Global Cryogenic Equipment Market to Reach US$23.6 Billion by 2030

The global market for Cryogenic Equipment estimated at US$15.8 Billion in the year 2024, is expected to reach US$23.6 Billion by 2030, growing at a CAGR of 7.0% over the analysis period 2024-2030. Nitrogen, one of the segments analyzed in the report, is expected to record a 7.7% CAGR and reach US$7.7 Billion by the end of the analysis period. Growth in the Oxygen segment is estimated at 6.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$3.0 Billion While China is Forecast to Grow at 8.6% CAGR

The Cryogenic Equipment market in the U.S. is estimated at US$3.0 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.1 Billion by the year 2030 trailing a CAGR of 8.6% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.5% and 6.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR.

Global Cryogenic Equipment Market - Key Trends & Drivers Summarized

Cryogenic equipment plays a crucial role in industries where extremely low temperatures are required for the processing, storage, and transportation of materials. This equipment is essential in sectors such as healthcare, where liquid nitrogen is used for cryopreservation and cryosurgery, and in the aerospace industry for rocket propulsion systems and spacecraft cooling. Cryogenic equipment includes a variety of products such as cryogenic tanks, valves, vaporizers, pumps, and dewars, each designed to handle and maintain materials at temperatures below -150°C. The design and materials used in cryogenic equipment are critical, as they must ensure minimal heat ingress to maintain the required low temperatures, often using vacuum insulation and specialized materials that can withstand the stresses of such extreme conditions.

Technological advancements have significantly enhanced the efficiency and safety of cryogenic equipment. Modern cryogenic systems now incorporate sophisticated monitoring and control technologies that ensure precise temperature regulation and early detection of potential failures. For instance, digital sensors and automated control systems can continuously monitor the integrity of storage tanks and pipelines, providing real-time data to operators and allowing for predictive maintenance. Advances in materials science have also led to the development of new insulating materials and more durable components, reducing the risk of leaks and improving overall safety. Furthermore, the integration of cryogenic equipment with industrial Internet of Things (IoT) platforms has enabled remote monitoring and control, enhancing operational efficiency and reliability in industries that rely heavily on cryogenics.

The growth in the cryogenic equipment market is driven by several factors. Firstly, the expanding liquefied natural gas (LNG) market is a significant driver, as cryogenic equipment is essential for the storage and transportation of LNG. Secondly, the increasing demand for medical gases, particularly in developing regions, is fueling the need for advanced cryogenic solutions. Thirdly, technological advancements in space exploration and satellite deployment require sophisticated cryogenic systems for propulsion and cooling. Additionally, the rising focus on clean energy and the hydrogen economy is driving investments in cryogenic hydrogen storage and transportation infrastructure. The growth of the food and beverage industry, where cryogenic freezing and chilling are used to preserve the quality and extend the shelf life of products, is also contributing to market expansion. Lastly, regulatory requirements for the safe handling of cryogenic materials are pushing industries to adopt more advanced and compliant equipment. Together, these factors are creating robust demand and fostering innovation in the cryogenic equipment market.