The global cryogenic equipment market size was estimated at USD 25,012.9 million in 2024 and is projected to reach USD 36,734.0 million by 2030, growing at a CAGR of 6.7% from 2025 to 2030. The increasing demand for cryogenic equipment across both the metallurgy and automotive industries is one of the key factors contributing to market growth over the forecast period.

This rising demand is driven by the unique properties of cryogenic technology, which make it exceptionally suitable for specific industrial processes that require extremely low temperatures. In particular, the global metallurgy industry is experiencing a significant increase in the adoption of cryogenic equipment as it serves as a critical enabler for advanced processing techniques.

Cryogenic equipment plays an essential role in a variety of metallurgical applications, especially in the treatment and manipulation of metals under ultra-low temperature conditions. Processes such as cryogenic hardening and cryogenic tempering enhance the mechanical characteristics of metals by improving their structural uniformity, durability, wear resistance, and overall performance. The growing emphasis on achieving higher levels of precision and operational efficiency in metallurgical activities, combined with rising demand for specialized alloys and high-performance materials, has further accelerated the need for sophisticated cryogenic systems. As a result, cryogenic equipment is increasingly being integrated into heat-treatment operations and advanced metal processing facilities to support the production of superior-quality materials.

Key Market Trends & Insights:

• Asia Pacific dominated the cryogenic equipment industry, contributing 46.6% of the global market share in 2024. Within the region, China emerged as a key market, holding 45.9% of the Asia Pacific share, reflecting its strong industrial base and rising demand for advanced cryogenic solutions.

• From a product perspective, the tank product equipment segment was the leading category, capturing 32.8% of the market share in 2024. This indicates the widespread use of cryogenic tanks across industries for safe and efficient storage of low-temperature gases.

• In terms of cryogens, the liquefied natural gas (LNG) segment dominated, accounting for 31.7% of the revenue share in 2024, supported by increasing LNG consumption across energy, transportation, and industrial applications.

• By application, the storage segment was the largest, representing 56.2% of the market share in 2024, highlighting the crucial role of cryogenic equipment in secure and long-term preservation of gases at extremely low temperatures.

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Market Size & Forecast:

• 2024 Market Size: USD 25,012.9 Million

• 2030 Projected Market Size: USD 36,734.0 Million

• CAGR (2025-2030): 6.7%

• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights:

Some of the leading companies operating in the cryogenic equipment market include Linde plc, Nikkiso Co. Ltd., and Chart Industries, Inc. These companies play a significant role in driving innovation, technological advancement, and product development within the industry.

• Chart Industries Inc. is recognized as a global manufacturer of highly engineered cryogenic equipment that is widely used across multiple sectors, including energy, industrial gases, and biomedical applications. The company offers an extensive portfolio of products such as cryogenic storage tanks, transportation vessels, and heat exchangers, all designed to safely manage and store gases at extremely low temperatures. Chart Industries is known for its strong emphasis on innovation and quality, enabling it to deliver advanced solutions for applications involving Liquefied Natural Gas (LNG), hydrogen, carbon capture technologies, and life sciences, where reliable cryogenic performance is essential.

• Linde plc, a major global industrial gases and engineering company, provides a comprehensive range of products within the cryogenic equipment market. Its offerings include cryogenic storage tanks, vaporizers, pumps, and distribution systems, along with cryogenic freezers, cylinders, and complete LNG system solutions. These products play a vital role in industries such as healthcare, food preservation, energy, and industrial manufacturing. Linde’s equipment ensures the efficient, safe, and dependable handling and transport of cryogenic gases like oxygen, nitrogen, and LNG, supporting critical operations across diverse end-use sectors.

In addition to the major players, several emerging companies are strengthening their presence in the cryogenic equipment market. These include Ulvac Technologies, Inc.; Cryolor SA; and MAN Energy Solutions SE, each contributing specialized technologies and solutions.

• Ulvac Technologies, Inc. focuses on the development and production of high-precision cryogenic systems. The company manufactures a variety of products dedicated to the safe and efficient handling of cryogenic gases, including cryogenic vacuum pumps, cryogenic traps, and gas storage systems. These systems are engineered to meet strict performance and safety standards, making them essential for industries such as semiconductor manufacturing, aerospace, and energy. Ulvac’s advanced technological capabilities allow its products to deliver high reliability and strong performance in demanding operational settings.

• Cryolor SA is involved in designing and manufacturing advanced cryogenic solutions. The company’s diverse product range includes cryogenic storage tanks, pressure vessels, and vacuum-insulated piping systems, all developed to support the safe and efficient storage and transport of liquefied gases such as nitrogen, oxygen, and hydrogen. Additionally, its portfolio features cryogenic pumps and valves, which are key components for managing and controlling cryogenic fluids across a wide range of industrial applications. Cryolor’s engineering expertise helps ensure high safety, durability, and efficiency in cryogenic operations.

Key Players

• 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.

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Conclusion:

The global cryogenic equipment market is forecast to grow steadily over the coming years, driven by rising demand from sectors such as metallurgy, energy, and LNG-based infrastructure. Growth is supported by increasing industrialization, the expanding use of liquefied gases, and the need for safe, reliable storage and transport solutions. Technological improvements — including better insulation, advanced storage tanks, and precision cryogenic systems — are enhancing performance and widening the range of applications.