic temperature of nearly 150°C which is needed in applications such as liquefied natural gas production and transportation, liquid oxygen or helium or nitrogen storage, blood transplantation, and preserving biological samples. The global market is expected to be driven by the use of cryogenic equipment in industrial applications. North America, Europe and Asia are likely to be key markets.
Base Year
Historical Year
Forecast Year
Global Cryogenic Equipment Market Report Summary | Description | Value |
Base Year | USD Million | 2023 |
Historical Period | USD Million | 2018-2023 |
Forecast Period | USD Million | 2024-2032 |
Market Size 2023 | USD Million | XX |
Market Size 2032 | USD Million | XX |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 7.3% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 8.4% |
CAGR 2024-2032 - Market by Country | India | 9.7% |
CAGR 2024-2032 - Market by Country | China | 8.1% |
CAGR 2024-2032 - Market by Equipment | Tanks | 8.2% |
CAGR 2024-2032 - Market by End User | Energy and Power | 8.3% |
Market Share by Country 2023 | Germany | 4.6% |
Cryogenic equipment produces or is employed in the production of very low temperature materials or processes. Cryogenics involves temperatures colder than those that can be attained with conventional refrigeration equipment. Cryogenic equipment is devised to touch very-low temperatures at a slow rate to prevent thermal shock to the components being treated. Cryogenic temperatures range from -238 °F (-150° C, 123.2 K°) to absolute zero.
At such low temperatures, substances that are naturally gases can be liquefied; some metals lose electrical resistance, as they get colder, which can impact the cryogenic equipment market dynamics and trends. Cryogenic equipment includes cryogenic refrigerators, temperature controllers, cryogenic storage racks and boxes, cryogenics accessories and cryogenic tanks. A cryogenic tank or dewar is employed to store cryogenic gases such as liquid oxygen, nitrogen, argon, carbon dioxide, and methane in bulk quantities. Cryogenic refrigerators are employed to preserve cryogenic materials. In a cryogenic refrigerator, a refrigerant is circulated in a fluid flow path between the first and second chambers by the movement of a displacer.
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Rise in LNG Demand
Growing demand for LNG, especially in Asia, is expected to boost market growth. In 2021, the USA led export growth with a year-on-year increase of over 23 million mt. In 2021, China and South Korea led the growth in LNG demand. Global LNG demand is expected to increase significantly in the near future. Asia is expected to be a key driver of the growth of the cryogenic equipment market. Leading companies offer LNG cryogenic equipment. For example, Technifab offers vacuum jacketed hoses and piping for use in a variety of LNG applications; the company’s vacuum jacketed pipe decreases liquid loss with LNG and can offer quicker liquid delivery time to the end use point. The company also manufactures our own line of vacuum-insulated valves. Tehchnifab also helps other firms develop custom cryogenic equipment, including dewars, that are used for LNG.
Innovations in Cryogenic Technologies
Technological innovations including improvements in insulation materials and safety features, are enhancing the efficiency of cryogenic equipment and adding to the cryogenic equipment market value. These advancements are crucial for applications in sectors such as healthcare, metallurgy, and electronics. In January 2021, Fives was awarded a contract to supply 13 Cryomec cryogenic centrifugal pumps for a new Air Separation Unit (ASU) in China. This ASU will have an oxygen production capacity of over 2,000 tons per day and is being built in the Lingang Economic District, Tianjin Port Free Trade Zone.
In metallurgy, cryogenic equipment is essential for processes like cryogenic hardening, which improves the mechanical properties of metals by treating them at extremely low temperatures. This results in enhanced durability and performance of materials used in various applications, including automotive and aerospace industries. Companies like CTP Cryogenics utilise cryogenic hardening to improve the strength and durability of aerospace components.
October 2024
Recent advancements in cryogenic technology have been highlighted by the development of Korea's first cryogenic turboexpander, capable of cooling gases to temperatures as low as -183°C. This breakthrough, achieved by a research team from the Korea Institute of Machinery and Materials (KIMM), marks a significant milestone in the efficient storage of alternative energy sources such as hydrogen and natural gas.
