Cryogenic Equipment Market size was valued at USD 11.5 Billion in 2024 and is forecasted to grow at a CAGR of 7.3% from 2026 to 2033, reaching USD 20.8 Billion by 2033.
The global cryogenic equipment market was valued at approximately USD 22.5 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. This growth is primarily driven by rising demand for liquefied natural gas (LNG), industrial gases, and rapid expansion in sectors such as healthcare, metallurgy, and electronics. The market includes a variety of equipment such as tanks, valves, pumps, vaporizers, and pipes, all essential for the storage and transportation of cryogenic fluids at extremely low temperatures. North America accounted for a significant portion of the market share in 2022 due to robust LNG infrastructure and increasing investments in space exploration and medical technology. Meanwhile, Asia Pacific emerged as the fastest growing region, fueled by rising industrialization, infrastructure expansion, and increased energy consumption across emerging economies like China and India.
Opportunities in the cryogenic equipment market are notably emerging across various regions. In Europe, the push toward carbon neutral energy solutions has led to increased adoption of cryogenic technology in hydrogen and LNG applications. The Middle East is witnessing investments in LNG production and export, creating demand for cryogenic storage and transport systems. Additionally, South America is exploring cryogenic solutions for food preservation and medical applications, opening up avenues for market penetration. Technological advancements such as automation, remote monitoring, and advanced insulation materials are further expected to enhance product performance and efficiency, offering lucrative growth opportunities for manufacturers. The growing focus on renewable energy, particularly green hydrogen, is anticipated to be a key driver in shaping regional demands and future expansion of the cryogenic equipment market.
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Air Liquide
Beijing Tianhai Industry.
Chart Industries Inc.
Cryofab Inc.
Cryoquip LLC.
Emerson
Flowserve Corporation
Graham Partners
Parker Hannifin
Herose GmbH
INOX India Ltd.
Linde Group AG
Taylor-Wharton International LLC.
VRV S.P.A
Wessington Cryogenics Ltd.
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Cryogenic Equipment Market
Cryogenic Storage Systems
Cryogenic Pumps and Valves
Cryogenic Vessels
Cryogenic Refrigerators
Cryogenic Transfer Systems
Medical and Healthcare
Industrial Applications
Aerospace
Energy
Research and Development
Healthcare and Medical
Aerospace and Defense
Metals and Mining
Food and Beverage
Energy and Power
Closed Cycle Systems
Open Cycle Systems
Magnetic Refrigeration
Vacuum Insulation Technology
Cryogenic Heat Exchangers
Bulk Cryogenic Equipment
Portable Cryogenic Equipment
Custom Cryogenic Systems
Standardized Cryogenic Components
Integrated Cryogenic Solutions
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Cryogenic Equipment Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Cryogenic Equipment Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Cryogenic Equipment Market, By Type
6. Global Cryogenic Equipment Market, By Application
7. Global Cryogenic Equipment Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Cryogenic Equipment Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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