According to MarketsandMarkets™ “US Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-use Industry (Energy & Power, Chemicals, Metallurgy, Transportation), and Application – Forecast to 2030” is projected to grow from USD 2.84 billion in 2025 and to reach USD 4.65 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.
The strong presence of high technology manufacturers in the US fuel the demand for high-purity gas circuitry. The growth of space, military, and research programs that demand extreme low-temperature technologies have been considered as key drivers for the US cryogenic equipment market. Increasing use of automation and electronic monitoring of industrial processes hasten the modernization of cryogenic systems. Additionally, the increasing attention to operational safety, cost of lifecycle reduction, and the high-end compliance with the strict engineering standards prompts industries to substitute the old equipment with the state-of-the-art cryogenic solutions.
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“Energy and power segment is expected to hold the second-largest market share in 2030”
The second-fastest end user is the energy and power segment due to the large number of cryogenic systems in LNG liquefaction, regasification, peak-shaving plants, and gas-fired power infrastructure. Cryogenic facilities are fundamental to developed storage, transfer, and temperature of liquefied natural gas, as well as other industrial gasses utilized in power production. Constant modernization of gas-based power plants, grid stability initiatives, and hydrogen addition into existing energy systems perpetuate the demand. Projects that are capital intensive but less in number place energy and power as the second largest segment as compared to electronics.
“Valves segment is anticipated to grow at a commendable rate between 2025 and 2030”
The valves segment is projected to grow significantly during the forecast period. Each cryogenic system is required to have several high-performance valves to manage flow, isolate, and provide safety at extremely low temperatures. Various cryogenic valves utilized in LNG, hydrogen, and industrial gas plants is extensive and the list of the applications includes storage tanks, pipelines, and processing units. The regular replacement, high safety standards, and pressure and temperature specifications make the valve products continuously demanded, only second to the storage systems in the market share.
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Key Market Players
The report profiles key players, such as Linde plc (Ireland), Chart Industries (US), Cryofab Inc. (US), Air Products and Chemicals, Inc (US), and Taylor-Wharton (US).