The report “Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-user Industry (Energy & Power, Chemical, Metallurgy, Transportation), System Type, Application, & Region – Forecast to 2030” is projected to grow from USD 13.55 billion in 2024 and to reach USD 22.96 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period.
The cryogenic equipment market is driven by the increasing development of hydrogen fuel systems, particularly for the automotive and transportation industries; as well as cooling scientific instruments on space telescopes and maintaining extremely low temperatures for space probes and vehicles, satellite launch facilities, and air separation units. The cryogenic equipment market is heavily dependent on the consumption of liquefied industrial gases for high-volume storage. oxygen, nitrogen, argon, and hydrogen, wherein oxygen and nitrogen are such major industrial gases used across end-user industries for numerous applications. The increasing use of these industrial gases in industries such as energy & power, metallurgy, electronics, chemicals, and transportation is likely to propel the demand for cryogenic equipment. Moreover, the growing popularity of liquefied natural gas as a source of clean and efficient energy will boost the demand for cryogenic equipment for transportation and storage at LNG liquefaction and regasification terminals.
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“LNG is expected to be the largest segment, by cryogen, during the forecast period.”
The LNG segment will hold the largest market share during the forecast period due to rapid growth in LNG production, storage, and transportation infrastructure, as well as international expansion. LNG is the preferred energy source because of its lower carbon emissions compared to other fossil fuels and its economical long-distance shipping capability that enables global trade. Investing heavily in LNG liquefaction, storage, and regasification facilities can help countries secure energy supplies while diversifying their sources. The increasing significance of LNG for power generation, industrial use, and cross-border energy trade sustains strong demand for large cryogenic tanks, pumps, valves, and insulation systems, reinforcing LNG’s prominence within the cryogenic equipment market.
Tanks are expected to grow at the highest CAGR in the equipment market during the forecast period.
Based on equipment, the cryogenic equipment market has been split into tanks, valves, vaporizers, pumps, and others. During the forecasted period, tanks are anticipated to experience the highest CAGR among various segments in the market. This growth can be primarily attributed to the surging global demand for liquefied natural gas (LNG) tanks and microbulk tanks, which are becoming increasingly essential for efficient gas storage and transportation. As industries and utility providers seek to expand their capabilities in handling LNG, the necessity for advanced, safe, and reliable tank solutions is driving innovation and investment in this area. The growing focus on sustainable energy solutions further emphasizes the importance of LNG as a transitional fuel, solidifying the leading position of the tanks segment in the market for the coming years.
The Asia Pacific will hold the largest market share during the forecast period.
Asia Pacific will 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 the Rest of the Asia Pacific. 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.
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Key Market Players
The cryogenic equipment market is dominated by major players with a wide regional presence. Some key players in the market include 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), and INOX India Limited (India).
