Cryogenic Equipment Market To Reach $45,390.9 Million By 2033

December 2025 | Report Format: Electronic (PDF)

Cryogenic Equipment Market Growth & Trends

The global cryogenic equipment market size is expected to reach USD 45,390.9 million by 2033, registering a CAGR of 7.0% from 2026 to 2033, according to a new report by Grand View Research, Inc. Increasing demand for technical gases from the energy & power industries and rising needs within the entire Liquefied Natural Gas (LNG) value chain are expected to propel the industry growth during the forecast period. Cryogenic equipment is widely used in LNG storage and transportation. LNG, a low-emission fuel, is preferred by several regulatory bodies addressing environmental concerns, thereby driving product demand. Rising investments in LNG power plants and the trend toward using LNG fuel in railroads and marine transportation have increased the demand for cryogenic equipment.

Technological developments in the fields of pharmaceutical, immunotherapy, vaccination, and regenerative medication have boosted the utilization of cryogenic equipment. In addition, a rise in cases of health-related problems, particularly in metropolitan areas, as well as the growing population is expected to support the growing installation of cryogenic equipment. Advancement in the energy & power sector has led to the improvement of HTS cables and energy storage, facilitating the use of cryogenic equipment for cooling purposes. Furthermore, substantial investments in developing countries to construct smart cities, high-speed trains, and the need to reduce global carbon footprints are likely to create lucrative opportunities for the industry.

An increase in government programs, greenfield investments, and related policies to adopt advanced technological equipment is expected to boost product demand over the forecast period. Rapid industrialization and increasing disposable income have led to the widespread adoption of this equipment in automotive, metallurgy, and other industries. Companies in the industry are actively engaged in mergers and acquisitions and joint ventures to strive in the competitive industry. For instance, in September 2020, Air Liquide SA acquired the majority of its stake in the French company Cryoconcept. In December 2021, Chart Industries Inc. signed MOU with Howden Group, incorporating gas compression systems in Chart hydrogen offerings.

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Cryogenic Equipment Market Report Highlights

By product, the tank segment dominated the market with a revenue share of 32.8 % in 2025. The pumps segment is expected to grow at a considerable CAGR of 7.7% from 2026 to 2033 in terms of revenue.
By cryogen, the liquified natural gas segment accounted for a revenue share of 31.7% in 2025. The hydrogen segment is expected to grow at a considerable CAGR of 7.8% from 2026 to 2033 in terms of revenue.
By application, the storage segment accounted for a revenue share of 56.2% in 2025. The distribution segment is expected to grow at a considerable CAGR of 7.2% from 2026 to 2033 in terms of revenue.
By end-use, the metallurgy segment accounted for a revenue share of 26.9% in 2025. The automotive segment is expected to grow at a considerable CAGR of 7.9% from 2026 to 2033 in terms of revenue.
Asia Pacific dominated the cryogenic equipment market with the largest revenue share of 46.8% in 2025. China’s cryogenic equipment market is being driven strongly by the rapid build-out of hydrogen production capacity and associated infrastructure.