Cryogenic Equipment Market

Cryogenic Equipment Market Study by Tanks, Valves, Pumps & Vaporizers, Vacuum and Jacketed Piping for Oil & Gas, Metallurgy, Automotive, F&B, and Chemicals from 2024 to 2034

Analysis of Cryogenic Equipment Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Cryogenic Equipment Market Outlook (2024 to 2034)

The global cryogenic equipment market is calculated at US$ 25.25 billion for 2034. Worldwide sales of cryogenic equipment are forecasted to increase at a CAGR of 6.6% and reach US$ 47.84 billion by the end of 2034.

Cryogenic equipment refers to devices and systems designed to handle and manipulate materials at extremely low temperatures, typically below -150 degrees Celsius (-238 degrees Fahrenheit). These temperatures are within the range of what is known as cryogenic temperatures. The main purpose of cryogenic equipment is to store, transport, or process materials such as gases, liquids, or solids at these extremely low temperatures.

Rising demand for gas in several industrial applications and essential use in LNG storage and distribution are prominent factors that are anticipated to primarily drive the shipments of cryogenic systems going forward. Increasing demand for LNG all over the world is anticipated to be crucial for market development in the long run.

  • Sales of cryogenic equipment for storage applications are projected to reach US$ 26.22 billion by 2034.

Growing demand for portable cryogenic tanks and liquid nitrogen storage containers is expected to promote the sales of cryogenic storage tanks during the next 10 years.

Increasing investments in the space industry and a rising number of space missions are also expected to boost demand for cryogenic devices in the coming decade. Cryogenic systems are used to store space specimens as cryogenic gases are inert in nature and do not react with the specimen keeping its characteristics intact.

  • By the end of 2021, a linerless, full composite, large cryogenic tank developed by Boeing passed a series of tests at NASA’s Marshall Space Flight Center, proving its capability to be used in aerospace vehicles in the future.

The market for cryogenic equipment in the East Asia region is anticipated to be the most rewarding one in the world across the forecast period, which can be ascribed to the growing demand for gas-powered energy generation plants and the rising demand for clean energy. Supportive government initiatives and robust economic growth in countries such as China, Japan, and South Korea are also expected to boost demand for cryogenic equipment through 2034.

  • East Asia is projected to hold 33.9% of the global cryogenic equipment market share by 2034.
  • The North American cryogenic equipment market size is estimated at US$ 6.51 billion in 2024.
Report Attributes Details
Cryogenic Equipment Market Size (2024E) US$ 25.25 Billion
Forecasted Market Value (2034F) US$ 47.84 Billion
Global Market Growth Rate (2024 to 2034) 6.6% CAGR
Canada Market Value (2034F) US$ 2.79 Billion
South Korea Market Growth (2024 to 2034) 7.6% CAGR
Valve Demand Growth (2024 to 2034) 6.5% CAGR
Key Companies Profiled
  • Emerson Electric Co.
  • Chart Industries Inc.
  • Linde plc
  • SAS Cryo Pur
  • Ulvac Technologies Inc.
  • Nikkiso Co. Ltd.
  • Air Liquide SA
  • Galileo Technologies S.A.
  • Standex International
  • Wessington Cryogenics
  • Cryolor SA
  • Beijing Tianhai Industry Co. Ltd
  • Cryofab Inc.
  • Herose GmbH
  • Premier Cryogenics Ltd.
  • Braunschweiger Flammenfilter GmbH
  • Lapesa Grupo Empresarial s.l

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Which Market Dynamics are Influencing Adoption of Modern Cryogenic Technologies?

“Advanced Materials and Innovative Insulation Techniques Leading to Development of Smart Cryogenic Equipment”

Technological advancements are playing an important role in enhancing the efficiency and safety of cryogenic equipment, driving innovation within the industry. One notable area of advancement lies in the development of materials used in the construction of cryogenic equipment.

Traditional materials may face challenges such as brittleness at extremely low temperatures or thermal conductivity issues. To address these concerns, researchers and manufacturers are exploring and adopting advanced materials that offer improved strength, durability, and thermal performance, ensuring the reliability and longevity of cryogenic equipment.

In parallel, innovations in insulation techniques represent a notable cryogenic equipment market trend. Effective insulation is crucial for minimizing heat transfer and maintaining the ultra-low temperatures required for cryogenic processes. Modern insulation materials and methods aim to achieve superior thermal resistance while also addressing issues such as weight and space constraints.

