Top 50 Companies Cryogenic Equipment Market 2025: Strategic Overview & Future Trends (2024–2035)
RELEASE DATE: Aug 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Cryogenic Equipment Market Size is projected to grow from USD 26.2 Billion in 2024 to USD 45.8 Billion by 2035, at a CAGR of 5.21% during the forecast period 2025–2035. The market for cryogenic equipment is growing by various factors, including growing demand for liquefied natural gas storage and transportation, expanding industrial gas applications, and advancements in cryogenic technologies.
Introduction
The cryogenic equipment market includes the creation, manufacture, and distribution of specialized equipment for storing, transporting, and handling gases at extremely low temperatures. This comprises cryogenic tanks, valves, pumps, and vaporizers designed for liquefied gases such as nitrogen, oxygen, argon, and LNG. The market is driven by rising demand in the healthcare, energy, and food processing industries. Healthcare applications such as cryosurgery and biobanking require dependable ultra-low temperature storage, while the energy sector increasingly relies on cryogenic equipment for safe LNG storage and transportation. Insulation, containment, and materials such as stainless steel and aluminum have advanced technologically, improving equipment efficiency and longevity. Emerging markets in the Asia-Pacific have significant development potential due to increased medical and energy infrastructure investment. Environmental restrictions that encourage cleaner fuels such as LNG support industry growth. With potential in smaller sectors and ongoing innovation, the cryogenic equipment market is poised for expansion, supported by research, development, and tight regulatory compliance to guarantee safe, dependable operations.
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Cryogenic Equipment Market Size & Statistics
- The Market Size for Cryogenic Equipment Was Estimated to be worth USD 26.2 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 5.21% between 2025 and 2035.
- The Global Cryogenic Equipment Market Size is anticipated to reach USD 45.8 Billion by 2035.
- Asia Pacific is expected to generate the highest demand during the forecast period in the Cryogenic Equipment Market
- Europe is expected to grow the fastest during the forecast period in the cryogenic equipment Market.
Regional growth and demand
Europe is expected to grow the fastest during the forecast period in the Cryogenic Equipment market. Europe’s cryogenic equipment market is witnessing the fastest growth, driven by energy, healthcare, and food sectors. Initiatives like the European Green Deal, infrastructure upgrades, and rising reliance on cryogenic technologies for biobanking and cryosurgery fuel market expansion.
Asia Pacific is expected to generate the highest demand during the forecast period in the cryogenic equipment market. Asia-Pacific is witnessing the highest growth in the cryogenic equipment market, driven by rapid industrialization and urbanization. Expanding manufacturing, chemical, and healthcare sectors require cryogenic technology for storage and transportation, while rising populations and disposable incomes boost demand in healthcare and pharmaceuticals.
Top 10 Trends in the Cryogenic Equipment Market
- Growing LNG Demand
- Expanding Hydrogen Applications
- Medical and Healthcare Growth
- Electronics Industry Demand
- Advancements in Smart and Automated Systems
- Lightweight and Advanced Tank Designs
- Improved Energy Efficiency
- Expansion in Space Exploration
- Modular and Turnkey Solutions
- Customization and Product Innovation
1. Growing LNG Demand
The growing global demand for liquefied natural gas (LNG) is pushing the development of cryogenic storage and transportation systems. Cryogenic tanks, pumps, and vaporizers provide the safe, efficient, and long-term storage of LNG for energy and industrial uses.
2. Expanding Hydrogen Applications
Hydrogen as a renewable energy source is increasing in popularity, resulting in a demand for cryogenic equipment to store and transport liquid hydrogen at ultra-low temperatures. This movement promotes the use of hydrogen in fuel cells, industrial processes, and energy storage systems.
3. Medical and Healthcare Growth
The healthcare industry is increasingly reliant on cryogenic technology for biobanking, cryosurgery, and vaccine storage. Rising medical infrastructure investments and the necessity for ultra-low temperature preservation are propelling market expansion in hospitals, research labs, and pharmaceutical businesses.
4. Electronics Industry Demand
Cryogenic equipment is required for electronics manufacture, such as superconductors, semiconductors, and high-performance computers. The expanding electronics industry needs precise low-temperature settings, increasing demand for sophisticated cryogenic equipment.
5. Advancements in Smart and Automated Systems
The integration of IoT, AI, and automation into cryogenic equipment improves monitoring, efficiency, and safety. Smart systems provide remote operation, predictive maintenance, and energy optimization, facilitating widespread implementation in the energy, healthcare, and industrial sectors.
Empower your strategic planning:
Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the cryogenic equipment market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 25 Companies Leading the Cryogenic Equipment Market
- Chart Industries, Inc.
- Cryofab, Inc.
- Linde
- Nikkisso Cryoquip
- Nikkiso Co. Ltd
- SHI Cryogenics Group
- HEROSE GMBH
- Wessington Cryogenics
- Cryo Pur
- INOXCVA (INOX India Pvt Ltd)
- Sulzer
- Air Liquide S.A.
