Global Cryogenic Equipment Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2025-2034)

Cryogenic Equipment Market Growth

Cryogenic equipment produces or is employed in the production of very low temperature materials or processes. Cryogenics involves temperatures colder than those that can be attained with conventional refrigeration equipment. Cryogenic equipment is devised to touch very-low temperatures at a slow rate to prevent thermal shock to the components being treated. Cryogenic temperatures range from -238 °F (-150° C, 123.2 K°) to absolute zero. Cryogenic equipment is needed in applications such as liquefied natural gas production and transportation, liquid oxygen or helium or nitrogen storage, blood transplantation, and preserving biological samples.

At such low temperatures, substances that are naturally gases can be liquefied; some metals lose electrical resistance, as they get colder, which can impact the cryogenic equipment market dynamics and trends. Cryogenic equipment includes cryogenic refrigerators, temperature controllers, cryogenic storage racks and boxes, cryogenics accessories and cryogenic tanks. A cryogenic tank or dewar is employed to store cryogenic gases such as liquid oxygen, nitrogen, argon, carbon dioxide, and methane in bulk quantities. Cryogenic refrigerators are employed to preserve cryogenic materials. In a cryogenic refrigerator, a refrigerant is circulated in a fluid flow path between the first and second chambers by the movement of a displacer.

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Key Trends and Developments

Cryogenic Equipment Market Trends

Nitrofreeze offers cryogenic treatment services specifically for motorsports and automotive parts. Their treatment enhances the performance of engine components, transmissions, and brake rotors by reducing fatigue failures and improving wear resistance. As per the cryogenic equipment industry analysis, this results in longer-lasting parts that can withstand the rigours of high-performance racing.

Aalberts ST specialises in deep cryogenic treatment to transform unstable austenite into a martensitic structure in steel components. This process not only improves strength but also enhances dimensional stability and reduces residual stresses, making it beneficial for various industrial applications. Moreover, voestalpine provides cryogenic treatment for tool steel, achieving ultra-low temperatures of around -196°C to remove retained austenite from quenched tools. This process increases wear resistance and overall durability, making tools more effective for cutting and machining applications.

Cryogenic Equipment Market Restraints

Manufacturing cryogenic equipment requires premium materials such as stainless steel and specialised alloys that can withstand extremely low temperatures. These materials are expensive, leading to high capital expenditure (CAPEX) and operational expenditure (OPEX), which can deter investment, particularly from small and medium enterprises, affecting the cryogenic equipment demand.  The prices of raw materials used in cryogenic equipment production can be volatile and influenced by global market trends. Fluctuating costs can affect profitability and create uncertainty for manufacturers, making it challenging to maintain competitive pricing.

Handling ultra-cold substances such as liquefied natural gas (LNG), liquid nitrogen, and oxygen presents technical challenges. Precision engineering is required to prevent leaks, ensure proper insulation, and maintain safety during operation. These complexities can increase the risk of operational failures and necessitate ongoing maintenance, further driving up costs.

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Cryogenic Equipment Industry Segmentation

Cryogenic Equipment Market Share

Market Insights by Equipment

The tank segment holds the highest cryogenic equipment market share. This is primarily due to the extensive applications of cryogenic tanks in various industries, particularly for the storage and transportation of liquefied natural gas (LNG) and other cryogenic fluids. The demand for LNG as a cleaner energy source has significantly boosted the need for efficient storage solutions, making tanks a critical component of the market.

Pumps are also essential for transferring cryogenic fluids, ensuring efficient movement within systems, particularly in applications that require precise control of liquid flow, such as liquefied natural gas (LNG) processing and storage. Valves serve to regulate the flow of cryogenic fluids, providing safety and control across various applications. They are vital for preventing leaks and maintaining pressure in cryogenic systems, making them indispensable in industries like energy and healthcare. Vaporizers, on the other hand, convert cryogenic liquids into gases, facilitating their use in numerous applications. This equipment is particularly important for LNG operations, where efficient gasification is crucial for energy production and distribution.

Market Insights by Cryogen

Cryogenic equipment such as cryocoolers and liquid nitrogen equipment are used to achieve cryogenic temperatures. There are two main types of crycoolers: stirling cryocooler and pulse tube cryocooler. Cryogenic equipment that employs liquid nitrogen gas as a coolant is called liquid nitrogen equipment. Liquefied nitrogen gas, owing to its high density in a liquid state, is capable of being easily stored, safely transported, and employed as a coolant, boosting cryogenic equipment market opportunities. Liquid nitrogen refrigerators offer low daily evaporation losses. Crycoolers and liquid nitrogen equipment can be regulated by computers.

Argon is also widely used in industrial applications such as metal fabrication and electronics manufacturing due to its inert properties, which make it an ideal shielding gas. LNG is another dominant segment in the market, driven by the increasing demand for cleaner energy sources. The growth of LNG is supported by expanding infrastructure and applications across various industries.

Market Insights by End User

The energy and power sector holds the highest cryogenic equipment market share. This dominance is largely attributed to the increasing demand for liquefied natural gas (LNG) as a cleaner energy source, which necessitates efficient storage and transportation solutions provided by cryogenic equipment. The growing emphasis on sustainable energy practices and the expansion of LNG infrastructure globally are driving significant investments in this sector. 

The electronics sector is also experiencing rapid growth as it uses cryogenic cooling solutions for applications such as superconducting materials and quantum computing. Additionally, the shipping industry relies on cryogenic equipment for the safe transport of liquefied gases, ensuring compliance with safety standards during transit.