Vacuum-insulated panels, advanced foam insulation, and multi-layered approaches are examples of techniques being employed to enhance the thermal efficiency of cryogenic equipment, reducing energy consumption and improving overall performance.

“Automation in Cryogenic Equipment to Increase Overall Productivity”

Automation is emerging as a key factor in advancing the safety and operational capabilities of cryogenic equipment. Automation technologies contribute to the precise control and monitoring of cryogenic processes, minimizing the risk of human error and enhancing overall system efficiency. Automated control systems can regulate parameters such as temperature, pressure, and flow rates with a high degree of accuracy, ensuring that cryogenic equipment operates within specified parameters.

Integration of sensors and smart technologies is another aspect of automation that enhances the safety and reliability of cryogenic equipment. Real-time monitoring and data analytics enable predictive maintenance, allowing for the identification of potential issues before they escalate, thus reducing downtime and extending the lifespan of the equipment.

What's Affecting Cryogenic Equipment Demand Growth?

“Exposure to Cryogen Can Lead to Serious Injuries”

Health risks associated with cryogen leakage are anticipated to be a major challenge for cryogenic equipment suppliers as prolonged exposure to cryogen may lead to frostbite and oxygen deficiency resulting in fatal damage to the lungs and other parts of the body of operators and workers.

“High CAPEX & OPEX Inhibiting Market Growth Potential”

High CAPEX (Capital Expenditure) and OPEX (Operating Expenses) costs are also predicted to obstruct the cryogenic equipment market growth across the forecast period. Maintenance costs of cryogenic systems are very high and this could also potentially constrain market evolution over the coming 10 years.

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What Strategies Can New Companies Follow to Make a Mark?

“Product Innovation and Customization”

Startups can differentiate themselves by focusing on innovation in both product design and technology. This involves developing cryogenic equipment with improved efficiency, safety features, and cost-effectiveness. Investments in research and development activities are set to aid new companies in staying ahead of the curve, addressing evolving customer needs, and outperforming traditional solutions.

Tailoring cryogenic solutions to specific industries or applications can further help new companies carve out niche markets. Understanding the unique requirements of sectors such as healthcare, aerospace, or energy enables customization, meeting the specialized demands of clients.

  • Founded in 2018 by Alexander Regnat, Jan Spallek, Tomek Schulz, and Christian Pfleiderer, Kiutra is a pioneering startup dedicated to the development of cryogen-free cryostats. These cryostats, known for their efficiency and user-friendly design, play a crucial role in advancing scientific research and expediting the progress of quantum computing technology. The innovative solutions offered by Kiutra are set to boost their market position.
  • A United States-based start-up, Applied Cryo Technologies founded in 2012, produces cryogenic trailers and mobile storage facilities for liquefied natural gas (LNG) and other cryogens. The company aims to capitalize on the growing LNG market across the world as reliance on other fuels is witnessing a paradigm shift.

Country-wise Analysis

As per the study by Fact.MR, a market research and competitive intelligence provider, the factors driving cryogenic equipment sales in the United States, Germany, and Japan are diverse, reflecting the unique industrial, technological, and regulatory landscapes of each country. Industrial applications, energy transition initiatives, and research activities are some of the common themes contributing to the sales of cryogenic equipment across these countries.

Will the United States be a Lucrative Market for Cryogenic Equipment Manufacturers?

“Increasing Energy Demand and Presence of Key Market Players”

Attribute United States
Market Value (2024E) US$ 4.44 Billion
Growth Rate (2024 to 2034) 6.7% CAGR
Projected Value (2034F) US$ 8.47 Billion

Energy demand is witnessing a substantial increase across the world and this trend is prominent in the United States as well. Moreover, the rising focus on sustainability is bolstering the demand for clean energy sources, which in turn is expected to drive up the demand for LNG (Liquefied Natural Gas) and subsequently boost demand for cryogenic equipment and services in the coming decade in the United States. Supportive government initiatives and the presence of key cryogenic equipment manufacturers are other factors that could promulgate sales of cryogenic devices in the country through 2034.

Why are Cryogenic Equipment Companies Attracted to Japan?

