Cryogenic Equipment Market Grows with Rise in Cold Chain Logistics

The global cryogenic equipment market was valued at USD 25,012.9 million in 2024 and is projected to grow to USD 36,734.0 million by 2030, representing a compound annual growth rate (CAGR) of 6.7% over the 2025-2030 period. The market is principally driven by rising adoption in sectors such as metallurgy and automotive, where cryogenic technology enables enhanced performance through ultra-low temperature processes.

Key Market Trends & Insights

• In 2024, the Asia Pacific region led the industry, accounting for a revenue share of 46.6%. On the product front, the tank segment dominated with a 32.8% share. Regarding cryogens, liquefied natural gas (LNG) equipment held the largest share at 31.7%. In terms of applications, the storage segment led with a 56.2% revenue share.
• Cryogenic equipment plays a critical role in metallurgical processing by facilitating operations such as hardening and tempering of metals at extremely low temperatures, thus enhancing durability and performance. With greater demand for specialized alloys and high-performance materials, the need for advanced cryogenic systems is increasing. Technological advances including improved insulation, cryocooling designs and safer operational features are shaping the market. The industry is also underpinned by strict regulatory standards (such as ISO and ASTM) given its usage in critical sectors like healthcare, aerospace and energy. There is further momentum from the drive toward sustainability: manufacturers are developing eco-friendly cryogenic solutions, such as using alternative refrigerants and reducing heat transfer losses through better materials.

Market Size & Forecast

The market size stood at USD 25,012.9 million in 2024 and is forecasted to reach USD 36,734.0 million by 2030 (CAGR of 6.7% for 2025-2030). Asia Pacific remains the largest regional market as of 2024. Growth is being fuelled by unique attributes of cryogenic technologies that make them vital in metallurgy and automotive sectors. In metallurgy especially, cryogenic processing is gaining traction as an enabler of next-generation materials and processes.

Key Companies & Market Share Insight

The market is at a medium growth stage, with increasing momentum driven by multi-industry demand and technological development. Key players are enhancing capabilities in cryogenic cooling, insulation and safety systems. Compliance with regulatory frameworks and a growing emphasis on environmental sustainability are key differentiators. The storage application segment led in 2024 with 56.2% share, while tanks led the product category (32.8%) and LNG led cryogen type (31.7%). In end-use terms, the metallurgy segment held the largest share in 2024 at 27.1%.

Regionally, North America is showing robust growth with demand across energy, food-processing and healthcare applications; for example, the U.S. market is expected to grow at a CAGR of around 6.2% from 2025 to 2030. In Europe, demand is supported by LNG infrastructure expansion and biobanking / cryosurgery in healthcare; Germany held a 22.2% share of the European market and the UK about 9.4%. In Asia Pacific, China accounted for around 45.9% of that regional market in 2024, while India is experiencing significant growth driven by energy, healthcare and food processing needs. In Middle East & Africa and Central & South America, steady growth is being seen in cryogenic equipment use for sectors such as oil & gas, manufacturing, healthcare and food & beverage.

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Key Companies List

Leading companies actively shaping the cryogenic equipment market include:

• Chart Industries Inc.
• Linde plc
• Herose GmbH
• Nikkiso Co. Ltd.
• Wessington Cryogenics
• Braunschweiger Flammenfilter GmbH
• Standex International
• INOX India Limited
• Air Liquide SA
• Premier Cryogenics Ltd.
• Lapesa Grupo Empresarial s.l.
• Galileo Technologies S.A.
• MAN Energy Solutions SE
• Cryolor SA
• SAS Cryo Pur
• Ulvac Technologies, Inc.

Conclusion

In summary, the cryogenic equipment market is set for steady growth through to 2030, underpinned by demand from metallurgy, automotive, energy and healthcare sectors. With key segments such as tanks, LNG cryogens and storage applications leading the charge, and regions like Asia Pacific dominating the global share, companies that invest in insulation, safety and eco-friendly solutions will be well-positioned. While initial cost and regulatory complexity present challenges, the opportunities in emerging regions, renewable energy applications and evolving technologies point to a vibrant and continually evolving industry ahead.

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