Cryogenic Valve Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Cryogenic Valve Market grew at a CAGR of 5.4% between 2017-2021 and is estimated to be US$ 3,374.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.5% and is expected to reach a valuation of US$ 6,334.4Mn by 2032 end.
Oil production activities have benefited from ongoing oil and gas infrastructure construction, which is also assisting in boosting petrochemical production internationally. Valves are utilized to secure and efficiently transport and store cryogenic gases. Their main responsibilities include operating in -196 °C temperatures, emergency shutdowns, and suitable integrity pressure protection.
Aside from that, cryogenic valves are in demand in the food and beverage business. These valves are an excellent option for the food and beverage industry due to their affordable pricing and effective operation. The end user also favors these valves because they do not alter the food’s flavor, color, or other sensory properties. Additionally, the market is backed by the growing use of specialty valves in the healthcare industry.
ChemView Consulting has analyzed that the market for automation valves is booming and outperforming traditional valves as firms focus on improving operational performance, fueling the demand for automation. In addition, the market for high-tech valves is expanding, these valves need specialized casting, and working and finishing methods will develop further.
The rise in demand from various industry verticals, particularly oil & gas, wastewater treatment, chemicals for monitoring, and predictive maintenance, supports the market’s growth, which is expected to accelerate demand for global butterfly valves throughout the forecast period.
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Segments Covered in Report
By Type:
- Gate Valve
- Globe Valve
- Ball Valve
- Butterfly Valve
- Others
By Cryogen Type:
- Nitrogen
- Oxygen
- Argon
- Liquefied Natural Gas
- Hydrogen
- Helium
- Others
By End-User:
- Oil & Gas
- Metallurgy
- Power Generation
- Chemical & Petrochemical
- Marine
- Others
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Cryogenic Valve Market
- Based on the type, the rise in demand from various industry verticals, particularly oil & gas, wastewater treatment, chemicals for monitoring, and predictive maintenance, supports the market’s growth, which is expected to accelerate demand for global butterfly valves throughout the forecast period.
- Based on the cryogen type, natural gas is cooled to -162°C to create liquefied natural gas (LNG), an odorless and colorless liquid. Gas volume is reduced by 600 times during the liquefaction process, making storage and transportation easier. Once this gas has arrived at its destination, it is transformed into gas through the regasification process and sent through pipelines and vessels to end users. Because it burns cleaner than gasoline and diesel, liquefied natural gas is a newly popular fuel.
- Based on the region, due to the rising demand for LNG-based power plants, North America also contributes a sizeable cryogenic valve market share of 34.0%. Given that 70 GW of new gas-powered power plants were proposed in 2020, it is anticipated that the demand for gas will rise as the industrial and power sectors expand.
Competition Summary
Key companies covered in the market study are Flowserve, Heroes, Emerson, L&T, Samson, Cryocomp, Habonim, Parker, Bray, Velan, Weir Group, Powell Valves, BAC, Kitz, Mack Valves, YPS Valves Ltd, OMB Valves SpA
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
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