The global market for Cryogenic Equipment was valued at US$15.8 Billion in 2024 and is projected to reach US$23.6 Billion by 2030, growing at a CAGR of 7.0% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Technological advancements have significantly enhanced the efficiency and safety of cryogenic equipment. Modern cryogenic systems now incorporate sophisticated monitoring and control technologies that ensure precise temperature regulation and early detection of potential failures. For instance, digital sensors and automated control systems can continuously monitor the integrity of storage tanks and pipelines, providing real-time data to operators and allowing for predictive maintenance. Advances in materials science have also led to the development of new insulating materials and more durable components, reducing the risk of leaks and improving overall safety. Furthermore, the integration of cryogenic equipment with industrial Internet of Things (IoT) platforms has enabled remote monitoring and control, enhancing operational efficiency and reliability in industries that rely heavily on cryogenics.
The growth in the cryogenic equipment market is driven by several factors. Firstly, the expanding liquefied natural gas (LNG) market is a significant driver, as cryogenic equipment is essential for the storage and transportation of LNG. Secondly, the increasing demand for medical gases, particularly in developing regions, is fueling the need for advanced cryogenic solutions. Thirdly, technological advancements in space exploration and satellite deployment require sophisticated cryogenic systems for propulsion and cooling. Additionally, the rising focus on clean energy and the hydrogen economy is driving investments in cryogenic hydrogen storage and transportation infrastructure. The growth of the food and beverage industry, where cryogenic freezing and chilling are used to preserve the quality and extend the shelf life of products, is also contributing to market expansion. Lastly, regulatory requirements for the safe handling of cryogenic materials are pushing industries to adopt more advanced and compliant equipment. Together, these factors are creating robust demand and fostering innovation in the cryogenic equipment market.
Global Cryogenic Equipment Market - Key Trends & Drivers Summarized
Cryogenic equipment plays a crucial role in industries where extremely low temperatures are required for the processing, storage, and transportation of materials. This equipment is essential in sectors such as healthcare, where liquid nitrogen is used for cryopreservation and cryosurgery, and in the aerospace industry for rocket propulsion systems and spacecraft cooling. Cryogenic equipment includes a variety of products such as cryogenic tanks, valves, vaporizers, pumps, and dewars, each designed to handle and maintain materials at temperatures below -150°C. The design and materials used in cryogenic equipment are critical, as they must ensure minimal heat ingress to maintain the required low temperatures, often using vacuum insulation and specialized materials that can withstand the stresses of such extreme conditions.Technological advancements have significantly enhanced the efficiency and safety of cryogenic equipment. Modern cryogenic systems now incorporate sophisticated monitoring and control technologies that ensure precise temperature regulation and early detection of potential failures. For instance, digital sensors and automated control systems can continuously monitor the integrity of storage tanks and pipelines, providing real-time data to operators and allowing for predictive maintenance. Advances in materials science have also led to the development of new insulating materials and more durable components, reducing the risk of leaks and improving overall safety. Furthermore, the integration of cryogenic equipment with industrial Internet of Things (IoT) platforms has enabled remote monitoring and control, enhancing operational efficiency and reliability in industries that rely heavily on cryogenics.
The growth in the cryogenic equipment market is driven by several factors. Firstly, the expanding liquefied natural gas (LNG) market is a significant driver, as cryogenic equipment is essential for the storage and transportation of LNG. Secondly, the increasing demand for medical gases, particularly in developing regions, is fueling the need for advanced cryogenic solutions. Thirdly, technological advancements in space exploration and satellite deployment require sophisticated cryogenic systems for propulsion and cooling. Additionally, the rising focus on clean energy and the hydrogen economy is driving investments in cryogenic hydrogen storage and transportation infrastructure. The growth of the food and beverage industry, where cryogenic freezing and chilling are used to preserve the quality and extend the shelf life of products, is also contributing to market expansion. Lastly, regulatory requirements for the safe handling of cryogenic materials are pushing industries to adopt more advanced and compliant equipment. Together, these factors are creating robust demand and fostering innovation in the cryogenic equipment market.
Scope of the Study
The report analyzes the Cryogenic Equipment market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.Segments:
Cryogen (Nitrogen, Oxygen, Argon, LNG, Other Cryogens); End-Use (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping, Other End-Uses).Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.Key Insights:
- Market Growth: Understand the significant growth trajectory of the Nitrogen-based Cryogenic Equipment segment, which is expected to reach US$7.7 Billion by 2030 with a CAGR of a 7.7%. The Oxygen-based Cryogenic Equipment segment is also set to grow at 6.0% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, valued at $3.0 Billion in 2024, and China, forecasted to grow at an impressive 8.6% CAGR to reach $3.1 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Air Liquide SA, Ebara Corporation, Chart Industries, Inc., Barber-Nichols, Inc., Custom BioGenic Systems and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Cryogenic Equipment Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Cryogenic Equipment Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Cryogenic Equipment Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Some of the 92 major companies featured in this Cryogenic Equipment market report include:
- Air Liquide SA
- Ebara Corporation
- Chart Industries, Inc.
- Barber-Nichols, Inc.
- Custom BioGenic Systems
- Advanced Research Systems, Inc.
- Cryomech, Inc.
- Cryostar SAS
- Beijing Tianhai Industry Co., Ltd.
- Cryofab Inc.
- Brymill Cryogenic Systems
- Cosmodyne, LLC
- CeramTec North America Corp.
- Cryolor SA
- Air Products Inc.
Table of Contents
I. METHODOLOGYMII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISCANADAITALYSPAINRUSSIAREST OF EUROPESOUTH KOREAREST OF ASIA-PACIFICARGENTINABRAZILMEXICOREST OF LATIN AMERICAIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
UNITED KINGDOM
ASIA-PACIFIC
AUSTRALIA
INDIA
LATIN AMERICA
MIDDLE EAST
AFRICA
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Air Liquide SA
- Ebara Corporation
- Chart Industries, Inc.
- Barber-Nichols, Inc.
- Custom BioGenic Systems
- Advanced Research Systems, Inc.
- Cryomech, Inc.
- Cryostar SAS
- Beijing Tianhai Industry Co., Ltd.
- Cryofab Inc.
- Brymill Cryogenic Systems
- Cosmodyne, LLC
- CeramTec North America Corp.
- Cryolor SA
- Air Products Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 441 |
| Published | February 2025 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 15.8 Billion |
| Forecasted Market Value ( USD | $ 23.6 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
