The Asia Pacific Cryogenic Equipment Market Size was valued at USD 9.80 billion in 2024. The Asia Pacific Cryogenic Equipment Market Size is expected to have 6.80 % CAGR from 2025 to 2033 and be worth USD 17.72 billion by 2033 from USD 10.47 billion in 2025.
Advancements in space exploration have spurred demand for cryogenic systems with countries like India and China investing in satellite launches and deep-space missions. The Indian Space Research Organisation, employs cryogenic propulsion systems in its GSLV rockets emphasizing the critical role of this technology in aerospace applications. Furthermore, the rise of precision medicine and biotechnology has driven the adoption of cryogenic freezers for preserving biological samples. This convergence of technological innovation and industrial demand positions the Asia Pacific cryogenic equipment market as a cornerstone of regional progress and global competitiveness.
Rising demand for liquefied natural gas (LNG) in the Asia Pacific region is being driven by its role as a cleaner alternative to coal and oil contributing to an unprecedented surge in consumption. LNG imports in the region grew by 8% in 2022 with countries like Japan, South Korea and China leading the charge. This increased reliance on LNG has created a pressing need for cryogenic equipment which is essential for the storage and transportation of this fuel at temperatures below -160°C. Japan’s Ministry of Economy, Trade and Industry has allocated substantial funds to expand its LNG terminal infrastructure ensuring energy security amid geopolitical uncertainties. Cryogenic tanks and pipelines are critical components of these facilities enabling safe and efficient handling of LNG. According to the Hydrogen Council, the Asia Pacific is projected to account for 40% of global hydrogen production by 2030, that is further boosting the adoption of cryogenic equipment. This confluence of energy policies and environmental goals emphasize the pivotal role of LNG and hydrogen in driving the cryogenic equipment market forward.
The rapid growth of the healthcare and biotechnology sectors in the Asia Pacific is another key driver of the cryogenic equipment market. The rise of precision medicine has increased the demand for cryopreservation systems used to store stem cells, tissues and other biological materials. Investments in biotech research and development in the Asia Pacific exceeded USD 150 billion in 2022 reflecting the sector’s burgeoning potential. Cryogenic equipment plays a vital role in maintaining the viability of these samples ensuring their usability in cutting-edge therapies. Furthermore, the ongoing COVID-19 pandemic has shown the importance of resilient healthcare infrastructure which prompted governments to invest in cryogenic solutions for future preparedness. This synergy between healthcare innovation and cryogenic technologies is propelling the market’s expansion across the region.
High initial investment costs for deployment are one of the most significant barriers to the widespread adoption of cryogenic equipment in the Asia Pacific region. Cryogenic systems involve complex engineering including vacuum-insulated vessels, advanced cooling mechanisms and precise temperature control all of which contribute to elevated costs. Developing nations in the region allocate less than 2% of their GDP to industrial modernization and limiting their capacity to invest in high-cost technologies like cryogenic equipment. For instance, small-scale LNG operators in Southeast Asia often face financial constraints when attempting to establish cryogenic storage facilities despite the region’s growing energy demands. Additionally, the maintenance of cryogenic systems requires specialized expertise and regular inspections and further increasing operational expenses. The lifecycle costs of cryogenic equipment can be up to 30% higher than conventional storage solutions that deter potential adopters with limited budgets.
Limited technical expertise and a shortage of skilled workers capable of operating and maintaining cryogenic systems represent another critical restraint impacting the adoption of cryogenic equipment in the Asia Pacific region. The region faces a skills gap in advanced manufacturing and engineering with an estimated shortfall of 47 million workers by 2030. Cryogenic equipment requires precise handling and calibration to ensure optimal performance yet training programs for such specialized skills are scarce. In rural areas of India and Indonesia the lack of trained technicians has delayed the implementation of cryogenic cold chain solutions for agricultural products. This gap in technical knowledge not only hampers the effective deployment of cryogenic systems but also raises concerns about safety and operational efficiency. The rapid pace of technological advancement in the region outstrips the availability of qualified professionals creating a bottleneck for industries reliant on cryogenic technologies. This lack of expertise undermines confidence in adopting cryogenic solutions which hinder market growth.
Growing adoption of hydrogen fuel technology in the Asia Pacific region positions it at the forefront of the global transition to sustainable energy presenting a lucrative opportunity for the cryogenic equipment market. The region is projected to account for 40% of global hydrogen production by 2030 driven by ambitious government initiatives and private sector investments. For instance, Japan’s Green Growth Strategy aims to achieve carbon neutrality by 2050 with hydrogen playing a central role in decarbonizing industries such as transportation and manufacturing. Cryogenic equipment is indispensable for storing and transporting hydrogen in its liquid form that requires temperatures below -253°C. The cost of green hydrogen production is expected to decline by 50% by 2030 making it more accessible and driving the demand for cryogenic storage solutions. This shift toward hydrogen-based economies not only aligns with environmental goals but also creates new avenues for cryogenic equipment manufacturers to innovate and expand their offerings.