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Cryogenic Equipment Market Regional Insights

North America Cryogenic Equipment Market Trends

North America is projected to be the largest market for cryogenic equipment, driven by advancements in LNG infrastructure and a robust industrial base. The U.S. government has been investing in LNG export facilities and infrastructure to support the growing demand for cleaner energy sources, which can boost the growth of the cryogenic equipment industry. For example, the Federal Energy Regulatory Commission (FERC) has approved several LNG export projects, which are crucial for enhancing the country’s energy export capabilities.

According to the U.S. Energy Information Administration (EIA), North America's LNG export capacity is expected to more than double from 11.4 billion cubic feet per day (Bcf/d) in 2023 to approximately 24.4 Bcf/d by 2028. This growth is facilitated by numerous projects currently under construction across the U.S., Canada, and Mexico, which will require advanced cryogenic technologies for the storage and transport of LNG.

Asia Pacific Cryogenic Equipment Market Drivers

Countries like China, India, and Japan are leading this growth due to their increasing energy demands and investments in LNG infrastructure. In September 2019, Japan announced an investment of over USD 10 billion in LNG infrastructure development to enhance its energy security. Additionally, South Korea is seeing a rise in energy consumption and advancements in industries such as space exploration and healthcare, which can boost the demand of cryogenic equipment market. According to the International Energy Agency (IEA), China's electricity demand is forecast to increase by 6.5% in 2024, driven by economic recovery and a shift towards renewable energy sources. This growth is significant as it reflects the country's ongoing industrial expansion and the increasing electrification of its economy.

Europe Cryogenic Equipment Market Opportunities

Europe is focusing on reducing carbon emissions and transitioning to renewable energy sources, which is driving the demand for cryogenic technologies. The European Union's Green Deal aims to make Europe climate-neutral by 2050, increasing investments in LNG and hydrogen infrastructure and fuelling the cryogenic equipment demand growth.

The EU is investing heavily in green hydrogen as a key component of its energy transition. The European Commission's Hydrogen Strategy aims to produce up to 10 million tons of renewable hydrogen annually by 2030. Cryogenic technologies are crucial for the storage and transport of hydrogen, as it can be liquefied at very low temperatures (-253°C), making cryogenic storage solutions necessary for efficient distribution.

Latin America Cryogenic Equipment Market Growth

Latin America’s logistics and energy sectors are evolving, with countries like Brazil and Mexico investing in cryogenic storage solutions for LNG. The expanding e-commerce sector is increasing demand for efficient logistics solutions, including cryogenic storage for temperature-sensitive goods, which can impact cryogenic equipment demand forecast. The Brazilian government has been working on projects to develop LNG import terminals, such as the Bahía Blanca GasPort and GNL Escobar terminals, which facilitate the importation of LNG to meet rising energy demands. These facilities are equipped with cryogenic storage tanks designed to maintain LNG at temperatures around -162°C.

Middle East and Africa Cryogenic Equipment Market Dynamics

Significant investments in infrastructure development are occurring in the Middle East and Africa, particularly in the logistics and energy sectors. Countries like Saudi Arabia are expanding their LNG production capabilities. For instance, Saudi Aramco has awarded contracts worth USD 25 billion to expand its natural gas production, which is part of a broader strategy to meet rising domestic and international demand for gas. This expansion boosts the cryogenic equipment market development including the development of the Jafurah unconventional gas field, which is estimated to contain 229 trillion cubic feet (Tcf) of raw gas and can contribute to market demand. 

Innovative Startups in Cryogenic Equipment Market

Startups in the cryogenic equipment sector are actively innovating and addressing emerging market needs through various specialised services and products. Other startups are exploring niches such as cryogenic shipping solutions, preservation services for biological materials, and custom fabrication of cryogenic equipment tailored to specific industry requirements. These new entrants are leveraging advancements in technology and automation to improve efficiency, safety, and sustainability in cryogenic applications.

Kiutra

Founded in 2018, Kiutra specialises in developing cryogen-free cryostats that enhance efficiency and usability in scientific research, particularly in quantum computing applications. Their innovative designs utilise superconducting magnets to maintain extremely low temperatures without the need for liquid helium, making them an asset for advancing research capabilities in various fields.

Applied Cryo Technologies

Established in 2012, this U.S.-based startup focuses on producing cryogenic trailers and mobile storage facilities for liquefied natural gas (LNG) and other cryogens. Applied Cryo Technologies aims to meet the growing demand for LNG by providing efficient and safe storage solutions, thereby supporting the transition towards cleaner energy sources.

Competitive Landscape 

The report presents a detailed analysis of the following key players in the global cryogenic equipment market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions. Key players are focusing on innovative solutions to enhance efficiency and meet the rising needs of various sectors, including healthcare, energy, and food & beverage. Companies are also investing in sustainable practices and energy-efficient technologies to align with global environmental goals.

Cryofab Inc.

Cryofab Inc., founded in 1971, is a leading manufacturer of cryogenic equipment based in Kenilworth, New Jersey. The company specialises in producing a wide range of cryogenic products, including dewars, tanks, valves, and transfer lines, which are essential for the safe storage and transportation of liquid gases such as helium, nitrogen, and oxygen.

Nikkiso Cryogenic Industries

Nikkiso Cryogenic Industries is a prominent player in the cryogenic equipment sector and a subsidiar...

Linde plc

Linde plc is a multinational chemical company headquartered in Dublin, Ireland. It is one of the lar...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other major players in the cryogenic equipment market are HEROSE GMBH, Wessington Cryogenic Ltd., and Sulzer Ltd., among others.