According to a new report published by UnivDatos Markets Insights, the Cryogenic Valves Market was valued at 3.2 billion in 2021 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Gas (Nitrogen, Helium, Oxygen, Hydrogen, Liquified Natural Gas, and Others); Valve (Globe Valve, Gate Valve, Ball Valve, Butterfly Valve, and Others); End-User (Chemical & Petrochemical, Energy & Power, Healthcare, Food & Beverage, and Others); Region/Country.
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The cryogenic valves market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the cryogenic valve market. The cryogenic valves market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the cryogenic valve market at the global and regional levels.
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Market Overview
A cryogenic valve is typically made to respond to high pressure, which forces the valve into an open position to facilitate easy passage of gas or other media. Also, cryogenic valves are made to be used in chemical, liquefied natural gas (LNG), and air separation plants under high-pressure applications by allowing the gases to flow freely until the pressure drops. They help keep the packing gland temperature above 0 degrees Celsius and prevent the stem and parts above the bonnet from freezing or icing by decreasing the heat that enters the valve from the outside. They are widely accessible in several sizes and forms to work under a range of pressures.
Factors such as technological advancement coupled with the growing number of industries and manufacturing units along with the new product launches in the market are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include BAC Valves, Schlumberger, Baker Hughes, Neles Corp., Flowserve Corp., Cryostar GmbH, Velan Inc., ACME Cryogenic, Emerson Electric, and Cryocomp
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on various industries, including the cryogenic valve market. The pandemic has caused disruptions in global supply chains, affecting the production and distribution of cryogenic valves. Many manufacturers have faced challenges in sourcing raw materials and components, as well as in transporting finished products to customers. This has led to delays in project timelines and increased costs for customers. Furthermore, the pandemic has also caused a slowdown in demand for cryogenic valves in some industries. For example, the aerospace industry has seen a significant decline in demand for air travel, resulting in a reduced need for cryogenic valves in aircraft engines. Similarly, the energy sector has faced reduced demand for liquefied natural gas (LNG), which is a major application for cryogenic valves. Overall, the impact of COVID-19 on the cryogenic valve market has been mixed, with some industries experiencing a slowdown in demand while others have seen an increase. However, as the world continues to recover from the pandemic, it is expected that the cryogenic valve market will rebound, particularly as industries such as aerospace and energy begin to recover.
The global cryogenic valves market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on type, the market is bifurcated into the globe valve, gate valve, ball valve, butterfly valve, and others. The ball valve segment is expected to witness significant CAGR during the forecast period due to its superior features such as easy operability and high flow rate. Additionally, the ball valve is designed for transportation, LNG production as well as a storage application and offers additional advantages over the other type of valves. Furthermore, the ball valves could be used as the control valves due to the higher flow rate, higher accuracy, and longer durability along with the excellent sealing properties.
- Based on the end-user, the market is bifurcated into chemical & petrochemical, energy & power, healthcare, food & beverage, and others. The energy & power segment is expected to witness a significant market share during the forecast period owing to the higher demand for refined liquified petroleum products around the world. Additionally, the interstate and cross-border transportation of liquified fuels required cryogenic tanks for safer transportation and subsequently opens lucrative opportunities for cryogenic valves. For instance, in the year 2021, the United States imported around 21.59 Bcf of LNG gases out of which 21.42 Bcf were from Trinidad and Tobago and 0.17 Bcf from Canada.
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Cryogenic Valves Market Geographical Segmentation Includes:
- North America (United States, Canada, and the Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World
Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing demand for energy and stringent government regulation related to carbon emissions. Also, the rapid industrialization and replacement of the coal-based aging power infrastructure with natural gas-fired power plants are expected to support the market growth. Additionally, the increasing demand for metal processing, automotive industries, and energy & power generation is expected to propel the market growth for cryogenic fuel and subsequently increase the demand for cryogenic valves. The increasing adoption of liquid nitrogen for the refrigeration of electronic products during the manufacturing process is expected to support market growth. Moreover, the increasing adoption of cryogenic gas in the healthcare industry for the treatment of cryotherapy along with its rising demand in the food & beverage industry is expected to opportunities for the cryogenic valve market in the region. Further, the increasing investment and technological advancement in cryogenic valve manufacturing are expected to propel market growth. For instance, in March 2022, Emerson launched Aventics Series Advanced Valves system with ethernet/IP and AES profinet along with Open Platform Communication Unified Architecture which allows easier data access and increases productivity & efficiency.
The major players targeting the market include
- BAC Valves
- Schlumberger
- Baker Hughes
- Neles Corp.
- Flowserve Corp.
- Cryostar GmbH
- Velan Inc.
- ACME Cryogenic
- Emerson Electric
- Cryocomp
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the cryogenic valves market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the cryogenic valve market?
- Which factors are influencing the cryogenic valve market over the forecast period?
- What are the global challenges, threats, and risks in the cryogenic valve market?
- Which factors are propelling and restraining the cryogenic valves market?
- What are the demanding global regions of the cryogenic valves market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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Cryogenic Valves Market Report Coverage
|
Report Attribute |
Details |
|
Base year |
2021 |
|
Forecast period |
2022-2028 |
|
Growth momentum |
Accelerate at a CAGR of over 5% |
|
Market size 2021 |
USD 3.2 billion |
|
Regional analysis |
North America, Europe, APAC, and Rest of the World |
|
Major contributing region |
Asia-Pacific to Dominate the Global Cryogenic Valves Market |
|
Key countries covered |
United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, India, and Australia |
|
Companies profiled |
BAC Valves, Schlumberger, Baker Hughes, Neles Corp., Flowserve Corp., Cryostar GmbH, Velan Inc., ACME Cryogenic, Emerson Electric, and Cryocomp |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
|
Segments Covered |
By Gas; By Valve; By End-Users; By Region/Country |