September 2024
Inox India Ltd. saw its shares gain approximately 5% following the announcement that it secured patent rights for a new cold storage unit. This development is significant as it positions Inox India to enhance its offerings in the cryogenic equipment sector.
Nitrofreeze offers cryogenic treatment services specifically for motorsports and automotive parts. Their treatment enhances the performance of engine components, transmissions, and brake rotors by reducing fatigue failures and improving wear resistance. As per the cryogenic equipment industry analysis, this results in longer-lasting parts that can withstand the rigours of high-performance racing.
Aalberts ST specialises in deep cryogenic treatment to transform unstable austenite into a martensitic structure in steel components. This process not only improves strength but also enhances dimensional stability and reduces residual stresses, making it beneficial for various industrial applications. Moreover, voestalpine provides cryogenic treatment for tool steel, achieving ultra-low temperatures of around -196°C to remove retained austenite from quenched tools. This process increases wear resistance and overall durability, making tools more effective for cutting and machining applications.
Manufacturing cryogenic equipment requires premium materials such as stainless steel and specialised alloys that can withstand extremely low temperatures. These materials are expensive, leading to high capital expenditure (CAPEX) and operational expenditure (OPEX), which can deter investment, particularly from small and medium enterprises, affecting the cryogenic equipment demand. The prices of raw materials used in cryogenic equipment production can be volatile and influenced by global market trends. Fluctuating costs can affect profitability and create uncertainty for manufacturers, making it challenging to maintain competitive pricing.
Handling ultra-cold substances such as liquefied natural gas (LNG), liquid nitrogen, and oxygen presents technical challenges. Precision engineering is required to prevent leaks, ensure proper insulation, and maintain safety during operation. These complexities can increase the risk of operational failures and necessitate ongoing maintenance, further driving up costs.
Cryogenic equipment is employed in multiple applications. Examples include storage and transportation of liquefied gases, food preservation, cryosurgery, rocket fuels, and super-conducting electromagnets. Cryogenic liquids have medical and industrial applications; liquid nitrogen is used to conduct chemical reactions that warrant low temperatures; liquid hydrogen and oxygen are used as fuels for rockets. Small vacuum flasks and dewar flasks are used for storing liquefied gases; for larger industrial operations, large cryogenic storage tanks are used which can contribute to the cryogenic equipment market revenue. Materials are transferred from carriers to cryogenic containers or cryo tanks with the help of cryogenic transfer pumps.
Cryogenic-refrigerators and freezers are used to fast freeze vaccines and preserve biological samples (for example human blood, embryos and tissue). Such applications are expected to boost the global cryogenic equipment market. Leading companies offer sophisticated solutions for multiple industries for example, Cryofab offers cryogenic products for several industries, including medical, biotechnology, research, instrumentation, semi-conductor, superconductivity, home care and food service.
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“Cryogenic Equipment Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Equipment
Market Breakup by Cryogen
Market Breakup by End User
Market Breakup by Region
CAGR 2024-2032 - Market by | Country |
India | 9.7% |
China | 8.1% |
USA | 6.5% |
France | 5.7% |
Italy | 5.1% |
Canada | XX% |
UK | XX% |
Germany | XX% |
Japan | 5.0% |
Australia | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
By Equipment Insights
The tank segment holds the highest cryogenic equipment market share. This is primarily due to the extensive applications of cryogenic tanks in various industries, particularly for the storage and transportation of liquefied natural gas (LNG) and other cryogenic fluids. The demand for LNG as a cleaner energy source has significantly boosted the need for efficient storage solutions, making tanks a critical component of the market.
