Market Dynamics
Introduction
Cryogenic equipment focuses on the construction systems intended for the storage, handling, and transport of gas, in its cryogenic state, at temperatures less than -150 °C. Liquefied gases cryogenic storage equipment and systems, assuring proper preservation of distinguished temperatures, strength, and mechanical durability, hold considerable importance in the energy, chemicals, metallurgy, and transport sectors. Such systems include tanks and valves, dry heat vaporizers, and pumps.
Newly developed equipment in cryogenics strengthens its major proclivity for the storage, transport, and consumption of liquid hydrogen and LNG as cryogenic fuel for global energy transition. Due to growing applications in the electronics, health, and advanced manufacturing industries, systems and poles of cryogenic equipment keep focused on the construction of state-of-the-art industries and transport systems.
Recent Market Developments:
A considerable number of strategic alliances, market development, etc., have been performed over the past few years:
- In 2024, Air Liquide inaugurated a new liquid hydrogen production and storage plant in Nevada, USA. This broadened Air Liquide’s hydrogen and cryogenic solutions portfolio as well as strengthened the company's position as a leader in hydrogen infrastructure by catering to the growing needs of the mobility, aerospace, and semiconductor industries.
- In 2023, Linde plc commissions a cryogenic ASU in China to supply oxygen, nitrogen, and argon to a steel plant. This ASU particularly integrates cryogenic storage and supply, so the unit will be reliable and efficient over a long period of time.
Recent JVs, acquisitions, mergers:
- In 2025, Baker Hughes completed the acquisition of Chart Industries, Inc. This particular company is one of the largest suppliers of cryogenic tanks, vaporizers, and heat exchangers. This acquisition strengthens Baker Hughes' portfolio in cryogenic equipment by providing it with a more comprehensive, balanced collection of equipment. They will also be able to broaden their portfolio in clean energy, especially with respect to hydrogen and LNG.
- In 2023, Nikkiso Co., Ltd partnered with the Al-Qahtani Marine Group and drew a contract to create localized manufacturing and service capabilities for cryogenic pumps and vaporizers in the Middle East. It will aid LNG bunkering and hydrogen mobility in the region.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High-Growth Opportunity
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Equipment Analysis
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Tanks, Valves, Vaporizers, and Pumps
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Tanks are the fastest-growing segment because their large storage capacity, durability, and critical role in LNG terminals, hydrogen infrastructure, and industrial gas supply make them indispensable across energy and industrial sectors, driving faster adoption than valves, vaporizers, or pumps.
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Cryogen Analysis
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Nitrogen, Argon, Oxygen, LNG, and Hydrogen
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LNG is the fastest-growing cryogen segment because its role as a cleaner fuel in power generation, marine transport, and industrial applications is driving large-scale investments in storage, regasification, and bunkering infrastructure.
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End-User Analysis
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Energy, Chemicals, Metallurgy, and Transportation
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Transportation is the fastest-growing end-user segment, propelled by the rising use of LNG as a marine fuel to meet IMO emission standards and the rapid build-out of hydrogen fuelling stations for trucks, buses, and passenger vehicles.
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System Type Analysis
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Storage, Handling, and Supply
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Storage systems are the fastest-growing category, as large cryogenic tanks and containers are essential for LNG terminals, hydrogen hubs, and industrial gas reserves, making them more critical for capacity expansion and long-term adoption than handling or supply systems.
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Region Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Asia-Pacific is the dominant region for cryogenic equipment because of rapid industrialization, expanding LNG import terminals, and strong government investments in hydrogen and clean energy infrastructure are accelerating adoption faster than in North America, Europe, or the Rest of the World.
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By Equipment
“Tanks are the largest and also the fastest-growing segment, as global LNG trade and hydrogen adoption are driving heavy investment in high-capacity cryogenic storage systems.”
