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Cryogenic Equipment Market Size to Grow $22.96 Billion at 9.3% CAGR through 2030 | MarketsandMarkets™

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LIN Linde plc is mentioned as a key player in the growing global Cryogenic Equipment Market, which is projected to reach USD 22.96 billion by 2030. The market growth is driven by clean energy transitions, LNG, and industrial gas applications. APD Air Products and Chemicals, Inc. is identified as a key player in the expanding Cryogenic Equipment Market. The market's growth, driven by clean energy, LNG, and industrial gases, is expected to reach USD 22.96 billion by 2030. GTLS Chart Industries is listed as a key player in the Cryogenic Equipment Market, which is anticipated to grow significantly to USD 22.96 billion by 2030. Growth drivers include clean energy, LNG, and industrial gas sectors. PH Parker Hannifin Corp is named as a key competitor in the Cryogenic Equipment Market. The market is projected for substantial growth, reaching USD 22.96 billion by 2030, fueled by clean energy initiatives and demand for LNG and industrial gases.

Cryogenic Equipment Market Size to Grow $22.96 Billion at 9.3% CAGR through 2030 | MarketsandMarkets™ Delray Beach, FL, Sept. 30, 2026 (GLOBE NEWSWIRE) -- MarketsandMarkets™ projects, the global Cryogenic Equipment Market size is projected to reach USD 22.96 billion by 2030 from USD 14.74 billion in 2025, at a CAGR of 9.3% during the forecasted period. The global transition to clean energy sources is a significant driver of heightened demand for cryogenic equipment. This report segments the Cryogenic Equipment Market based on equipment into five categories: tanks, valves, vaporizers, pumps, and other equipment. The increasing adoption of high-efficiency and application-specific cryogenic systems, particularly for LNG, industrial gases, healthcare, and hydrogen applications, which help customers manage energy intensity and operational costs; the growing digitalization of cryogenic infrastructure, enabled by advanced sensors, remote monitoring, and automated control systems that support safe, continuous, and optimized low-temperature operations; and a rising dependence on data-driven maintenance and performance services, where condition monitoring, predictive diagnostics, and uptime-based service contracts are used to improve reliability, extend equipment life, and meet stringent safety, quality, and regulatory requirements.

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Cryogenic Equipment Size, Share & Forecast:

“LNG is expected to be the largest segment, by cryogen, during the forecast period.”

By cryogen, the LNG segment is expected to grow at the highest rate during the forecast period due to increasing investments in LNG infrastructure. LNG is a globally traded commodity, with demand for it as a cleaner energy source surging worldwide. This has led to the expansion of LNG infrastructure to support international trade and the growing demand for LNG across various regions. LNG's ease of transport has unlocked previously unprofitable natural gas reserves that were once considered economically unviable due to the high costs associated with pipeline infrastructure. To address the surging LNG demand, countries are making significant investments in LNG storage and regasification infrastructure.

Tanks are expected to grow at the highest CAGR in the equipment market during the forecast period.

Based on equipment, the cryogenic equipment market has been split into tanks, valves, vaporizers, pumps, and others. During the forecasted period, tanks are anticipated to experience the highest CAGR among various segments in the market. This growth can be primarily attributed to the surging global demand for liquefied natural gas (LNG) tanks and microbulk tanks, which are becoming increasingly essential for efficient gas storage and transportation. As industries and utility providers seek to expand their capabilities in handling LNG, the necessity for advanced, safe, and reliable tank solutions is driving innovation and investment in this area. The growing focus on sustainable energy solutions further emphasizes the importance of LNG as a transitional fuel, solidifying the leading position of the tanks segment in the market for the coming years.

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By end-user, the metallurgy segment is expected to dominate the forecasted period owing to the extensive use of cryogenic equipment in metal processing and advanced materials manufacturing. Cryogenic technologies have been widely applied in metallurgical areas, including cryogenic treatment of metals, low-temperature grinding, gas separation, and controlled cooling processes, where the properties of material strength, wear resistance, and dimensional stability are enhanced. The growing demand for high-performance alloys and precision-engineered components in the automotive, aerospace, and industrial manufacturing sectors has once again supported the adoption of cryogenic systems in metallurgy. Along with that, there has been continuous investment in cryogenic equipment in this end-user segment due to demand for the efficient handling and liquefaction of industrial gases like nitrogen and argon, which are essential to the metallurgical processes.

The Asia Pacific will be the fastest-growing Cryogenic Equipment Market throughout the forecast period, driven by the industry’s rapid growth, the development of energy infrastructure, and the government’s emphasis on clean energy and advanced manufacturing. This Asia Pacific Cryogenic Equipment Market covers the major economies of China, India, Japan, Australia, South Korea, and the ASEAN countries, where the demand for cryogenic equipment is growing across various applications like LNG, industrial gases, healthcare, electronics, and energy. The market for cryogenic equipment in the Asia Pacific is greatly driven by large-scale LNG infrastructures, investments for hydrogen production and liquefaction, the setting up of air separation units, and an increasing uptake of cryogenic technology in the healthcare and semiconductor manufacturing sectors. China remains the number one country in terms of LNG terminals, industrial gas capacity increases, and hydrogen projects; in contrast, India is the country where demand is growing most due to healthcare, steel, space research, and clean energy driving demand. Japan and South Korea are on the path of hydrogen mobility and LNG-based power generation, thus indirectly benefiting the market.

Competitive Landscape

The key players in Cryogenic Equipment Market are Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US), Chart Industries (US), PARKER HANNIFIN CORP (US), Nikkiso Co., Ltd. (Japan), and INOX India Limited (India). These companies have a strong diversified service portfolio and a strong regional presence.

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