The global cryogenic valve market is estimated to
expand at ~4.49% CAGR during the forecast period.
Cryogenic
valves, are the valves designed for operating under low temperature or extreme
cold applications. There are various type of cryogenic valves which differ in
terms of construction, features and their applications. These valves are built
to transport and store the cryogenic gases for safe and efficient conveyance.
Different valves are used for the liquefied natural gas (LNG), nitrogen,
oxygen, argon, and helium which operate at different temperatures. Cryogenic
valves are widely used in vertical of industries such as food & beverage,
storage equipment, air seperation plant, aerospace, chemical, pharamaceutical
industries etc. for piping and storage purpose.
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The increasing demand for cryogenic valve market is attributed
to the rising need for LNG and other industrial gases. The increasing LNG trade
across the globe, due to its eco-friendly
nature has led to the rising demand for storage and transporation of
cryogenic gases, which has driven the market growth globally. The increasing
number of on-site cryogenic trailer
repair and cylinder fill plant for producing industrial gases is also on a
rise, which enhances the market growth. However, one of the major restraints
for the global cryogenic valve market is the stringent quality and safety
standards which incurs the manufacturing cost of the valves.
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Key Players
The key players of the global cryogenic valve
market are 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).
Segmental Analysis:
Global
cryogenic valve market has been segmented based on gas, type, end-user,
application, and region. Based on gas, the market is classified into LNG,
oxygen, nitrogen and others. LNG segment is leading the market and has the
largest market share, mainly due to its non-flammable characteristics and easy
transformation from natural gas to LNG and vice-versa which allows to use at
wide range of application such as power generation, industrial uses and
alternative transportation fuel. Based on type, the market is segmented as
globe, gate, ball, check and others. Ball valve segment dominates the market as
it provides efficient heat transfer capability, provides additional blow out
protection when assembled with viton stem seals, double sealing provides more
reliability and security of operation. It has a good flow characteristic over
other valves. The cryogenic valve market is further segmented based on
end-user, including energy & power, food & beverage, chemicals and
others. Energy & power segment is dominating the market mainly due to large
application of natural gas for power generation, Hence, it is anticipated to
dominate the cryogenic valve market globally.
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