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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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).
Regional
Analysis
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.
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