India Cryogenic Equipment Market Size (2024 – 2030)

The India Cryogenic Equipment Market, valued at USD 231 million in 2023, is projected to achieve a market size of USD 408.90 million by 2030. This growth trajectory anticipates a compound annual growth rate (CAGR) of 8.5% from 2024 to 2030.

India Cryogenic Equipment Market Overview

The India Cryogenic Equipment Market showcases a dynamic landscape characterized by the proliferation of advanced technologies and a surge in demand across various industries. Cryogenic equipment, encompassing storage tanks, valves, pumps, and vaporizers, among others, finds extensive utility in sectors such as healthcare, chemicals, electronics, and aerospace. With India's burgeoning pharmaceutical and biotechnology sectors, there's an escalating need for cryogenic storage solutions to preserve biological samples and vaccines, further propelled by the COVID-19 pandemic. Additionally, the expanding liquefied natural gas (LNG) infrastructure and the government's emphasis on clean energy drive the adoption of cryogenic equipment for LNG storage and transportation. The market is witnessing notable innovations, including the development of compact and energy-efficient cryocoolers, enhancing the efficiency and reliability of cryogenic systems. Furthermore, collaborations between domestic companies and international players aim to leverage expertise and foster technological advancements in indigenous manufacturing, thus augmenting the market's growth trajectory. However, challenges such as stringent regulations pertaining to cryogenic gases handling and high initial investments pose barriers to market expansion. Despite these challenges, the India Cryogenic Equipment Market is poised for significant growth, fueled by escalating demand from end-user industries, technological advancements, and strategic collaborations, thereby presenting lucrative opportunities for market players aiming to capitalize on the nation's evolving industrial landscape.

India Cryogenic Equipment Market Drivers:

Expanding Industrial Applications:

As India continues to witness rapid industrialization across sectors such as healthcare, electronics, and energy, the demand for cryogenic equipment has surged. Industries are increasingly relying on cryogenic processes for applications like gas liquefaction, cooling, and preservation, thereby driving the market growth. This trend is particularly evident in sectors like healthcare where cryogenic equipment is crucial for medical imaging, storage of biological samples, and even in cancer treatment through cryoablation techniques.

Infrastructure Development:

The government's focus on infrastructure development, especially in sectors like energy and transportation, is propelling the demand for cryogenic equipment. The expansion of LNG terminals, the development of high-speed rail networks, and the growing adoption of LNG-powered vehicles necessitate advanced cryogenic technologies for storage, transportation, and handling of liquefied gases. This infrastructure push is not only fostering domestic demand but also positioning India as a key player in the global LNG market, driving investments in cryogenic infrastructure.

Emergence of Space Industry:

India's burgeoning space industry, exemplified by organizations like ISRO (Indian Space Research Organisation), is another significant driver for the cryogenic equipment market. The country's ambitious space missions, including satellite launches and interplanetary exploration, heavily rely on cryogenic propulsion systems. As ISRO aims for more frequent and sophisticated space endeavors, the demand for cryogenic engines, tanks, and related equipment is poised to escalate. This presents lucrative opportunities for both domestic manufacturers and international players looking to tap into India's space exploration ventures.

Challenges in the India Cryogenic Equipment Market:

Regulatory Hurdles and Compliance Complexities:

The Indian cryogenic equipment market faces a significant challenge in navigating the intricate web of regulatory requirements and compliance standards. The stringent regulatory landscape, often influenced by safety concerns and environmental considerations, imposes hurdles for market players. From obtaining licenses for cryogenic storage facilities to adhering to safety protocols for transportation and handling of cryogenic liquids, companies encounter a maze of bureaucratic procedures. Moreover, the evolving regulatory framework adds another layer of complexity, requiring constant vigilance and adaptation. This not only increases the cost of compliance but also prolongs the time-to-market for new products and technologies, constraining the growth potential of the sector.

Infrastructure Limitations and Technological Constraints:

Another pressing restraint confronting the Indian cryogenic equipment market is the inadequacy of infrastructure and technological limitations. Despite witnessing rapid advancements in cryogenic technology globally, India grapples with infrastructural deficiencies that impede the seamless integration and expansion of cryogenic applications across various industries. The lack of specialized facilities for research, development, and testing of cryogenic equipment hampers innovation and inhibits the emergence of indigenous solutions tailored to local needs. Furthermore, the scarcity of skilled manpower proficient in cryogenic engineering exacerbates the problem, constraining the ability of companies to fully leverage cutting-edge technologies and optimize operational efficiencies. As a result, the market encounters hurdles in scaling up production capacities, enhancing product performance, and delivering cost-effective solutions, thereby restraining its overall growth trajectory

Opportunities in the India Cryogenic Equipment Market:

One notable market opportunity lies within the healthcare sector. As India's healthcare infrastructure undergoes rapid modernization, the demand for cutting-edge medical equipment surges. Cryogenic equipment, with its ability to store and transport biological samples, vaccines, and medical gases at ultra-low temperatures, holds immense significance in preserving the efficacy of delicate medical materials. From vaccine storage facilities to research laboratories, the need for reliable cryogenic solutions presents a compelling opportunity for market players to cater to this burgeoning demand.