The advancements in space exploration initiatives in the Asia Pacific present another significant opportunity for the cryogenic equipment market. Countries like India and China are investing heavily in space programs leveraging cryogenic propulsion systems to enhance rocket performance. For example, India’s Geosynchronous Satellite Launch Vehicle (GSLV) utilizes cryogenic engines developed by the Indian Space Research Organisation enabling the launch of heavier payloads into orbit. The number of satellite launches in the region increased by 25% in 2022 reflecting the growing demand for cryogenic technologies in aerospace applications. This convergence of technological innovation and space exploration ambitions positions the cryogenic equipment market as a key enabler of regional and global space endeavors offering untapped potential for growth and collaboration.
Stringent regulatory frameworks and safety standards which vary significantly across countries and often hinder the deployment of cryogenic equipment in the Asia Pacific region. In densely populated urban areas of Japan and South Korea obtaining clearance for cryogenic storage facilities requires multiple approvals from local authorities along with environmental agencies and industry regulators. These regulations are designed to mitigate risks associated with cryogenic operations such as leaks or explosions but they also increase compliance costs and create operational bottlenecks. Regulatory hurdles not only raise barriers to entry but also limit the flexibility of cryogenic equipment in addressing urgent industrial or energy needs.
vulnerability to supply chain disruptions is another pressing challenge for the Asia Pacific cryogenic equipment market and is exacerbated by geopolitical tensions and logistical complexities. The region’s reliance on imported raw materials and components for cryogenic systems has made it susceptible to fluctuations in global trade dynamics. For example, the ongoing semiconductor shortage has impacted the production of advanced sensors and control systems used in cryogenic equipment as noted by the Semiconductor Industry Association. Additionally, geopolitical conflicts such as those in the South China Sea have disrupted shipping routes critical for transporting cryogenic materials and equipment. The Asia Pacific accounts for over 40% of global shipments making supply chains highly vulnerable to external shocks. These disruptions not only increase lead times but also drive up costs undermining the reliability and scalability of cryogenic solutions in the region.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2024 to 2033 |
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Base Year |
2024 |
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Forecast Period |
2025 to 2033 |
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CAGR |
6.80% |
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Segments Covered |
By Product, Cryogen Type , End user and Country. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Country Covered |
China, India, Japan, South Korea, Australia, New Zealand, Thailand, Indonesia, Philippines, Vietnam, Singapore, Rest of APAC. |
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Market Leader Profiled |
Chart Industries Inc, Linde PLC, Nikkiso Co Ltd, Standex International Corp, Air Liquide SA, Volkswagen AG, ULVAC Inc, Herose UK, Wessington Cryogenics, INOX India Pvt Ltd, Premier Cryogenics, Cryolor, Cryo Pur |
The cryogenic tank segment dominated the Asia Pacific cryogenic equipment market by capturing a market share of 45.3% in 2024 as tanks play crucial role in storing cryogenic liquids such as liquefied natural gas (LNG), nitrogen and oxygen. For instance, Japan’s Ministry of Economy, Trade and Industry has invested heavily in expanding its LNG terminal infrastructure where cryogenic tanks are indispensable for maintaining the integrity of stored gases. Another factor driving the prominence of cryogenic tanks is their versatility across industries. Tanks are integral to healthcare, energy and chemical sectors ensuring the safe preservation of temperature-sensitive materials. Advancements in vacuum-insulated technology have enhanced the durability and efficiency of these tanks reducing heat ingress and improving operational longevity. Investments in industrial modernization have prioritized cryogenic tanks due to their scalability and adaptability which strengthen their position as the largest product segment.
The vaporizer segment is projected to grow at CAGR of 9.2% during the forecast period driven by its pivotal role in converting cryogenic liquids into gaseous forms for industrial applications. The Asia Pacific is expected to account for 40% of global hydrogen production by 2030 with vaporizers playing a critical role in hydrogen fuel systems. For example, South Korea’s green hydrogen initiatives rely on advanced vaporizers to ensure seamless integration into power generation and transportation networks. Another key driver of the vaporizer segment’s rapid growth is its adoption in metallurgy and chemical processing. The demand for industrial gases like oxygen and nitrogen has surged by 10% annually in the region necessitating efficient vaporization solutions. Furthermore, technological advancements such as ambient air vaporizers have reduced operational costs while enhancing performance. The adoption of energy-efficient vaporizers aligns with regional sustainability goals that further accelerate market growth.