By Cryogen Insights
Cryogenic equipment such as cryocoolers and liquid nitrogen equipment are used to achieve cryogenic temperatures. There are two main types of crycoolers - stirling cryocooler and pulse tube cryocooler. Cryogenic equipment that employs liquid nitrogen gas as a coolant is called liquid nitrogen equipment. Liquefied nitrogen gas, owing to its high density in a liquid state, is capable of being easily stored, safely transported, and employed as a coolant, boosting cryogenic equipment market opportunities. Liquid nitrogen refrigerators offer low daily evaporation losses. Crycoolers and liquid nitrogen equipment can be regulated by computers.
By End User Insights
The energy and power sector holds the highest market share. This dominance is largely attributed to the increasing demand for liquefied natural gas (LNG) as a cleaner energy source, which necessitates efficient storage and transportation solutions provided by cryogenic equipment. The growing emphasis on sustainable energy practices and the expansion of LNG infrastructure globally are driving significant investments in this sector.
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North America Cryogenic Equipment Market Trends
North America is projected to be the largest market for cryogenic equipment, driven by advancements in LNG infrastructure and a robust industrial base. The U.S. government has been investing in LNG export facilities and infrastructure to support the growing demand for cleaner energy sources, which can boost the growth of the cryogenic equipment industry. For example, the Federal Energy Regulatory Commission (FERC) has approved several LNG export projects, which are crucial for enhancing the country’s energy export capabilities.
According to the U.S. Energy Information Administration (EIA), North America's LNG export capacity is expected to more than double from 11.4 billion cubic feet per day (Bcf/d) in 2023 to approximately 24.4 Bcf/d by 2028. This growth is facilitated by numerous projects currently under construction across the U.S., Canada, and Mexico, which will require advanced cryogenic technologies for the storage and transport of LNG.
Asia Pacific Cryogenic Equipment Market Drivers
Countries like China, India, and Japan are leading this growth due to their increasing energy demands and investments in LNG infrastructure. In September 2019, Japan announced an investment of over USD 10 billion in LNG infrastructure development to enhance its energy security. Additionally, South Korea is seeing a rise in energy consumption and advancements in industries such as space exploration and healthcare, which can boost the demand of cryogenic equipment market. According to the International Energy Agency (IEA), China's electricity demand is forecast to increase by 6.5% in 2024, driven by economic recovery and a shift towards renewable energy sources. This growth is significant as it reflects the country's ongoing industrial expansion and the increasing electrification of its economy.
Europe Cryogenic Equipment Market Opportunities
Europe is focusing on reducing carbon emissions and transitioning to renewable energy sources, which is driving the demand for cryogenic technologies. The European Union's Green Deal aims to make Europe climate-neutral by 2050, increasing investments in LNG and hydrogen infrastructure and fuelling the cryogenic equipment demand growth.
The EU is investing heavily in green hydrogen as a key component of its energy transition. The European Commission's Hydrogen Strategy aims to produce up to 10 million tons of renewable hydrogen annually by 2030. Cryogenic technologies are crucial for the storage and transport of hydrogen, as it can be liquefied at very low temperatures (-253°C), making cryogenic storage solutions necessary for efficient distribution.
Latin America Cryogenic Equipment Market Growth
Latin America’s logistics and energy sectors are evolving, with countries like Brazil and Mexico investing in cryogenic storage solutions for LNG. The expanding e-commerce sector is increasing demand for efficient logistics solutions, including cryogenic storage for temperature-sensitive goods, which can impact cryogenic equipment demand forecast. The Brazilian government has been working on projects to develop LNG import terminals, such as the Bahía Blanca GasPort and GNL Escobar terminals, which facilitate the importation of LNG to meet rising energy demands. These facilities are equipped with cryogenic storage tanks designed to maintain LNG at temperatures around -162°C.
Middle East and Africa Cryogenic Equipment Market Dynamics
Significant investments in infrastructure development are occurring in the Middle East and Africa, particularly in the logistics and energy sectors. Countries like Saudi Arabia are expanding their LNG production capabilities. For instance, Saudi Aramco has awarded contracts worth USD 25 billion to expand its natural gas production, which is part of a broader strategy to meet rising domestic and international demand for gas. This expansion boosts the cryogenic equipment market development including the development of the Jafurah unconventional gas field, which is estimated to contain 229 trillion cubic feet (Tcf) of raw gas and can contribute to market demand.
