Cryogenic Valve Market

Cryogenic Valve Market Size Analysis

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.

In applications requiring severe cold, cryogenic valves are employed. Most businesses that deal with liquefied natural gas (LNG) and compressed natural gas (CNG) operate these valves (LNG). Cryogenic valves are employed at temperatures between -1500C and -1960C. Growing LNG commerce and expanding industrial gas consumption are the main market-driving variables.

Additionally, expanding natural gas exploration and production activities has increased the demand for liquefied natural gas. Liquefied natural gas is a crucial component of development because of the enormous industrialization and urbanization that have resulted from revolutions in various industries, including automotive, pharmaceutical, power production, and manufacturing. These valves transport and store cryogenic gases at low temperatures of -1960°C and high pressures of 750 PSI.

Market Dynamic

GROWING AUTOMATION IN INDUSTRIES AND RISING DEMAND FOR VALVES WILL BENEFIT THE MARKET

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.

Additionally, several nations are concentrating on building cutting-edge facilities to improve the position of their national physics research infrastructure, which is fueling the expansion of the worldwide cryogenic valve market. These valves are commonly used in refrigeration systems and superconducting magnets to sustain extremely low temperatures.

OPERATIONAL DESIGN AND PERFORMANCE PARAMETERS TO RESTRAIN MARKET GROWTH

In addition to a wide range of advantageous characteristics, these products’ susceptibilities to operational issues, such as leaks, replacement, and design of different valve sections, may slow the market’s growth. The extended bonnet or extended stem designs, which need a lot of room for installation and result in an unfavorable expenditure of time and space, are often used for the items.

The orientations are also highly susceptible to deformation or bending due to incorrect length estimations or actuator movements. These valves handle fluids at very low temperatures, ranging from -50 °C to just below absolute zero. The changing temperature of the running fluid can stretch and bend the sealing surface, causing interior leaks.

INCREASING INVESTMENTS ACROSS NUCLEAR AND PARTICLE PHYSICS RESEARCH TO AUGMENT DEMAND

Many nations are actively concentrating on building cutting-edge facilities to strengthen the position of their national infrastructure for physics research. These valves are commonly used in refrigeration systems and superconducting magnets to sustain extremely low temperatures.

The industrial outlook is expected to be further bolstered by the growing requirement to upgrade the current substructure to conduct high-energy particle collision studies with multiple tera electron volts (TeV). It is predicted that these collisions will reveal novel states of matter and deepen our understanding of the fundamental components of the cosmos.

Market 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)

Segment-Wise Analysis

Why is the demand for global butterfly valves anticipated to accelerate in the forecast period?

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.

What is the significance of Liquefied Natural Gas?

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• 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.
• Asia Pacific holds the largest market share for cryogenic valves worldwide. The region’s need for valves is fueled by rising energy demand from gas-based power plants, which is brought on by limited energy resources and strict pollution laws. Due to its massive plans to enhance its hydrogen infrastructure, the installation of cutting-edge air separation plants, and the ongoing development of new research facilities, China has been the undisputed leader in the region.

Competition Analysis

To improve the supply chain for cryogenic valves, there has been rising acquisition and growth activity during the past few years. According to end users’ needs, major manufacturers offer a wide selection of customized valves. Additionally, they provide services that are tailored specifically for each client. In the upcoming ten years, start-up businesses will likely enter the market.

The key developments in the Global Cryogenic Valve Market:

• In October 2021, the Valtek Multi Z Anti cavitation control valve was introduced by Flowserve Corporation, one of the major industrial and environmental machinery manufacturers, to stop cavitation in high-pressure drop situations.
• In March 2020, Weka AG, an international maker of valves, confirmed that it would sign a contract with the Indian company Toshniwal Hyvac Pvt. Ltd. The company aims to increase local sales & marketing in the area and license product manufacturing in the nation. The manufacturing and supply of various items, including specialized valves, cryogenic components, and level monitoring technologies, will be part of Weka’s sales cooperation. These products were found during a two-year search and evaluation period with the company.

A list of some of the key suppliers present in the market 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

Report Coverage and Highlights

• 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 impacting the 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.