“High Demand for LNG & Prominent Presence of Chemical Industry”

Attribute Japan
Market Value (2024E) US$ 2.56 Billion
Growth Rate (2024 to 2034) 6.4% CAGR
Projected Value (2034F) US$ 4.78 Billion

Japan is known as one of the most technologically advanced countries in the world and this is what makes it a highly attractive market for all types of technologies. The country is leading research in the quantum technology field and thus has a wide scope of applications for cryogenic devices and services as cryostats play a crucial role in the functioning of quantum technologies. Japan is also the world’s largest importer of liquefied natural gas (LNG) and this is also anticipated to boost cryogenic equipment sales over the next ten years. Moreover, the presence of key chemical manufacturers in Japan is also expected to drive market potential in the coming decade.

Which European Country Can Cryogenic Equipment Suppliers Focus On?

“Medical and Healthcare Facilities in Germany Witnessing Growing Demand for Cryogenic Technologies”

Germany's well-developed healthcare sector relies on cryogenic equipment for medical applications such as biobanking and cryopreservation. The growing demand from medical and research facilities is contributing significantly to the overall sales of cryogenic equipment in the country.

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Category-wise Analysis

Demand for cryogenic tanks is driven by their critical role in diverse industries, ranging from energy and healthcare to aerospace and research. The ability to store and handle materials at extremely low temperatures makes cryogenic tanks essential for numerous applications, contributing to their global popularity and market demand.

Why are Cryogenic Tanks Widely Demanded?

“Cryogenic Tanks Vital for Storage and Distribution of Gases across Sectors”

Attribute Cryogenic Tanks
Segment Value (2024E) US$ 7.87 Billion
Growth Rate (2024 to 2034) 6.3% CAGR
Projected Value (2034F) US$ 14.54 Billion

Cryogenic tanks are finding wide applications across the globe due to their indispensable role in various industries that require the storage, transportation, and handling of materials at extremely low temperatures.

The industrial gas sector, which encompasses the production and distribution of gases for various industrial applications, heavily relies on cryogenic tanks. Industries such as manufacturing, metallurgy, and electronics utilize cryogenic tanks for the storage and distribution of gases such as nitrogen, oxygen, and argon. These tanks provide a reliable and efficient means of storing gases in their liquid state at extremely low temperatures, allowing for compact and high-capacity storage.

Cryogenic tanks are also extensively used in the healthcare and medical fields for the storage and transportation of medical gases, cryopreservation of biological samples, and other medical applications. These tanks ensure the safe and precise handling of materials critical to medical research, treatments, and diagnostics.

Competitive Landscape

Key players in the cryogenic equipment market are concentrating on strategically expanding their presence in both established and high-potential markets. Global market expansion tactic allows leading companies to tap into regions with growing industrialization, increasing demand for cryogenic solutions, and supportive regulatory environments. Establishing a strong international presence further broadens the customer base and also mitigates risks associated with regional economic fluctuations.

Key Segments of Cryogenic Equipment Market Research

  • By Product :

    • Tanks
    • Valves
    • Pumps & Vaporizers
    • Vacuum Jacketed Piping
    • Others
  • By Cryogen :

    • Nitrogen
    • Oxygen
    • Argon
    • Liquefied Natural Gas (LNG)
    • Others
  • By Application :

    • Distribution
    • Storage
  • By End-use Industry :

    • Oil and Gas
    • Metallurgy
    • Automotive
    • Food & Beverages
    • Chemicals
    • Others
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

How big is the cryogenic equipment market size in 2024?

The global cryogenic equipment market is valued at US$ 25.25 billion for 2024.

What are the future projections for cryogenic equipment?

Sales of cryogenic equipment are foreseen to rise at a CAGR of 6.6% from 2024 to 2034.

How much is the market for cryogenic equipment expected to reach by 2034?

Demand for cryogenic equipment is forecasted to reach a market value of US$ 47.84 billion by 2034.

In which industry is cryogenic equipment widely used?

The medical industry accounts for higher demand for cryogenic equipment due to high cold storage requirements.

Who are the top manufacturers of cryogenic equipment?

Linde PLC, Emerson Electric Co., and Beijing Tianhai Industry Co. Ltd are some of the top producers of cryogenic equipment.

What are the projected sales for cryogenic equipment in South Korea?

The South Korea market is approximated at US$ 1.11 billion in 2024.

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Cryogenic Equipment Market

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