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.
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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Industry Segmentation
The
market for global cryogenic valve market is segmented based on gas as LNG,
oxygen, nitrogen, and others. LNG segment dominates the market due to increase
in LNG trading owing to shift from long term contracts to spot market trade.
Many developing economies are investing into industrial development and
infrastructure which boost the demand for cryogenic valve market. Asia-Pacific
has high growth potential for the global cryogenic valve market, as these
valves are extensively used in end user industries owing to rising use of
natural gas in power generation, stell manufacturing, electronics,
transportation, and storage applications. For instance, According to world LNG
report, 45 MTPA of regasifcation capacity was added during 2017 with major
contribution from Asia-Pacific, Hence, global cryogenic valve market is
anticipated to have significant growth rate in the forecast period.
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Regional Outlook:
Region
wise, Asia-Pacific held the largest market share of the global cryogenic valve
market in 2017. It is estimated that Asia-Pacific region will continue to
dominate the market during the forecast period, mainly due to the rising demand
from China, India, Australia, and Japan as they have increase in LNG imports,
power generation from natural gas and storage applications which has emerged
the demand for cryogenic valve market. Hence, It has been estimated that
Asia-Pacific region will continue to dominate the market growth during the
forecast period.
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).
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