Add 2 More Reports For 20% off

Report Overview

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.

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

  • In the first half of 2022-23, the production of major chemicals in India was 6,487 thousand metric tons, with a compound annual growth rate (CAGR) of 3.58% from 2017-18 to 2021-22, offering ample opportunities for cryogenic equipment.
  • China remains the world's largest steel producer, contributing more than half of the global steel output, boosting the demand for cryogenic equipment which is crucial for producing and storing industrial gases.
  • As of 2023, the global merchant fleet consisted of over 95,000 vessels, with a total deadweight tonnage of approximately 2 billion. This aids the retrofitting or building of new LNG-powered ships which is a significant driver of cryogenic technology.
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 Market Overview

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.

cryogenic-equipment-market

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Cryogenic Equipment Market Trends

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.

Industry News

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.

Opportunities in Cryogenic Equipment Market

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.

Cryogenic Equipment Market Restraints

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 Market Dynamics

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.

cryogenic-equipment-market-by-segments

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Cryogenic Equipment Industry Segmentation

“Cryogenic Equipment Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Equipment

  • Tanks
  • Pumps
  • Valves
  • Vaporizers
  • Others

Market Breakup by Cryogen

  • Nitrogen
  • Argon
  • Oxygen
  • LNG
  • Others

Market Breakup by End User

  • Energy and Power
  • Chemicals 
  • Metallurgy
  • Electronics
  • Shipping
  • Others

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
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%

Cryogenic Equipment Market Share

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.

cryogenic-equipment-market-by-region

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Cryogenic Equipment Market Regional Insights

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.

Innovative Startups in Cryogenic Equipment Market

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.

Competitive Landscape

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.

Key Industry Players

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.

Recent Developments

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.*

Looking for specific insights?

Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!

Key Questions Answered in the Report

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.

Report Summary

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.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

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:

  • Equipment
  • Cryogen
  • End User
  • Region
Breakup by Equipment
  • Tanks
  • Pumps
  • Valves
  • Vaporizers
  • Others
Breakup by Cryogen
  • Nitrogen
  • Argon
  • Oxygen
  • LNG
  • Others
Breakup by End User
  • Energy and Power
  • Chemicals 
  • Metallurgy
  • Electronics
  • Shipping
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Cryofab
  • Nikkiso Cryogenic Industries
  • Linde plc
  • HEROSE GMBH
  • Wessington Cryogenic Ltd.
  • Sulzer Ltd.
  • Others
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.

Purchase Full Report

Datasheet

 

USD 2,199

USD 1,999

tax inclusive*

  • Selected Sections, One User
  • Printing Not Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Single User License

One User

USD 3,299

USD 2,999

tax inclusive*

  • All Sections, One User
  • One Print Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Five User License

Five Users

USD 4,399

USD 3,999

tax inclusive*

  • All Sections, Five Users
  • Five Prints Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Corporate License

Unlimited Users

USD 5,499

USD 4,999

tax inclusive*

  • All Sections, Unlimited Users
  • Unlimited Prints Allowed
  • Email Delivery in PDF + Excel
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

How To Order

Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.

Select License Type

Choose the right license for your needs and access rights.

Click on ‘Buy Now’

Add the report to your cart with one click and proceed to register.

Select Mode of Payment

Choose a payment option for a secure checkout. You will be redirected accordingly.

Strategic Solutions for Informed Decision-Making

Connect For More Information

Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.

Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.

We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.

Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.

We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.

We’re here to help answer any questions about our products and services.

Contact us

Our Offices


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

United States (Head Office)

30 North Gould Street, Sheridan, WY 82801

+1-415-325-5166

Vietnam

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124

30 North Gould Street, Sheridan, WY 82801

+1-415-325-5166

63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124