Cryogenic Equipment Market Size, Share, Growth, Trends, and Global Industry Analysis: By Cryogen Type (Nitrogen, Argon, Liquefied Natural Gas, Hydrogen, Helium, Oxygen, and Others), By Product (Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, and Others), By End User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others), and Region Forecast 2019-2030

The cryogenic equipment market size was valued at US$ 18,289.2 million in 2023 and is projected to reach US$ 27,865.5 million by 2030, at a CAGR of 6.2% from 2024-2030. Moreover, the U.S. cryogenic equipment market is projected to grow significantly, reaching an estimated US$ 6,128.4 million by 2032.

The cryogenic equipment is of special application in metallurgical applications, where treatment or manipulation of metals takes place at temperatures nearly absolute zero. This allows for metal hardening and tempering, enhancing its mechanical properties, and thus being used to produce better durability and performance. The demand for cryogenic equipment in the metallurgy and automotive industries is a positive growth trend in this market. This can be explained by the fact that cryogenic technology has unique properties that make it suitable for specific processes in the two industries.

Key Players

The cryogenic equipment market share is inclusive of several companies such as Air Products and Chemicals, Inc., Linde plc, Chart Industries, Inc., Cryofab, Inc., Fives Group and VaporTech, Inc., American Air Liquide Holdings, Inc., and Iwatani Corporation.

Air Products and Chemicals, Inc. and Linde plc rank among the biggest players in the market. Air Products is a leading industrial gases and advanced cryogenic solutions provider to energy, health, and manufacturing industries around the world. The company is based on the knowledge about processes of gas separation and liquefaction. Similarly, Linde plc is also worth mentioning as offering wide varieties of cryogenic equipment and services. Forthcoming, innovation and sustainability are more crucial in LNG technology. Its immense presence all around the world and diversified portfolio highly accomplish the diversified and increasing demand for cryogenic applications in a multiplicity of industries.

Facts & Figures

• Liquid Nitrogen Production: In 2020, the global production of liquid nitrogen reached approximately 700 million cubic meters.
• Cryogenic Temperature Range: Cryogenic temperatures are defined as being below -150°C (-238°F), which is essential for the storage of liquid gases.
• Aerospace Application: As of 2020, about 60% of the cryogenic equipment produced was used in aerospace applications, particularly for rocket propulsion.

Key Takeaways

• Asia Pacific exhibits a clear dominance, accounting for the largest market share in cryogenic equipments.
• Based on type of cryogen, the liquefied natural gas segment holds the market share of 32.7%.
• Based on product type, Tank holds the market share of 33.1%.
• Based on end users, Oil and Gas hold the market share of 29.8%.

Key Developments

• In May 2024, Linde plc, a global operator in industrial gases and engineering, announced that it had signed a landmark agreement supplying industrial gases to the world's first large-scale green steel plant, H2 Green Steel based in Boden, Sweden. This green steel plant is the important step toward a low-carbon economy. In addition, advanced gas technologies from Linde will allow the plant to operate with lower emissions-a critical milestone towards a more sustainable future for steel.
• In March 2023, INOXCVA new manufacturing facility has been commenced. This building is over 30 acres of land in Savli, Vadodara, Gujarat. Once built, it shall stand as the largest cryogenic equipment manufacturing facility in India with a potential production capacity of more than 20,000 MT stainless steel equipment per year. This is a green-field project that represents a tremendous step for INOXCVA: it extends the manufacturing competency of this company and confirms leadership among providers of cryogenic equipment.

Cryogenic Equipment Market Segmentation:

By Cryogen Type: It is categorized by the type of cryogen - nitrogen, oxygen, argon, LNG, and others. Of these, the largest market share is being witnessed in LNG because of its wide application in storage, transportation, fueling, processing, and others. In addition, it is used for its production in power generation, metallurgy, manufacturing, locomotives, and ships, among others. The nitrogen segment is expected to have the second-largest share in the cryogenic equipment market of the cryogenic type, which is mainly attributed to a wider variety of applications in oil & gas, metallurgy, and chemical industries. It is used in the packaging of medicines and freezing blood in healthcare, purging equipment, cryogenic tanks, and pipelines in chemicals, pharmaceuticals, food & beverage industries. The argon & oxygen segments are seeing good growth mainly because of a wide application in the healthcare and steel industries.

By Product Type: The product type includes a tank, valve, vaporizer, pump, and others. Tank segment is expected to capture the highest market share, as it finds extensive use in the oil & gas along with chemical & petrochemical industries, mostly for holding and transferring oxygen, nitrogen, hydrogen, argon, and LNG cryogens. The valve segment is the second largest shareholder because of wide applications in freezing, such as production, transportation, and storage of liquefied gases. It is mainly applied in LNG liquefaction plants, gas production plants, receiving terminals, and cargo systems.

By End-user: The market has been segmented into oil & gas, metallurgy, power generation, chemical & petrochemical, marine, and others based on the end-user. The oil & gas segment has the highest market share among all the end-users because of the wide range of applications in refining, refueling, LNG transportation, regasification, and other applications. The chemical & petrochemical industry is likely to face enormous growth because of applications in oxidation processes, coal gasification, sulfur recovery units, regeneration of catalysts, cooling reactors, and other applications. The widespread application of argon and nitrogen gases in the metallurgy industry is expected to propel demand for cryogenic equipment in the forecast period. Market growth will be further enhanced if higher transportation and storage volumes of LNG are recorded for the oil & gas industry and LNG-based power plants.