According to the TechSci Research report, “Cryogenic Equipment Market – Global Industry Size, Share, Trends, Competition Forecast Opportunities, 2030”, the Global Cryogenic Equipment Market is witnessing a surge in demand during the forecast period.
One of the primary drivers behind this growth is the rising global demand for Liquefied Natural Gas (LNG). As the world shifts toward cleaner energy sources, LNG has become a crucial part of the energy mix. Cryogenic equipment such as LNG storage tanks and vaporization systems are essential in the liquefaction, transportation, and regasification of natural gas.
LNG is favored for its lower greenhouse gas emissions compared to traditional fossil fuels. This trend is especially prominent in the transportation and power generation sectors. The construction of new LNG terminals and the expansion of existing infrastructure are driving the demand for advanced cryogenic equipment.
As more countries invest in LNG infrastructure to meet growing energy needs, the cryogenic equipment market continues to grow. The industry plays a vital role in supporting global energy transitions toward more sustainable solutions.
Another major growth driver is the expanding use of cryogenic equipment in healthcare and biotechnology. Equipment such as cryogenic storage tanks and ultra-low temperature freezers is critical for storing biological materials, pharmaceuticals, and medical gases.
In healthcare, cryogenic systems are essential for preserving stem cells, tissues, and organs—key to advancements in regenerative medicine and transplantation. Likewise, the biotechnology sector depends heavily on cryogenic technology for storing research materials, vaccines, and biomolecules.
As medical and biotech research progresses, the demand for reliable cryogenic storage solutions increases. These systems ensure the integrity of sensitive biological samples in hospitals, labs, and research facilities.
The expansion of healthcare infrastructure and growth in the biotechnology sector are propelling the market forward. Cryogenic equipment is proving to be a vital enabler of innovation in medical science and biopharma development.
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The Global Cryogenic Equipment Market is segmented by product type, cryogen type, end user, and region.
Based on end user, the Energy Power segment held the largest market share in 2023. This segment—especially the LNG industry—is one of the biggest consumers of cryogenic equipment. LNG, cooled to cryogenic temperatures for efficient storage and transport, is increasingly viewed as a clean, flexible energy source.
The global demand for LNG continues to rise, driven by the transition to cleaner fuels, growing energy consumption, and expanding international LNG trade. Cryogenic storage tanks and transport systems are core components of this supply chain.
Maintaining natural gas in liquid form requires extremely low temperatures, which reduces its volume and allows for more efficient storage and logistics. As countries build and expand LNG infrastructure—including liquefaction plants, storage terminals, and carriers—the need for cryogenic equipment grows substantially.
With LNG considered a cleaner-burning alternative to traditional fuels, governments and industries are rapidly incorporating it into power generation, industrial processes, and transportation.
Cryogenic technologies also support the hydrogen economy. Hydrogen, when stored cryogenically, becomes denser and easier to manage. As interest in green hydrogen and hydrogen-based energy systems grows, so does the demand for cryogenic equipment in this emerging sector.
Additionally, cryogenic equipment contributes to the performance of modern power plants. Technologies like cryogenic air separation units are used to produce industrial gases, including oxygen and nitrogen, which aid combustion in power generation.
Global energy demand is rising, and with it, the need for cleaner, more efficient energy systems. Cryogenic equipment plays a central role in enabling these systems, making it indispensable to the evolving energy landscape.
The strategic role of LNG in global energy trade underscores the importance of cryogenic infrastructure. LNG terminals equipped with cryogenic technology are key to supporting international energy transport and distribution, further strengthening the market.
Major companies operating in the Global Cryogenic Equipment Market are:
Air Liquide S.A.
Linde Plc
Emerson Electric Co.
Chart Industries Inc.
Baker Hughes Company
IHI Corporation
Kawasaki Heavy Industries Ltd
Mitsubishi Heavy Industries Ltd
Howden Broking Group Limited
Burckhardt Compression AG
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“The Global Cryogenic Equipment Market is poised for significant growth in the forthcoming years, anticipated to demonstrate a noteworthy Compound Annual Growth Rate (CAGR) throughout the forecast period. This upward trajectory is underpinned by several key drivers propelling market dynamics. The escalating demand for liquefied natural gas (LNG) as a cleaner energy alternative, alongside the increasing emphasis on clean energy sources, serves as a catalyst for market expansion. Moreover, the pervasive utilization of cryogenic equipment across diverse sectors including healthcare, food processing, and electronics industries further amplifies market prospects. The surging popularity of LNG as a clean and efficient energy source drives heightened demand for cryogenic equipment, instrumental in the storage and transportation of LNG.
The global shift towards cleaner energy alternatives such as solar, wind, and geothermal power underscores the indispensability of cryogenic equipment in facilitating the storage and transportation of these renewable energy sources. As a result, the Cryogenic Equipment Market is poised to witness significant growth in the ensuing years, fueled by evolving energy needs and expanding applications across various industries”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“Cryogenic Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Valve, Tank, Vaporizer, Pump, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, and Others), By End User (Energy Power, Chemical, Electronics, Shipping, Metallurgical, and Others), By Region, By Competition 2020-2030F”, has evaluated the future growth potential of Global Cryogenic Equipment Market and provides statistics information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Cryogenic Equipment Market.
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