Startups in the cryogenic equipment sector are actively innovating and addressing emerging market needs through various specialised services and products. Other startups are exploring niches such as cryogenic shipping solutions, preservation services for biological materials, and custom fabrication of cryogenic equipment tailored to specific industry requirements. These new entrants are leveraging advancements in technology and automation to improve efficiency, safety, and sustainability in cryogenic applications.
Kiutra
Founded in 2018, Kiutra specialises in developing cryogen-free cryostats that enhance efficiency and usability in scientific research, particularly in quantum computing applications. Their innovative designs utilise superconducting magnets to maintain extremely low temperatures without the need for liquid helium, making them a valuable asset for advancing research capabilities in various fields.
Applied Cryo Technologies
Established in 2012, this U.S.-based startup focuses on producing cryogenic trailers and mobile storage facilities for liquefied natural gas (LNG) and other cryogens. Applied Cryo Technologies aims to meet the growing demand for LNG by providing efficient and safe storage solutions, thereby supporting the transition towards cleaner energy sources.
The report presents a detailed analysis of the following key players in the global cryogenic equipment market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions. Key players are focusing on innovative solutions to enhance efficiency and meet the rising needs of various sectors, including healthcare, energy, and food & beverage. Companies are also investing in sustainable practices and energy-efficient technologies to align with global environmental goals.
Cryofab
Cryofab Inc., founded in 1971, is a leading manufacturer of cryogenic equipment based in Kenilworth, New Jersey. The company specialises in producing a wide range of cryogenic products, including dewars, tanks, valves, and transfer lines, which are essential for the safe storage and transportation of liquid gases such as helium, nitrogen, and oxygen.
Nikkiso Cryogenic Industries
Nikkiso Cryogenic Industries is a prominent player in the cryogenic equipment sector and a subsidiary of Nikkiso Co., Ltd., which is based in Japan. The company specialises in the design and manufacture of cryogenic pumps, tanks, and other related equipment.
Linde plc
Linde plc is a multinational chemical company headquartered in Dublin, Ireland. It is one of the largest industrial gas companies in the world, providing a comprehensive range of gases and services to various industries such as healthcare, manufacturing, food processing, and electronics.
Other major players in the market are HEROSE GMBH, Wessington Cryogenic Ltd., and Sulzer Ltd., among others.
August 2024
GW4 researchers are set to benefit from the introduction of the region's first cryo-focused ion beam-scanning electron microscope (cryo-FIB-SEM), following a funding award of £2.6 million. This advanced equipment will enable high-resolution imaging of proteins at unprecedented scales—around 50 billion times smaller than a human cell.
May 2024
Plug Power has recently signed a contract to supply five cryogenic trailers to a multinational industrial gas company for the Canadian market. This strategic partnership is aimed at facilitating the transportation of essential cryogenic gases such as nitrogen, argon, and oxygen.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global cryogenic equipment market is projected to grow at a CAGR of 7.3% between 2024 and 2032.
The major drivers of the market include the rising projects related to the integration of liquefication processes and combined-cycle gasification, growing investments in chemical plants and refineries, extensive suburban migration, increasing foreign direct investments, and favourable government policies.
The uses of cryogenic equipment in industrial applications and ongoing advances in technologies are the key industry trends propelling the market's growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various equipment in the market are tanks, pumps, valves, and vaporizers, among others.
Based on cryogen, the market is segmented into nitrogen, argon, oxygen, and LNG, among others.
The end-users of the market are energy and power, chemicals, metallurgy, electronics, and shipping, among others.
The major players in the industry are Cryofab, Nikkiso Cryogenic Industries, Linde plc, HEROSE GMBH, Wessington Cryogenic Ltd., and Sulzer Ltd., among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Equipment |
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Breakup by Cryogen |
|
Breakup by End User |
|
Breakup by Region |
|
Market Dynamics |
|
Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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