Global Cryogenic Equipment Market Report By Equipment (Tanks, Valves, Vaporizers, Pumps, Other Equipment), By Cryogen (Nitrogen, Oxygen, Argon, LNG, Hydrogen, Other Cryogen), By System Type (Storage System, Handling System, Supply Systems, Others), By End-user (Energy & Power, Chemical, Metallurgy, Electronics, Transportation, Other End-Use Industries) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2023-2032

The global demand for Cryogenic Equipment Market is presumed to reach the market size of nearly USD 31.8 BN by 2032 from USD 14.74 BN in 2023 with a CAGR of 8.92% under the study period 2024 - 2032.

Cryogenic equipment is usually cryogenic tanks utilized for storing and transporting very low-temperature materials or processes. Cryogenic equipment is used for the storage & transportation of liquid industrial gases such as argon, nitrogen, hydrogen, helium, and oxygen. Temperature controls, cryogenic freezers, cryogenic tanks, cryogenic accessories, and cryogenic storage racks and boxes are all examples of cryogenic equipment. Cryogenic equipment is designed to reach an extremely low temperature of -238 °F (-150° C, 123.2 K°) at a slow rate to prevent thermal shock to the biological components. 

Market Dynamics 

The cryogenic equipment market is witnessing robust growth due to increasing demand for industrial gases from metallurgy, energy & power industries, as well as the rising need for cryogenic equipment across the LNG value chain. Moreover, The growth of the cryogenic market will flourish through the expansion and development of new industrial facilities along with an increase in foreign direct investments in the development of the cryogenic sector. Some factors, such as the rising demand for the storage & transportation industry and government initiatives to support the oil and gas sector, are further fostering the market growth of the cryogenic equipment market. Due to their inert nature, cryogenic equipment is in high demand for keeping samples from space in cryogenic gases, and a surge in expenditure on satellite and space missions is creating a market opportunity for cryogenic equipment.

The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of cryogenic equipment. The growth and trends of cryogenic equipment industry provide a holistic approach to this study. 

Market Segmentation

This section of the cryogenic equipment market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities. 

By Equipment

• Tanks
• Valves
• Vaporizers
• Pumps
• Other Equipment

By Cryogen

• Nitrogen
• Oxygen
• Argon
• LNG
• Hydrogen
• Other Cryogen

By System Type

• Storage System
• Handling System
• Supply Systems
• Others

By End-User

• Energy & Power
• Chemical
• Metallurgy
• Electronics
• Transportation
• Other End-Use Industries

Regional Analysis

This section covers the regional outlook, which accentuates current and future demand for the Cryogenic Equipment market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.

Global Cryogenic Equipment Market Share by Region (Representative Graph)

The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the cryogenic equipment market include Linde plc (Ireland), Air Liquide (France), Air Products Inc (US), Chart Industries (Georgia) and PARKER HANNIFIN CORP (US), Flowserve Corporation (US), SHI Cryogenics Group (Japan), Emerson Electric Co. (US), Sulzer Ltd (Switzerland), Nikkiso Co. (Japan), Taylor-Wharton. (Japan), Wessington Cryogenics (Tyne & Wear), PHPK Technologies (US), INOX India Pvt Ltd (India), Acme Cryo (US), Fives SAS (France), Cryofab (US), Shell-n-Tube (India). This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.