- Air Products and Chemicals Inc.
- Cryoquip LLC
- Emerson Electric Co.
- Flowserve Corporation
- INOX India Pvt. Ltd
- Parker-Hannifin Corporation
- Braunschweiger Flammenfilter GmbH
- Standex International
- Premier Cryogenics Ltd.
- Lapesa Grupo Empresarial s.l
- Galileo Technologies S.A.
- MAN Energy Solutions SE
- Ulvac Technologies, Inc.
1. Chart Industries, Inc.
Headquarters: United States
Chart Industries, which operates in over 50 countries, is a prominent supplier of cryogenic equipment, specialized in storage tanks, vaporizers, and LNG systems. The firm, which serves the energy, healthcare, and industrial sectors, focuses on high-efficiency ultra-low temperature storage and transportation solutions. Its products are engineered to meet stringent safety and performance standards, ensuring reliable operation in extreme conditions. Chart Industries uses modern materials and unique designs to improve energy efficiency and durability for applications ranging from LNG distribution to medical and industrial gas storage. With a global presence and an emphasis on technological excellence, the firm propels the cryogenic equipment market.
2. Cryofab, Inc.
Headquarters: United States
Cryofab, headquartered in the United States and active in over 20 countries, specializes in designing and manufacturing cryogenic tanks, valves, and pressure vessels. The company serves industrial gases, LNG, and research applications, prioritizing durability, safety, and strict compliance with cryogenic standards. Its equipment is engineered for reliable performance under extreme low-temperature conditions, incorporating advanced materials and precise manufacturing techniques. Cryofab focuses on delivering high-quality solutions that meet industry regulations while supporting critical operations in energy, healthcare, and scientific research. With a commitment to innovation and quality, Cryofab plays a key role in advancing cryogenic technology globally.
3. LINDE
Headquarters: Germany
Linde, which operates in over 100 countries, provides full cryogenic solutions that include storage, transportation, and distribution systems for liquid gases such as oxygen, nitrogen, and LNG. The firm uses innovative automation and energy-efficient technology to meet the demands of the worldwide industrial and healthcare sectors. Linde's equipment guarantees that cryogenic liquids are handled reliably, safely, and efficiently, enabling applications in the energy, medical, and industrial industries. Linde extends its position as a leading provider of cryogenic equipment by focusing on innovation, sustainability, and operational excellence, allowing clients across the world to maximize performance while satisfying strict safety and environmental criteria.
4. Nikkisso Cryoquip
Headquarters: Japan
Nikkisso Cryoquip, which operates in more than 30 countries, designs and produces cryogenic pumps, valves, and equipment for LNG, hydrogen, and industrial gas applications. The firm is well-known for its high-quality, dependable, and technologically sophisticated solutions. It provides equipment designed for accuracy, durability, and safety in severe low-temperature environments. Nikkisso Cryoquip focuses on innovation and efficiency, using cutting-edge materials and designs to improve performance in the energy, industrial, and research sectors. By supplying strong and trustworthy cryogenic systems, the firm supports vital activities all over the world, cementing its position as a trusted leader in the global cryogenic equipment industry.
5. Nikkiso Co. Ltd
Headquarters: Japan
Nikkiso Co., which operates internationally, provides a diverse variety of cryogenic equipment, including pumps, valves, and storage solutions for the energy, industrial, and healthcare sectors. The firm focuses on efficiency, safety, and innovation, providing dependable low-temperature solutions to a wide range of sectors. Nikkiso Co.'s products are designed to survive harsh circumstances by using sophisticated technologies that improve performance, durability, and operating safety. By prioritizing research, development, and quality, the firm provides crucial applications such as LNG storage, industrial gas handling, and medical cryogenics. Nikkiso Co.'s global presence and dedication to innovation make it a prominent participant in the cryogenic equipment industry.
Are you ready to discover more about the cryogenic equipment market?
The report provides an in-depth analysis of the leading companies operating in the global cryogenic equipment market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Chart Industries, Inc.
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Cryofab, Inc.
- LINDE
- Nikkisso Cryoquip
- Nikkiso Co. Ltd
- SHI Cryogenics Group
- HEROSE GMBH
- Wessington Cryogenics
- Cryo Pur
- Others.
Conclusion
The global cryogenic equipment market is expanding rapidly, driven by increased demand in the healthcare, energy, and industrial sectors. Key uses include LNG storage and transportation, biobanking, and cryosurgery, with technical developments improving efficiency, safety, and automation. North America and Asia-Pacific dominate adoption because of strong infrastructure and investment, but Europe is fast expanding through environmental programs and energy projects. Emerging applications in hydrogen storage, electronics, and medical research provide new prospects. With advances in materials, smart systems, and modular designs, the industry is poised for long-term growth, providing significant opportunities for producers, investors, and end users globally.
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