The new report by Expert Market Research titled, ‘Global Cryogenic Valve Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cryogenic valve market assessing the market based on its segments like types, gases, end user industries, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview 2018-2028
• Forecast CAGR (2023-2028): 4.7%
The global market is expected to be driven by the use of cryogenic valves in industrial applications, such as those in industrial gases and LNG. The rising LNG trade has led to the growing demand for storage and transportation of cryogenic gases, which in turn, is propelling the demand for cryogenic valves. A significant increase in the use of cryogenic valves in the oil and gas industry is one of the major reasons driving the market growth. The need for petrochemical products is increasing over time; thus, the demand for equipment such as cryogenic valves in transfer line applications is likely to increase rapidly. This is seen by rising orders for valves, notably cryogenic valves, from emerging economies.
Cryogenic Valve Market Industry Definition and Major Segments
Cryogenic valves are utilised in extremely cold applications (temperatures below -400°C), mostly for gas liquefaction. They are commonly used in businesses that work with compressed natural gas (CNG) and liquefied natural gas (LNG) (LNG). The valves are extensively employed in the oil and gas industry, where cryogenic temperatures can reach -1500°C. (-2380F).
By type, the market is segmented into:
• Globe Valve
• Gate Valve
• Check valve
• Ball Valve
Based on gas, the market is divided into:
The end- user industries of the market are:
• Energy and Power
• Food and Beverage
The major applications of the market are:
• Tanks and Cold Boxes
• Transfer Lines
• Manifolds and Gas Trains
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Cryogenic Valve Market Trends
Cryogenic valves are effective and inexpensive, and they have no effect on the colour, taste, or flavour of the food. As a result, they are becoming more common in the food and beverage industry. This, coupled with the burgeoning food and beverage sector, is supporting the market growth. Also, cryogenic gases are extensively utilised for cryosurgery in the healthcare industry, positively influencing the sales of cryogenic valves worldwide. Aside from that, product applications in rock events and theatre stages throughout the world are also driving the market growth. Cryogenic valves are being widely used in the oil and gas industries, and the downstream manufacturing in China has expanded. This, along with government support in these nations, is likely to contribute to the rising demand for cryogenic valves in the region over the forecast period.
Key Market Players
The major players in the market:
• Flowserve Corporation
• HEROSE GMBH
• Emerson Electric Co
• Samson Controls Inc.
• Cryofab Inc
• Actuators Ltd.
• Powell Valves
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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