Cryogenic Equipment Market to Hit $22.96 Billion at 9.3% CAGR through 2030 | MarketsandMarkets™
Delray Beach, FL, March 18, 2026 (GLOBE NEWSWIRE) -- The global Cryogenic Equipment Market size is projected to reach USD 22.96 billion by 2030 from USD 14.74 billion in 2025, at a CAGR of 9.3% during the forecasted period, as per the recent study by MarketsandMarkets™. The global transition to clean energy sources is a significant driver of heightened demand for cryogenic equipment. This report segments the Cryogenic Equipment Market based on equipment into five categories: tanks, valves, vaporizers, pumps, and other equipment. The increasing adoption of high-efficiency and application-specific cryogenic systems, particularly for LNG, industrial gases, healthcare, and hydrogen applications, which help customers manage energy intensity and operational costs; the growing digitalization of cryogenic infrastructure, enabled by advanced sensors, remote monitoring, and automated control systems that support safe, continuous, and optimized low-temperature operations; and a rising dependence on data-driven maintenance and performance services, where condition monitoring, predictive diagnostics, and uptime-based service contracts are used to improve reliability, extend equipment life, and meet stringent safety, quality, and regulatory requirements.
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The Asia Pacific will be the fastest-growing Cryogenic Equipment Market throughout the forecast period, driven by the industry’s rapid growth, the development of energy infrastructure, and the government’s emphasis on clean energy and advanced manufacturing. This Asia Pacific Cryogenic Equipment Market covers the major economies of China, India, Japan, Australia, South Korea, and the ASEAN countries, where the demand for cryogenic equipment is growing across various applications like LNG, industrial gases, healthcare, electronics, and energy. The market for cryogenic equipment in the Asia Pacific is greatly driven by large-scale LNG infrastructures, investments for hydrogen production and liquefaction, the setting up of air separation units, and an increasing uptake of cryogenic technology in the healthcare and semiconductor manufacturing sectors. China remains the number one country in terms of LNG terminals, industrial gas capacity increases, and hydrogen projects; in contrast, India is the country where demand is growing most due to healthcare, steel, space research, and clean energy driving demand. Japan and South Korea are on the path of hydrogen mobility and LNG-based power generation, thus indirectly benefiting the market.
By cryogen, the LNG segment is expected to grow at the highest rate during the forecast period due to increasing investments in LNG infrastructure. LNG is a globally traded commodity, with demand for it as a cleaner energy source surging worldwide. This has led to the expansion of LNG infrastructure to support international trade and the growing demand for LNG across various regions. LNG's ease of transport has unlocked previously unprofitable natural gas reserves that were once considered economically unviable due to the high costs associated with pipeline infrastructure. To address the surging LNG demand, countries are making significant investments in LNG storage and regasification infrastructure.
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By end-user, the metallurgy segment is expected to dominate the forecasted period owing to the extensive use of cryogenic equipment in metal processing and advanced materials manufacturing. Cryogenic technologies have been widely applied in metallurgical areas, including cryogenic treatment of metals, low-temperature grinding, gas separation, and controlled cooling processes, where the properties of material strength, wear resistance, and dimensional stability are enhanced. The growing demand for high-performance alloys and precision-engineered components in the automotive, aerospace, and industrial manufacturing sectors has once again supported the adoption of cryogenic systems in metallurgy. Along with that, there has been continuous investment in cryogenic equipment in this end-user segment due to demand for the efficient handling and liquefaction of industrial gases like nitrogen and argon, which are essential to the metallurgical processes.
Key Market Players
The key players in Cryogenic Equipment Market are Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US), Chart Industries (US), PARKER HANNIFIN CORP (US), Nikkiso Co., Ltd. (Japan), and INOX India Limited (India). These companies have a strong diversified service portfolio and a strong regional presence.
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Related Reports:
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