Cryogenic Equipment Market
The market for Cryogenic Equipment was estimated at $48.7 billion in 2024; it is anticipated to increase to $86.2 billion by 2030, with projections indicating growth to around $139 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Cryogenic Equipment Market Outlook
Revenue, 2024
$48.7B
Forecast, 2034
$126B
CAGR, 2025 - 2034
10%
The Cryogenic Equipment industry revenue is expected to be around $53.5 billion in 2025 and expected to showcase growth with 10% CAGR between 2025 and 2034.
Cryogenic Equipment plays a role in a wide range of applications including deep space exploration and cutting edge medical treatments as well as advancements in superconductors and storage of liquefied gases due to its reputation for being sturdy and dependable while also being adaptable to various uses. The current shift, towards smaller scale designs has brought about an age of compact and effective systems that broaden their use and availability while also driving down expenses.
Market Key Insights
- The Cryogenic Equipment market is projected to grow from $48.7 billion in 2024 to $126 billion in 2034. This represents a CAGR of 10%, reflecting rising demand across Space Exploration, Food and Beverage Industry and Medical Industry.
- Linde Group, Chart Industries Inc, Parker Hannifin are among the leading players in this market, shaping its competitive landscape.
- U.S. and China are the top markets within the Cryogenic Equipment market and are expected to observe the growth CAGR of 7.3% to 10.5% between 2024 and 2030.
- Emerging markets including Brazil, India and South Africa are expected to observe highest growth with CAGR ranging between 9.6% to 12.5%.
- Transition like Shift Towards Green Energy is expected to add $4 billion to the Cryogenic Equipment market growth by 2030.
- The Cryogenic Equipment market is set to add $77.6 billion between 2024 and 2034, with manufacturer targeting Power & Chemical End User projected to gain a larger market share.
- With Increasing demand in healthcare sector, and Expansion of lng infrastructure, Cryogenic Equipment market to expand 159% between 2024 and 2034.
Opportunities in the Cryogenic Equipment
In the healthcare industry cryogenic equipment is also making advancements by freezing and preserving samples to treat skin issues and store cord blood stem cells which shows promising growth potential.
Growth Opportunities in North America and Europe
In the market for Cryogenic Equipment, North America holds a substantial portion because of the continuous growth in sectors like energy and power metallurgy, and chemicals. The area shows competition with many leading companies investing significantly in research and development to improve their operations. Additionally the developed healthcare facilities also drive up the need, for cryogenic equipment.
The Cryogenic Equipment market in Europe is poised for growth as the demand for natural gas and LNG continues to rise steadily in the region with strict regulatory standards encouraging industry players to invest in top notch cryogenic equipment; besides that the growing focus on renewable energy is opening up new avenues, for the Cryogenic Equipment market.
Market Dynamics and Supply Chain
01
Driver: Increasing Demand in Healthcare Sector, and Technological Advancements in Cryogenic Equipment
The fast progress in healthcare and biotechnology areas has also caused an increased need for tools to spike up . These instruments are also vital in medical uses, like cryosurgeries, skin therapies and maintaining biological specimens thereby pushing the markets expansion. Advancements in technology have also led to improved performance and safety features in the market due to innovations, like automated pressure regulation and economizer circuits that enhance the utilization of cryogenic fluids across various sectors including energy production and healthcare applications.
The increase in the use of Liquid Natural Gas (LNG) across sectors along with the development of LNG docks and pipelines has also driven the need for cryogenic tools and devices. The requirement for effective storage and transportation mechanisms, for LNG is also encouraging the utilization of cryogenic innovations.
02
Restraint: High Installation and Maintenance Costs
Cryogenic equipment is expensive due to their design and intricate nature of installation that involves expert labor costs which add to the overall price tag significantly. Maintaining these machines at low temperatures requires specialized care and regular upkeep which can be costly and pose challenges, to market expansion in the long run.
