Cryogenic Equipment Market Outlook (2026 – 2033)
Cryogenic Equipment Market Market Summary
The global cryogenic equipment market was valued at USD 26,573.8 million in 2025 and is projected to reach USD 45,390.9 million by 2033, registering a CAGR of 7.0% between 2026 and 2033. The rising demand for cryogenic equipment is primarily driven by the worldwide growth of LNG infrastructure.
Key Market Trends & Insights
- Regional Insights: Asia Pacific led the global cryogenic equipment market, capturing the largest revenue share of 46.8% in 2025. Country Highlights: China’s market growth is being fueled by rapid expansion in hydrogen production capacity and the development of related infrastructure. Product Segment: The tank segment dominated the market, representing a 32.8% revenue share in 2025. Technology Segment: The PCR (Pressure Cryogenic Reactor) segment accounted for the largest market share of 62.16% in 2025. Cryogen Type: The liquified natural gas (LNG) segment held a 31.7% revenue share in 2025. Application: The storage segment led applications with a 56.2% revenue share in 2025. Market Size & Forecast 2025 Market Size: USD 26,573.8 Million 2033 Projected Market Size: USD 45,390.9 Million CAGR (2026–2033): 7.0% Leading Region (2025): Asia Pacific
Market Size & Forecast
- 2024 Market Size: USD 28270.9 Billion
- 2030 Projected Market Size: USD 45390.9 Billion
- CAGR (2025-2030): 7.0%
Component Insights
The tank segment led the market with a 32.8% revenue share in 2025, serving as primary storage for LNG, liquid nitrogen, oxygen, hydrogen, and argon. Designed with double-walled, vacuum-insulated constructions, these tanks maintain extremely low temperatures, ensuring product purity and stability. They are widely used in industrial gas distribution, LNG terminals, hydrogen production, food processing, metals and mining, and healthcare, with growth driven by expanding hydrogen hubs and LNG facilities. The pumps segment is projected to grow at a CAGR of 7.7% (2026–2033), fueled by rising LNG utilization, industrial gas demand, and hydrogen projects. High-reliability cryogenic pumps, such as those by Nikkiso, are increasingly required for fluid transfer in liquefaction, regasification, and hydrogen infrastructure, supporting both new installations and plant upgrades.
Product Insights
Product Outlook (Revenue, USD Million, 2021 - 2033) Tank Valve Pumps Vaporizers Vacuum Jacketed Piping (VJP) Others Cryogen Outlook (Revenue, USD Million, 2021 - 2033) Nitrogen Oxygen Argon Liquified Natural Gas Hydrogen Others Application Outlook (Revenue, USD Million, 2021 - 2033) Distribution Storage
Application Insights
The storage segment led the market with a 56.2% revenue share in 2025, driven by growing industrial gas demand, LNG and hydrogen infrastructure, and modernized food, medical, and manufacturing facilities. Key products include Chart Industries’ cryogenic tanks, Linde’s insulated tanks, and INOX India’s vacuum-insulated tanks, designed for ultra-low temperature and safe long-term storage. Adoption across energy, healthcare, and metallurgy sectors continues to fuel growth. The distribution segment is projected to grow at a CAGR of 7.2% (2026–2033), supported by expanding industrial gas networks, LNG regasification, liquid hydrogen adoption, and the need for safer, more efficient cryogenic handling systems.
Location Insights
Regional Outlook (Revenue, USD Million, 2021 - 2033) North America U.S. Canada Mexico Europe Germany UK France Italy Spain Asia Pacific China India Japan Australia South Korea Latin America Brazil Argentina Middle East & Africa Saudi Arabia South Africa
End Use Insights
End-use Outlook (Revenue, USD Million, 2021 - 2033) Oil & Gas Metallurgy Automotive Food & Beverage Chemical Other
Regional Insights
Regional Cryogenic Equipment Market Trends (Short Overview) China: Rapid hydrogen production expansion drives demand for cryogenic liquefaction, storage, and transfer systems. Green hydrogen capacity reached ~125,000 tonnes/year by 2024, ~50% of global capacity. India: Growth fueled by rising LNG imports, industrial gas demand, and government clean energy initiatives, supporting cryogenic storage and transport systems. North America: U.S. and Canada see strong demand from LNG, industrial gas, hydrogen, healthcare, and manufacturing sectors, with advanced infrastructure and safety standards promoting high-performance cryogenic equipment. Europe: Market growing at 6.8% CAGR, driven by hydrogen hubs, electrolyzer projects, and EV battery production. Germany leads with EV-driven hydrogen adoption; France expands electrolysis capacity to 8 GW by 2035. Middle East & Africa: Hydrogen and low-carbon fuel projects, especially Saudi Arabia’s NEOM Green Hydrogen Project, boost need for liquefaction, ultra-low-temperature storage, and marine transport systems. Latin America: Industrial modernization, LNG infrastructure, and natural gas projects increase demand for liquefaction, cryogenic storage, vaporizers, and insulated pipelines.
Company Insights
Key Cryogenic Equipment Companies: The following are the leading companies in the cryogenic equipment market. Chart Industries Inc. Linde plc Nikkiso Co. Ltd. Standex International INOX India Limited Air Liquide SA Premier Cryogenics Ltd. Galileo Technologies S.A. Herose GmbH Wessington Cryogenics Braunschweiger Flammenfilter GmbH Lapesa Grupo Empresarial s.l MAN Energy Solutions SE Cryogas Equipment Private Limited Cryo Pur