The Liquefied natural gas (LNG) led the Asia Pacific cryogenic equipment market with 35.4% of share in 2024 by escalating energy demands and the transition toward cleaner fuels. LNG imports in the Asia Pacific increased by 8% in 2022 with countries like Japan, China and South Korea leading consumption trends. Cryogenic equipment is essential for LNG storage and transportation ensuring the safe handling of this fuel at temperatures below -160°C. Another factor contributing to LNG’s prominence is its role in decarbonizing energy systems. The Asia Pacific aims to reduce carbon emissions by 45% by 2030 driving investments in LNG infrastructure. For instance, Australia has emerged as a global LNG exporter leveraging cryogenic technologies to meet international demand. Additionally, advancements in small-scale LNG systems have expanded access to remote areas.
The hydrogen segment is expected to grow at the fastest CAGR of 12.5% during the forecast period and driven by its potential as a sustainable energy source. The Asia Pacific is projected to account for 40% of global hydrogen production by 2030 with countries like Japan and South Korea spearheading green hydrogen initiatives. Japan’s Green Growth Strategy emphasizes hydrogen as a cornerstone of its carbon neutrality goals and necessitating advanced cryogenic equipment for storage and transportation.
Another key driver of hydrogen’s rapid growth is its versatility across industries. As per the International Energy Agency, hydrogen’s applications in transportation, manufacturing and power generation are expanding and creating new opportunities for cryogenic solutions. Furthermore, government incentives such as subsidies for hydrogen fuel cell vehicles have accelerated adoption. Investments in renewable hydrogen projects are expected to exceed USD 100 billion by 2030 further propelling the segment’s growth.
The oil & gas segment was the largest and held 30.4% of the Asia Pacific cryogenic equipment market share in 2024. The growth of the segment is driven by the region’s reliance on liquefied natural gas (LNG) and other cryogenic fluids for energy production. LNG consumption in the Asia Pacific grew by 8% in 2022 bringing into focus the sector’s critical need for cryogenic storage and transportation solutions. For instance, India’s Oil and Natural Gas Corporation has integrated cryogenic equipment into its LNG terminals ensuring energy security amidst rising demand. Another factor contributing to the oil & gas sector’s prominence is its focus on sustainability. Advancements in offshore drilling and exploration have increased the demand for marine cryogenic systems.
The power generation segment is projected to grow at the fastest CAGR of 10.7% in the next coming years owing to the integration of hydrogen and LNG into energy systems. The Asia Pacific is expected to account for 40% of global hydrogen production by 2030 with power plants adopting hydrogen-based technologies for cleaner energy generation. Another key driver of the segment’s rapid growth is the transition to renewable energy. Investments in renewable power generation exceeded USD 300 billion in the Asia Pacific in 2022 creating opportunities for cryogenic solutions. Subsidies for hydrogen fuel cells and LNG-powered plants have incentivized the use of cryogenic equipment which further propelled the segment’s expansion.
China was the largest contributor in the Asia Pacific cryogenic equipment market and accounted for 25.3% of share in 2024. The country’s rapid industrialization and focus on clean energy have driven significant investments in LNG infrastructure and hydrogen technologies. China’s LNG imports increased by 10% in 2022 necessitating advanced cryogenic systems for storage and transportation. Additionally, the Chinese government’s commitment to achieving carbon neutrality by 2060 has spurred demand for cryogenic equipment in power generation and transportation sectors.
Japan was positioned second in holding the dominant share of the regional market driven by its governance in hydrogen fuel technologies and LNG consumption. Japan’s Green Growth Strategy emphasizes hydrogen as a key enabler of carbon neutrality, which creates lucrative opportunities for cryogenic equipment manufacturers. Additionally, Japan’s reliance on LNG for energy security has bolstered investments in cryogenic storage facilities as noted by the Ministry of Economy, Trade and Industry.
India is likely to showcase huge growth opportunities for the Asia Pacific cryogenic equipment market with a strong focus on LNG infrastructure and healthcare applications. India’s LNG imports grew by 12% in 2022 driven by rising energy demands. Additionally, the country’s Serum Institute relies on cryogenic freezers for vaccine storage which emphasize the importance of cryogenic equipment in healthcare logistics.
South Korea cryogenic equipment market is likely to gain huge growth opportunities in next coming years with a strategic emphasis on green hydrogen and LNG. South Korea’s hydrogen economy roadmap aims to produce 27.5 million tons of hydrogen annually by 2050 necessitating advanced cryogenic systems. Additionally, the country’s LNG imports have surged which further drives cryogenic equipment adoption.
