Cryogenic Equipment

Global Cryogenic Equipment Market to Reach US$23.6 Billion by 2030

The global market for Cryogenic Equipment estimated at US$15.8 Billion in the year 2024, is expected to reach US$23.6 Billion by 2030, growing at a CAGR of 7.0% over the analysis period 2024-2030. Nitrogen, one of the segments analyzed in the report, is expected to record a 7.7% CAGR and reach US$7.7 Billion by the end of the analysis period. Growth in the Oxygen segment is estimated at 6.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$3.0 Billion While China is Forecast to Grow at 8.6% CAGR

The Cryogenic Equipment market in the U.S. is estimated at US$3.0 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.1 Billion by the year 2030 trailing a CAGR of 8.6% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.5% and 6.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR.

Global Cryogenic Equipment Market - Key Trends & Drivers Summarized

Cryogenic equipment plays a crucial role in industries where extremely low temperatures are required for the processing, storage, and transportation of materials. This equipment is essential in sectors such as healthcare, where liquid nitrogen is used for cryopreservation and cryosurgery, and in the aerospace industry for rocket propulsion systems and spacecraft cooling. Cryogenic equipment includes a variety of products such as cryogenic tanks, valves, vaporizers, pumps, and dewars, each designed to handle and maintain materials at temperatures below -150°C. The design and materials used in cryogenic equipment are critical, as they must ensure minimal heat ingress to maintain the required low temperatures, often using vacuum insulation and specialized materials that can withstand the stresses of such extreme conditions.

Technological advancements have significantly enhanced the efficiency and safety of cryogenic equipment. Modern cryogenic systems now incorporate sophisticated monitoring and control technologies that ensure precise temperature regulation and early detection of potential failures. For instance, digital sensors and automated control systems can continuously monitor the integrity of storage tanks and pipelines, providing real-time data to operators and allowing for predictive maintenance. Advances in materials science have also led to the development of new insulating materials and more durable components, reducing the risk of leaks and improving overall safety. Furthermore, the integration of cryogenic equipment with industrial Internet of Things (IoT) platforms has enabled remote monitoring and control, enhancing operational efficiency and reliability in industries that rely heavily on cryogenics.

The growth in the cryogenic equipment market is driven by several factors. Firstly, the expanding liquefied natural gas (LNG) market is a significant driver, as cryogenic equipment is essential for the storage and transportation of LNG. Secondly, the increasing demand for medical gases, particularly in developing regions, is fueling the need for advanced cryogenic solutions. Thirdly, technological advancements in space exploration and satellite deployment require sophisticated cryogenic systems for propulsion and cooling. Additionally, the rising focus on clean energy and the hydrogen economy is driving investments in cryogenic hydrogen storage and transportation infrastructure. The growth of the food and beverage industry, where cryogenic freezing and chilling are used to preserve the quality and extend the shelf life of products, is also contributing to market expansion. Lastly, regulatory requirements for the safe handling of cryogenic materials are pushing industries to adopt more advanced and compliant equipment. Together, these factors are creating robust demand and fostering innovation in the cryogenic equipment market.

SCOPE OF STUDY:

The report analyzes the Cryogenic Equipment market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Cryogen (Nitrogen, Oxygen, Argon, LNG, Other Cryogens); End-Use (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping, Other End-Uses)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

Select Competitors (Total 92 Featured) -

• Air Liquide SA
• Ebara Corporation
• Chart Industries, Inc.
• Barber-Nichols, Inc.
• Custom BioGenic Systems
• Advanced Research Systems, Inc.
• Cryomech, Inc.
• Cryostar SAS
• Beijing Tianhai Industry Co., Ltd.
• Cryofab Inc.
• Brymill Cryogenic Systems
• Cosmodyne, LLC
• CeramTec North America Corp.
• Cryolor SA
• Air Products Inc.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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