03
Opportunity: Adoption in Aerospace & Defense and Cryogenics in the Food Packaging
The aerospace and defense industry presents a growth opportunity for the cryogenic equipment market. The use of technology provides crucial cooling solutions for cutting edge technologies such as superconductor magnetic energy storage systems and cryocoolers, for infrared sensors and space simulation chambers. This trend is anticipated to grow as technology progresses in these sectors.
The importance of equipment in the food sector is becoming more evident nowadays when it comes to frozen and chilled food products. It helps in preserving the quality and extending the shelf life by using gases, in packaging and transportation processes to keep the products at the right temperature.
04
Challenge: Skilled Labour Deficiency
In this field of work where precision is crucially important. Expertise in cryogenic engineering is a must have skill set for operating these advanced tools efficiently; however theres a persistent lack of qualified individuals available, within the industry.
Supply Chain Landscape
1
Raw Materials Procurement
ArcelorMittalRio Tinto Group
2
Manufacturing & Assembly
Cryofab IncHerose GmbHChart Industries
3
Distribution & Logistics
Inox India LtdLinde PLC
4
End User Applications
MedicalEnergySpace ResearchFood & Beverage
1
Raw Materials Procurement
ArcelorMittalRio Tinto Group
2
Manufacturing & Assembly
Cryofab IncHerose GmbHChart Industries
3
Distribution & Logistics
Inox India LtdLinde PLC
4
End User Applications
MedicalEnergySpace ResearchFood & Beverage
Use Cases of Cryogenic Equipment in Space Exploration & Food
Space Exploration : Cryogenic devices are crucial in the realm of space exploration for tasks like storing and propelling fuel efficiently at low temperatures in rockets destined for space missions. They provide an efficient way to store volatile substances like rocket fuels and are utilized by key players such, as SpaceX and NASA in their spacecraft operations.
Medical Industry : In the field of medicine cryogenic tools are utilized for cryosurgery, cryotherapy and storing samples. These methods entail utilizing cold temperatures to freeze and eliminate diseased tissues, like cancer cells. An exceptional benefit of this use is its invasive approach to treatment, which lowers the chances of infection and accelerates healing. Prominent companies such as Medtronic and CooperSurgical are at the forefront of employing equipment, in healthcare applications.
Food and Beverage Industry : Cryogenic equipment plays a role, in the food and beverage industry by helping to preserve and transport perishable goods effectively and safely for extended periods of time while keeping the products fresh.
Recent Developments
In times there have been notable advancements in cryogenic equipment technology as companies strive to meet the increasing requirements of different industry sectors through innovation in this fields market segment. The surge in demand for equipment has been primarily fueled by industries like aerospace & defense and healthcare as well as the food & beverage sector. A notable trend in the market is the growing preference, for friendly and sustainable cryogenic equipment.
December 2024 : The Linde Group introduced a product. An advanced cryogenic freezer to meet the growing need, for energy saving freezing options.
October 2024 : Air Liquide expanded its range of products by launching cryogenic tanks that boast enhanced safety features and increased capacity.
July 2024 : With the acquisition of a smaller competitor, in the cryogenic equipment industry Herose GmbH has strengthened its market position and broadened its product offerings.
Impact of Industry Transitions on the Cryogenic Equipment Market
As a core segment of the Production Tools & Equipment industry,
the Cryogenic Equipment market develops in line with broader industry shifts.
Over recent years, transitions such as Shift Towards Green Energy and Technology and Innovation have redefined priorities
across the Production Tools & Equipment sector,
influencing how the Cryogenic Equipment market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Shift Towards Green Energy
The Cryogenic Equipment market is going through a shift towards environmentally friendly energy sources like hydrogen and helium transportation and storage solutions to support green energy initiatives worldwide as the demand for such equipment is expected to rise due to the global focus, on sustainable energy solutions.
02
Technology and Innovation
The Cryogenic Equipment market is evolving as a result of advancements and innovation. With the introduction of state of the art and cost efficient equipment in the market space c ompanies are striving to offer top notch solutions. The sector is adopting digitalization and automation technologies which have resulted in the incorporation of cutting edge technologies such as IoT and AI, in equipment. This integration has improved their performance and effectiveness.