Australia cryogenic equipment market is likely to grow with focus on LNG exports and hydrogen production. According to the International Energy Agency, Australia is a leading LNG exporter and is leveraging cryogenic technologies to meet global demand. Additionally, the country’s investments in renewable hydrogen projects have created new opportunities for cryogenic equipment manufacturers.
Companies playing a prominent role in the Asia Pacific cryogenic equipment market are Chart Industries Inc, Linde PLC, Nikkiso Co Ltd, Standex International Corp, Air Liquide SA, Volkswagen AG, ULVAC Inc, Herose UK, Wessington Cryogenics, INOX India Pvt Ltd, Premier Cryogenics, Cryolor, Cryo Pur.
The Asia Pacific cryogenic equipment market is characterized by intense competition driven by the presence of established global players and emerging regional firms. Leading companies such as Chart Industries as well as Air Products and Chemicals and Linde plc dominate the market through their advanced technologies and extensive experience in energy and industrial applications. However, smaller players are gaining traction by offering cost-effective and customizable solutions tailored to local demands. The competitive landscape is further shaped by increasing government investments in clean energy, healthcare and industrial modernization which create lucrative opportunities for all participants. Additionally, the growing emphasis on sustainability and technological advancements has intensified competition as firms strive to develop versatile systems capable of addressing both industrial and environmental challenges.
Chart Industries, Inc.
Chart Industries is a global leader in cryogenic equipment and renowned for its innovative solutions in LNG storage along with hydrogen fuel systems and industrial gas applications. The company’s commitment to sustainability aligns with the Asia Pacific’s growing demand for clean energy technologies making it a key player in the region. Chart Industries has contributed significantly to the global market by developing advanced cryogenic tanks and vaporizers that cater to diverse industries including oil & gas and healthcare.
Air Products and Chemicals, Inc.
Air Products and Chemicals is a pioneer in the production and distribution of industrial gases with a strong presence in the Asia Pacific cryogenic equipment market. The company specializes in hydrogen and LNG technologies offering end-to-end solutions for energy and industrial applications. Air Products’ emphasis on sustainability and innovation has driven its global expansion particularly in regions transitioning to renewable energy.
Linde plc
Linde plc is a leading provider of cryogenic equipment and industrial gases with a significant footprint in the Asia Pacific. The company’s expertise spans healthcare along with metallurgy and chemical processing where its cryogenic solutions ensure safe and efficient operations. Linde’s commitment to technological advancements and customer-centric innovations has strengthened its global market position.
Strategic Acquisitions and Partnerships
Strategic acquisitions and partnerships have been prioritized by key players in the Asia Pacific cryogenic equipment market to expand their product portfolios and geographic reach. Collaborations with local governments and private entities enable companies to tailor solutions to regional needs while leveraging established networks. For instance, partnerships with energy firms enable seamless integration of cryogenic systems into LNG terminals and hydrogen fuel stations ensuring long-term adoption and scalability.
Investment in Sustainable Technologies
Sustainability remains a core focus for market leaders aiming to align with global environmental goals. These investments not only support carbon neutrality initiatives but also position firms as pioneers in eco-friendly cryogenic solutions.
Expansion of Service Offerings
Expansion of service offerings beyond hardware sales is a key strategy companies are using to strengthen their market presence. This approach enables firms to address the entire lifecycle of cryogenic equipment creating a competitive advantage in the dynamic Asia Pacific market.
In March 2023, Chart Industries partnered with India’s Oil and Natural Gas Corporation to supply cryogenic tanks for LNG terminals aiming to enhance India’s energy infrastructure while expanding Chart Industries’ regional footprint.
In June 2023, Air Products and Chemicals launched a green hydrogen project in South Korea integrating advanced cryogenic equipment for storage and transportation.
In September 2023, Linde plc signed a Memorandum of Understanding with Australia’s Department of Industry to support LNG exports using cryogenic systems.
In November 2023, Cryostar SAS opened a new manufacturing facility in Thailand to produce cryogenic pumps and vaporizers.
In February 2024, VRV Asia Pacific introduced a next-generation cryogenic bayonet connection system in Japan, which is designed for use in space exploration missions.
This research report on the asia pacific cryogenic equipment market has been segmented and sub-segmented into the following.
By Product
By Cryogen Type
By End User
By Country
Frequently Asked Questions
The Asia Pacific Cryogenic Equipment Market refers to the industry involved in the production, distribution, and sale of equipment used to store, handle, and transport materials at extremely low temperatures (below -150°C), particularly gases like LNG, nitrogen, and oxygen.
LNG demand is a major growth factor, as it requires specialized cryogenic tanks, pipes, and transport systems to handle and ship liquefied natural gas at -162°C safely.
Some of the top players include Chart Industries Air Liquide Linde Group Cryofab INOXCVA
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