Tanks are the largest equipment segment because of their indispensable role in storing liquefied gases such as LNG, hydrogen, oxygen, and nitrogen at cryogenic temperatures. Tanks dominate the market due to their large capacity, durability, and widespread use across energy, industrial gas, and transportation industries. As the backbone of LNG terminals, hydrogen hubs, and medical or industrial gas supply chains, they remain the preferred choice for large-scale infrastructure investment where safety, reliability, and long-term performance are critical.
By cryogen Analysis
“LNG is the dominant and fastest-growing cryogen segment because its critical role in clean energy, power generation, and marine transport drives larger investments than nitrogen, oxygen, argon, or hydrogen.”
LNG is the dominant and fastest-growing cryogen segment because it combines large-scale energy demand, clean fuel transition benefits, and suitability for storage, transport, and power applications. LNG leads the cryogen market as it anchors global infrastructure development in terminals, bunkering stations, and regasification plants, providing an alternative to coal and oil in power generation and shipping. With rising investments in energy security, marine fuel compliance, and decarbonization, LNG continues to anchor demand while newer cryogens like hydrogen are expanding at a faster pace for emerging mobility and clean energy applications.
By End-User Analysis
“Energy is the dominant end-user segment because LNG exports, hydrogen infrastructure, and clean power initiatives generate higher cryogenic equipment demand than chemicals, metallurgy, or transportation.”
Energy is the dominant end-user of cryogenic equipment because LNG export facilities, hydrogen storage hubs, and clean energy transition projects rely heavily on large-capacity tanks, vaporizers, and pumps. Energy applications anchor the cryogenic equipment market as countries expand LNG for power generation and marine fuel while simultaneously investing in hydrogen infrastructure for mobility and decarbonization. With the rapid growth of LNG trade across Asia-Pacific, North America, and the Middle East, supported by favourable government policies on clean energy adoption, the energy sector continues to drive the largest share of demand.
By System Type Analysis
“Storage is the dominant system type because large-capacity cryogenic tanks and containers are indispensable for LNG terminals, hydrogen hubs, and industrial gas reserves.
Storage is the dominant as well as the fastest-growing system type in the cryogenic equipment market because large-capacity tanks and containers are essential for holding LNG, hydrogen, oxygen, nitrogen, and other industrial gases at ultra-low temperatures. Storage systems form the backbone of LNG terminals, hydrogen hubs, and industrial gas facilities, as they ensure long-term safety, stability, and reliability of supply. With the global build-out of LNG infrastructure, rapid investment in hydrogen storage for clean mobility, and rising demand for medical and industrial gases, storage continues to account for the largest share of the market. Supported by large-scale infrastructure projects across Asia-Pacific, North America, and the Middle East, the storage segment remains both the largest and fastest-growing system type in cryogenic equipment.
Regional Analysis
“Asia-Pacific is both the dominant and fastest-growing region in the cryogenic equipment market, fuelled by rapid LNG infrastructure expansion, industrial growth, and rising government investments in hydrogen and clean energy projects.”
Asia-Pacific is the dominant region in the cryogenic equipment market because rapid industrialization, large-scale LNG import terminals, and expanding hydrogen infrastructure projects are driving unprecedented demand for storage tanks, vaporizers, and pumps. Countries such as China, India, Japan, and South Korea are at the forefront of LNG consumption, investing heavily in regasification terminals and hydrogen hubs to support both industrial demand and clean energy transitions.
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The cryogenic equipment market is segmented into the following categories.
Cryogenic Equipment Market, by Equipment Analysis
- Tanks (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Valves (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Vaporizers (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Pumps (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Cryogenic Equipment Market, by Cryogen
- Nitrogen (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Argon (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Oxygen (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- LNG (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Hydrogen (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Cryogenic Equipment Market, by End-User
- Energy (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Chemicals (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Metallurgy (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Cryogenic Equipment Market, by System Type
- Storage (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Handling (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Supply (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World
Cryogenic Equipment Market by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
- Asia-Pacific (Country Analysis: China, India, Japan, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