Market Segmentation:

India Cryogenic Equipment Market Segmentation: By Type

• Cryogenic Tanks
• Valves
• Vacuum Jacketed Pipes
• Pumps
• Others

The highest market share in the Indian Cryogenic Equipment Market is commanded by the segment of Cryogenic Tanks, serving as the sturdy pillars of storage infrastructure for liquefied gases. With their pivotal role in industries ranging from healthcare to metallurgy, cryogenic tanks stand as the cornerstone of cryogenic operations, ensuring the safe preservation and transport of essential gases at ultralow temperatures. Concurrently, the fastest-growing sector within this dynamic market landscape is the segment of Valves, which act as the guardians of cryogenic systems, regulating the precise flow of gases with advanced technology and reliability. Propelled by burgeoning demand and technological innovations, the valves segment is witnessing unprecedented growth, catering to the evolving needs of industries embracing cryogenic processes for manufacturing, transportation, and beyond. As India charts its course towards industrial expansion and technological prowess, these segments, along with others like vacuum jacketed pipes and pumps, collectively pave the way for a robust cryogenic infrastructure, poised to fuel innovation and drive progress across diverse sectors.

India Cryogenic Equipment Market Segmentation: By Applications

• Storage
• Transportation
• Others

The highest segment in the Indian cryogenic equipment market is storage, encompassing a broad spectrum of industries reliant on cryogenic technology for preservation and maintenance. With a significant share of the market, storage solutions cater to the burgeoning demand for safe and efficient storage of liquefied gases, particularly in the healthcare sector for biological samples and vaccines. Simultaneously, the transportation segment emerges as the fastest-growing, driven by the increasing need for secure transit of industrial gases across various sectors. This surge is propelled by India's expanding industrial landscape and the consequent demand for specialized gases, necessitating robust transportation solutions. Moreover, the "Others" segment, while smaller in share, presents a mosaic of niche applications spanning aerospace, research, and energy sectors. As India embarks on ambitious space exploration and renewable energy endeavors, the demand for specialized cryogenic equipment within these niches is anticipated to ascend steadily. This diverse market landscape underscores the dynamic evolution and promising prospects of the Indian cryogenic equipment market, where innovation converges with industrial needs to propel the nation towards greater efficiency and sustainability.

India Cryogenic Equipment Market Segmentation: By End User

• Healthcare
• Metallurgy
• Electronics
• Energy
• Others

The healthcare sector emerges as the highest market shareholder and the fastest-growing segment within the dynamic landscape of the India Cryogenic Equipment Market. With a compound annual growth rate (CAGR) soaring at approximately 8%, propelled by the relentless march of medical advancements, cryogenic technologies in healthcare stand at the forefront of innovation. From MRI machines to cryosurgical procedures and the meticulous storage of biological specimens, cryogenic equipment plays a pivotal role in revolutionizing patient care and diagnostic precision. Simultaneously, the metallurgy industry, though exhibiting a more moderate growth rate around 5-6%, commands a substantial market share, underlining its indispensable role in industrial applications. As sectors like electronics and energy embrace cryogenic solutions to fuel their own trajectories of growth and efficiency, the market finds itself at the nexus of diverse industries, each weaving its unique narrative of progress. From semiconductor fabrication to LNG production and beyond, the versatility of cryogenic equipment transcends boundaries, fostering a symphony of innovation across multifaceted domains. As India propels itself towards the forefront of technological prowess and industrial excellence, the symbiotic relationship between end-users and cryogenic technologies promises a future brimming with transformative possibilities.

India Cryogenic Equipment Market Segmentation: By Region

The highest market share in the India Cryogenic Equipment Market is dominated by the Southern region, where states like Tamil Nadu and Karnataka serve as bustling hubs of industrial activity. Here, the demand for cryogenic equipment is propelled by a robust infrastructure and a diverse range of industries. Meanwhile, the Northern region emerges as the fastest-growing segment, showcasing exponential expansion driven by its burgeoning industrial landscape. With Gujarat and Maharashtra leading the charge in the Western region, India's cryogenic equipment market paints a dynamic picture of growth and innovation. The Eastern and Western regions also play integral roles, contributing to the market's vibrancy with their respective industrial prowess and strategic positioning. In essence, while India stands as the overarching stage for cryogenic advancements, its regional segmentation underscores the nuanced tapestry of growth, where each region adds a unique brushstroke to the sector's evolving landscape.

Impact of COVID-19 on the India Cryogenic Equipment Market:

The COVID-19 pandemic has significantly impacted the India Cryogenic Equipment Market, leading to both challenges and opportunities. With the sudden disruption in global supply chains and restrictions on movement, the market experienced a slowdown in production and distribution channels, causing delays in project executions and installations. However, amidst these challenges, the pandemic also highlighted the critical importance of cryogenic equipment in healthcare infrastructure, particularly in the storage and transport of vaccines and medical gases such as oxygen. This surge in demand for cryogenic equipment for medical purposes stimulated innovation and adaptation within the industry, fostering the development of more efficient and reliable solutions. Additionally, as the Indian government prioritized investments in healthcare infrastructure and cold chain logistics to combat the pandemic, it provided a conducive environment for market growth, prompting companies to expand their product offerings and invest in research and development. Moreover, the pandemic spurred greater awareness and adoption of cryogenic technology across various sectors, including pharmaceuticals, biotechnology, and food processing, driving the long-term expansion of the India Cryogenic Equipment Market. As the country continues to navigate the challenges posed by the pandemic and focuses on building resilient healthcare and industrial infrastructure, the demand for cryogenic equipment is expected to remain robust, creating new avenues for growth and innovation in the post-pandemic era.

India Cryogenic Equipment Market Key Players:

1. Linde India Limited
2. INOX India Private Limited
3. Godrej & Boyce Manufacturing Company Limited
4. Air Liquide India Holding Pvt. Ltd.
5. Bharat Heavy Electricals Limited (BHEL)
6. Chart Industries Inc.
7. Cryogenmash JSC
8. Herose GmbH
9. Isisan A.S.
10. Taylor-Wharton International LLC
11. VRV S.p.A.
12. Cryofab Inc.
13. ACD Cryo AG
14. Cryostar SAS
15. Sauer Compressors India Pvt. Ltd.