The global cryogenic equipment market is projected to reach $16.6 billion in 2028, growing at a CAGR of 6.9% from 2023 to 2028, according to MarketsandMarkets research.
The rising adoption of liquefied natural gas (LNG) as a clean and efficient energy source, along with the increasing use of industrial gases in metallurgy, oil & gas, and energy & power sectors, is fueling the expansion of the cryogenic equipment market.
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Market Dynamics:
The cryogenic equipment market is expanding due to LNG’s growing role in energy and industrial gas applications across sectors like healthcare and manufacturing. Asia-Pacific is a major growth driver, fueled by industrialization and increasing demand for LNG. Challenges include high costs, maintenance issues, and safety concerns, but technological innovations and energy transitions create opportunities. Key players focus on product innovation and strategic partnerships.
Key Segment Insights:
The cryogenic equipment market is segmented by product (tanks, valves, pumps), cryogen type (nitrogen, oxygen, LNG), and application (energy & power, healthcare, chemicals). The LNG segment dominates due to its growing demand in energy transitions, while healthcare sees strong growth from medical gases. Tanks and storage systems lead in product demand. Regionally, Asia-Pacific is the largest market, driven by industrial expansion and LNG adoption.
Regional Market Highlights:
The Asia-Pacific region leads the cryogenic equipment market due to rapid industrialization and LNG adoption. North America follows, supported by energy and healthcare advancements. Europe sees steady growth driven by industrial gases and environmental regulations. The Middle East focuses on LNG and energy developments, while Latin America shows moderate growth from rising investments in healthcare and industrial sectors.
Leading Market Players
Key players in the cryogenic equipment market include industry leaders are,
- Air Liquide (France);
- Linde plc (Ireland);
- Air Products and Chemicals, Inc. (US);
- Chart Industries (US);
- Parker Hannifin Corp. (US);
- Flowserve Corporation (US);
- Nikkiso Co., Ltd. (Japan);
- INOX India Limited (India)
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Key Findings:
The cryogenic equipment market is driven by LNG demand, healthcare applications, and industrial gas use. Tanks and valves are key products, while LNG dominates by cryogen type. Asia-Pacific leads growth due to industrialization, followed by North America and Europe. Challenges include high operational costs, but innovation and sustainability trends provide opportunities. The market’s trajectory reflects energy transitions and advancements in cryogenic technologies.
