The global cryogenic equipment market was valued at USD 11.9 billion in 2023 and is projected to reach USD 16.6 billion by 2028, growing at a CAGR of 6.9%. Cryogenic equipment enables the safe storage, transport, and handling of materials at extremely low temperatures, supporting industries such as energy, chemicals, metallurgy, healthcare, and transportation. Its applications range from liquefied natural gas (LNG) transportation to medical research and industrial gas storage.

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Key Drivers and Market Expansion

• Industrial Gas Demand: Increased utilization of industrial gases in sectors like metallurgy, oil & gas, and energy & power is driving the growth of cryogenic equipment. These industries require large volumes of gases such as nitrogen, argon, oxygen, and LNG, all of which must be stored and transported under cryogenic conditions.
• Technological Advancements: Innovations such as evolving cryogenic electronics and improved preservation methods are expanding the scope of cryogenic equipment, making it vital for emerging technologies and research fields.
• Energy Sector Growth: The rising global focus on clean energy solutions has boosted demand for cryogenic LNG equipment, as LNG plays a crucial role in energy transition and storage.

Notable Market Trends

• Dominance of Tanks: Among equipment types, cryogenic tanks are anticipated to exhibit the highest CAGR. The surge in demand for LNG tanks and small-scale microbulk tanks is a key trend, especially as global LNG consumption and decentralized energy storage become more common.
• Regional Leadership: The largest market for cryogenic equipment is the Asia-Pacific region, propelled by rapid industrialization and energy investments. Europe and North America also retain significant shares due to established gas infrastructure and active research sectors.
• Supply Chain Challenges: Disruptions stemming from geopolitical tensions (such as the Russia–Ukraine war) continue to pose challenges for the global supply chain of cryogenic equipment, impacting material sourcing and distribution.
• Sustainability and Safety: There is increased attention on the safety and sustainability aspects of cryogenic systems, including eco-friendly manufacturing practices and robust containment technologies for hazardous materials.

Top Companies in Cryogenic Equipment Industry

• Linde plc (Ireland);
• Air Liquide (France);
• Air Products and Chemicals, Inc. (US);
• Chart Industries (US);
• Parker Hannifin Corp. (US);
• Flowserve Corporation (US);
• Nikkiso Co., Ltd. (Japan);
• INOX India Limited (India) among others…

Market Outlook and Opportunities

• As demand for industrial gases and clean energy continues to rise, the cryogenic equipment market is expected to see robust growth fueled by advances in technology, greater sustainability demands, and expanding applications.
• The development of integrated cryogenic systems and better automation will further enhance efficiency and safety, making cryogenic technology a critical part of future infrastructure and scientific advancement.

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Asia Pacific is expected to be the largest region in the cryogenic equipment market.

Asia Pacific is expected to be the largest cryogenic equipment market during the forecast period. The Asia Pacific region comprises major economies such as China, India, Australia, Japan, Malaysia, and Rest of Asia Pacific. Rest of Asia Pacific primarily includes Thailand, the Philippines, Singapore, Indonesia, and Myanmar. . The high growth rate and market share of the Asia Pacific region can be attributed to constant LNG infrastructure developments in China, investments in the aerospace industry in India, and increasing investments in gas production and LNG imports in Australia and Japan, respectively. The significant demand for cryogenic equipment in the region is witnessed by  end-user industries such as healthcare, metallurgy, energy & power, and electronics.