Cryogenic Equipment Market Size, and Forecast Report 2025-2033 from sujeet rai's blog

IMARC Group's report titled "Cryogenic Equipment Market Report by Equipment (Tanks, Pumps, Heat Exchanger, Valves, and Others), Cryogen (Nitrogen, Liquified Natural Gas, Helium, and Others), Application (Storage, Transportation, Processing, and Others), End Use Industry (Oil and Gas, Energy and Power, Food and Beverages, Healthcare, Marine and Aerospace, Chemicals, and Others), and Region 2025-2033", The global cryogenic equipment market size was valued at USD 22.73 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 34.40 Billion by 2033, exhibiting a CAGR of 4.23% during 2025-2033.

Factors Affecting the Growth of the Cryogenic Equipment Industry:

• Rising Demand for Liquefied Natural Gas (LNG) Driving Market Growth:

The global demand for liquefied natural gas (LNG) has risen sharply. This demand drives the cryogenic equipment market. LNG is a cleaner choice than traditional fossil fuels. It works well for power generation, transportation, and industrial uses. Cryogenic storage tanks, vaporizers, and transfer lines keep LNG at ultra-low temperatures. This is crucial for safe storage and transport. Countries like China, India, and Japan are investing heavily in LNG infrastructure. They aim to cut carbon emissions and reduce reliance on coal. The growing LNG trade and the rise of LNG vehicles in shipping and trucking increase the need for cryogenic equipment. Government backing for clean energy around the world points to a strong future for the cryogenic equipment market.

• Expansion of Healthcare and Biotechnology Applications:

Healthcare and biotechnology now rely heavily on cryogenic equipment. This equipment supports research, stores pharmaceutical products, and preserves biological samples. Cryogenic freezers, dewars, and liquid nitrogen systems keep biological materials at ultra-low temperatures. These include vaccines, blood, stem cells, and more. The COVID-19 pandemic highlighted the need for cryogenic storage. Vaccines like Pfizer-BioNTech’s need to stay at -70°C. Also, advances in regenerative medicine and cell therapies mean more cryogenic storage is needed in biobanks and research labs. Personalized medicine and biopharmaceuticals are set to grow. This growth will also boost the cryogenic equipment market in healthcare.

• Technological Advancements and Sustainability Initiatives:

Cryogenic facility technology is advancing to boost efficiency, safety, and eco-friendliness. Innovations include advanced insulation materials, automation in processing, and digital monitoring systems. These developments enhance performance in cryogenic storage and transport. Sustainability fuels these changes. It makes renewable cryogenic refrigeration use less energy and cut down pollution. Companies are investing in green hydrogen production, where cryogenic storage is vital. It keeps hydrogen at very low temperatures. This helps with transport and use in clean energy. Air Liquide, Linde, and Chart Industries are key players. They are investing heavily in research and development. They aim to create innovative cryogenic solutions that align with global sustainability goals.

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Leading Companies Operating in the Global Cryogenic Equipment Industry:

• Air Liquide S.A.
• Air Products and Chemicals Inc.
• Chart Industries Inc.
• Cryofab Inc.
• Cryoquip LLC (Nikkiso Co. Ltd.)
• Emerson Electric Co.
• Flowserve Corporation
• Herose GmbH
• INOX India Pvt. Ltd
• Linde Plc
• Parker-Hannifin Corporation
• Wessington Cryogenics

Cryogenic Equipment Market Report Segmentation:

By Equipment:

• Tanks
• Pumps
• Heat Exchanger
• Valves
• Others

Tanks exhibit a clear dominance in the market due to their critical role in safely storing and transporting cryogens at extremely low temperatures.

By Cryogen:

• Nitrogen
• Liquified Natural Gas
• Helium
• Others

Liquified natural gas represents the largest segment, driven by increasing energy demands and its pivotal role in clean energy transitions.

By Application:

• Storage
• Transportation
• Processing
• Others

Storage holds the biggest market share attributed to the critical need for maintaining the integrity and efficiency of stored cryogens across various industries.

By End Use Industry:

• Oil and Gas
• Energy and Power
• Food and Beverages
• Healthcare
• Marine and Aerospace
• Chemicals
• Others

Chemicals account for the majority of the market share accredited to its reliance on cryogenic processes for the preservation and processing of chemicals.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific dominates the market owing to the growing energy needs and rising investments in infrastructure development across the region.

Global Cryogenic Equipment Market Trends:

The use of cryogenic equipment in medical applications, such as cryopreservation of biological samples and cryosurgery, is rising, which is contributing to the market growth. Rapid industrialization and infrastructure development in emerging regions, particularly in Asia Pacific, are driving increased demand for cryogenic equipment. There is a growing emphasis on energy-efficient cryogenic equipment that reduces operational costs and environmental impact, aligning with global sustainability goals. The increasing number of space missions and advancements in space technology are driving the demand for cryogenic equipment used in rocket fuel storage and other space-related applications.

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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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