Cryogenic Equipment Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Product Type (Tanks, Valves, Pumps, Vaporizers, Heat Exchangers, Accessories), By Application (Industrial Gases, Energy, Healthcare, Aerospace, Electronics, Food & Beverage), By End-user Industry (Energy, Chemicals, Healthcare, Electronics, Aerospace, Metallurgy, and more), By Cryogen Type (Nitrogen, Oxygen, Argon, LNG, Hydrogen, Helium, and others), By Technology (Liquefaction, Refrigeration, Cryogenic Distillation, and more) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The global cryogenic equipment market was valued at USD 14,021.2 Million in 2022 and is anticipated to reach a value of USD 26,262.5 Million by 2030 expanding at a CAGR of 8.3% between 2023 and 2030.

The global cryogenic equipment market refers to the market of the equipment that works on cryogenic temperature. 13^th International Congress of Refrigeration (IIR) held in Washington DC in 1971 accepted the threshold temperature of 120 K (-150°C) to 0 K (-273°C) to be defined as “cryogenic temperature”. Cryogenic equipment is used to store, transport and process the materials that operate in cryogenic state. This cryogenic state is achieved by special refrigeration system and insulating materials. This equipment is used to freeze and preserve things such as biological samples, superconducting materials and so on. This is also used in storage of liquefied gases such as nitrogen, oxygen and natural gases. Currently a wide range of cryogenic equipment is available in the market such as cryogenic storage tanks which stores and transport liquefied gases, cryogenic coolers which generate and maintain cryogenic temperature, cryogenic vaporizers which converts cryogenic liquids into gases.

Cryogenic Equipment Market Major Driving Forces

Demand for Industrial Gases: The growing demand for industrial gases in liquefied form such as nitrogen, oxygen, natural gas has created a demand for cryogenic equipment as they can only be transported by the equipment that can handle the temperature which is way below the ambient temperature.

Expanding Energy Sector: The expansion of demand for energy sector where cleaner fuels are preferred requires transport of liquefied natural gas (LNG). Thus, creating a big market for cryogenic equipment

Aerospace & Space Exploration: The recent rise in space exploration by various countries, demands for the equipment that can handle and operate comfortably in extreme temperature. The aerospace industry's need for cryogenic equipment is fueled by the growing interest in satellite deployment and space exploration.

Healthcare & Medical Application: Cryogenic equipment finds application in medical field as well. They are used to preserve biological samples, storage of vaccines and supporting medical procedures. Hence, they are in huge demand in medical sector. 

Cryogenic Equipment Market Key Opportunities

Sustainable Energy Solutions: Cryogenic equipment play a vital role in promoting adoption of sustainable energy solutions rather than traditional energy generation. Transportation of natural gas in liquefied form is made possible due to the development in cryogenic technology. Hence, as world moves towards cleaner energy, the demand for cryogenic equipment is bound to increase.

Medical & Healthcare Application: The growing advancements in medical sector has created an environment for development of various vaccines and scientific research on biological samples. Their storage and transportation is the responsibility of cryogenic equipment and hence presents a crucial opportunity for the manufacturers to grab on.

Space Exploration: The development in space exploration industry across the globe has created a demand for the equipment that can resist and operate in extreme temperatures. Cryogenic equipment is the solution for this problem.

Cryogenic Equipment Market Key Trends

·         Cryogenic equipment is now required due to the increased demand for cleaner fuel, which has stimulated by the transportation of liquefied natural gas.

·         Development in healthcare technology calls for storage & transportation of biological samples, tissues, stem cells, vaccines and others.

·         The research & development in the cryogenic technology has created various advancements such as better insulation materials, more efficient cryocoolers and advance safety features.

·         The growing interest in space exploration has created a huge demand for cryogenic equipment that can be used in space technology and withstand extremely harsh temperatures.

·         Research is being conducted on the use of cryogenic cooling to improve the efficiency of high-power electronic devices, such supercomputers and data centers. The demand for computing systems that are more potent and efficient ultimately is driving this trend.

Region-Wise Market Insights

Asia Pacific accounted for the largest market share at 34.5% in 2022 moreover, Asia Pacific is also expected to register the fastest growth, expanding at a CAGR of 9.2% between 2023 and 2030.

In North America, the USA has a significant market for cryogenic equipment as a result of technological advancements in healthcare sector. The USA has a strong focus in research and development programs and hence has a big market for cryogenic equipment. Beside this, presence of NASA and companies such as SpaceX which are one of the leading figures in space exploration has created a demand for cryogenic equipment. Similar to North America, Europe is another prominent market for cryogenic equipment. Countries such as Germany, France, UK and others have a strong focus on research and development which requires cryogenic equipment.

The Asia- Pacific region, especially in countries such as China, South Korea, Japan & India, is either developed or experiencing rapid urbanization and are making strides in research and development along with space exploration programs. This indicates the potential for huge market in this region.

Market Competition Landscape

The market for cryogenic equipment is fiercely competitive, with many manufacturers fighting for supremacy. To obtain a competitive edge, the leading companies in this industry employ different techniques. To adapt to changing consumer tastes, these techniques include product modernization, design distinction, and the use of environmentally friendly and sustainable materials. Established brands rely on their credibility for high quality and dependability to hold onto market share, while up-and-coming brands concentrate on offering novel ideas and distinctive selling propositions.

Prominent players in the market include:

·         Linde Plc

·         Air Products and Chemicals, Inc.

·         Chart Industries, Inc.

·         Praxair, Inc. (Now part of Linde plc)

·         Cryofab, Inc.

·         Taylor-Wharton

·         Herose GmbH

·         INOX India Pvt. Ltd.

·         Air Liquide

·         Cryostar

·         Wessington Cryogenics

·         Flowserve Corporation

·         Taylor-Wharton International LLC

·         Air Water, Inc.

·         Cryoquip, Inc.

·         Worthington Industries

·         SEFIC (Shanghai Eternal Faith Industry Co., Ltd.)

·         INOXCVA (INOX Cryogenic Vessel Alternatives)

·         Cryo Pure Corporation

The UK-based company Wessington Cryogenics specializes in the design and production of vacuum-insulated pipes, storage tanks, and cryogenic pressure vessels for the transportation and storage of liquefied gases. Applications for their products can be found in the biotechnology, medical, and industrial gases sectors. Flowserve is another global player that provides cryogenic pumps and valves solutions. Their cryogenic products find critical applications in the energy, petrochemical, and pharmaceutical industries, among other sectors.