ID: MRFR/E&P/5319-HCR | February 2021 | Region: Global | 111 pages
The cryogenic valve market size is likely to undergo a major expansion and growth during the ongoing forecast period of 2021-2028. The industry experts and business analysts are expected to attain a global CAGR of 4.02% during the period and hence, reach a global market value worth USD 3.75 billion by the end of the forecast period in 2028. During the historic forecast period that ended in 2019, the market was valued at a global market figure that summed up to USD 2.89 billion. The rising LNG trade and increased demand for industrial gases are reliable and emerging factors that will impact the global market growth by the end of the period.
COVID 19 Analysis
The cryogenic valve market size is expected to emerge at a great value and attain a good CAGR before the end of the forecast period in 2028. In any case, one of the major worries for the market to dissolve on the way of worldwide development is the hurdles that have been created because of the arrival of the covid pandemic. The pandemic has carried functional limitations with it as a standard of barring people from living their life with normalcy. Moreover, the limitations and restrictions are leading to the limited use of production and manufacturing units which is hampering the ability of the market to maintain an equilibrium between the demand and supply chain mechanism.
The rising popularity of the market promises a good jump for the market during the forecast period of 2021-2028. Market endeavors in the form of investments and developments are moving at a huge level and the presence of IT solutions and backup will help the market overcome any kind of disability on its way. This is probably going to assist the market with growing as per the expert predictions for the ongoing forecast period that will be ending in 2028.
The cryogenic valve market revenue is estimated to undergo healthy growth by the end of the forecast period that will be ending in 2028. The market is witnessing a substantial rise in the demand for industrial gases which is one of the major factors that will act as a driving force for the market. During the forecast period of 2021-2028, the trends predict that there will be a huge growth in the demand from the chemical industry trend. The result of this growth will be the major expansion of the market in the upcoming years and hence, prove to be beneficial for the market’s goals and expansion needs. Also, the rising trade of LNG is another prominent reason that will impact the market’s growth in a positive way and rate by the end of the period.
However, global expansion and market growth are not possible until the market players and developments end up resolving the hurdles that might challenge the market from growing as per the predictions of the forecast period that will be ending in 2028. The safety concerns regarding the operations undertaken for the liquefied gases are soaring high with each passing day that might hinder the growth of the market and not grow as per the predicted values and figures.
The cryogenic valves are gaining huge recognition and are being stored and further, being transported in a safe environment and maintaining a higher efficiency degree. These valves are being designed to enhance their suitable integrity pressure protection followed by emergency shutdowns in temperatures that are as low as -196 degrees celsius. The valving degree of enhancement and product improvements will help the market and hence, grow as per the predictions during the forecast period that will be ending in 2028. Also, the transportation sector is on an all-time high in functioning and the trend will expose the market towards great expansion opportunities.
The global Cryogenic Valve Market has been segmented based on the following:
Based on the market applications
The market applications have been divided into the form of manifolds, gas trains, tanks, cold boxes, transfer lines, and others like liquefiers.
Based on the type
Based on the type segment of the market, the global market has been segmented in the form of globe valve, check valve, ball valve, and others like gate valve.
Based on gas
The market products use the gases like LNG, nitrogen, and oxygen amongst others to meet the rising needs of the target audience.
Based on the market end-users
The market end-users are the healthcare service centers and clinics, energy and power plants, chemicals, the food and beverage industry, and chemicals, amongst others.
Owing to the distribution of resources and target audience, the cryogenic valve market revenue is likely to be the maximum in 5 major regions across the globe. These regions are North America, South America, the Middle East, and Africa, Europe, along with the APAC region. The APAC region is likely to dominate the global market share based on the predictions for the forecast period that will be ending in 2028. The growing oil and gas industrial activities and the demand for food and beverage are rising which is coupling with the chemical industries in countries like India, Japan, and China is showing signs of improvement and usage of the market products and services will be the maximum in these regions during the forecast period that will be ending in 2028.
The rising degree of competition is a result of the efforts poured in by the global market players in both the domestic and the international market. The global market players are as follows:
The recovery oil production activities are expanding at a huge rate which will boost the expansion opportunities for the market by the end of the forecast period in 2028. Similar trends are being followed by the rising demand for oil and gas as the drilling activities are on an increase and they require oil for smooth and convenient functioning. Oil is being discovered in well and the drilling is going deeper with the ultra-deep-water drilling operations being on a huge rise during the forecast period of 2021-2028.
China, as a part of the APAC region, is witnessing a surge in the consumption of cryogenic valves. The consumption is growing high in oil and gas followed by the downstream production that is on its way to increase in China. Further, this is increasing the production capacity of petrochemicals which is augmenting the market’s growth in the region.
The Indian subcontinent is witnessing a huge rise in market trends that have a connection with the oil and gas industry as the major players are undertaking major investment quantum that helps in catering to the burgeoning demand. During the forecast period, the industry is expected to earn USD 25 billion in investments in exploration and production activities.
July 2019: Renowned industrial valve manufacturer, XHVAL has introduced its latest product, the cryogenic floating ball valve for low temperature and cryogenic applications. It will include LNG (liquefied natural gas) that has now turned into a growing alternative energy source.
The global Cryogenic Valve Market report helps in getting the hands-on qualitative market analysis and hence, have an impact on the final growth rate and revenue figures that will be attained by the end of the forecast period in 2028. The report discusses the impact of the pandemic on the market and the dynamics that will lead the market growth in the forecast period. The report also discusses the role of the market players in helping the regional and international markets.
|Market Size||2030: Significant Value|
|CAGR||4.02% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Gas, Type, End-User, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Flowserve Corporation (US), Herose Gmbh (Germany), Emerson Electric Co (US), L&T Valves Limited. (India), Samson Controls Inc. (US), Cryocomp (US), Parker Hannifin Corp (US), The Weir Group PLC, (UK), Velan Inc (Canada), Bray International (US), Bac Valves (Spain), Powell Valves (US), and Valco Group (France)|
|Key Market Opportunities||Transportation of cryogenic gases|
|Key Market Drivers||Increasing demand from energy & power industry|
Frequently Asked Questions (FAQ) :
The cryogenic valve market is likely to gain popularity due to rising demand for LNG and other industrial gases.
The end-user segments are energy & power, chemicals, food & beverage, and others.
The ball valve segment is anticipated to hold the largest market share.
The cryogenic valve market is supposed to be led by APAC.
The key contributors are Flowserve Corporation (US), Emerson Electric Co (US), Herose Gmbh (Germany), L&T Valves Limited. (India), Cryocomp (US), Samson Controls Inc. (US), Parker Hannifin Corp (US), Velan Inc (Canada), The Weir Group PLC, (UK), Bray International (US), Powell Valves (US), Bac Valves (Spain), and Valco Group (France).