Cryogenic
Valve Market Synopsis
The Global Cryogenic Valve Market is expected to grow
at 4.49% CAGR from 2018 to 2023.
Cryogenic valve is generally used for transportation
and storage applications by various industries. These valves are utilized
in very low temperature or extreme cold applications either to store or
transport the LNG in various industries. Cryogenic valve is used in
various applications such as Liquefied Ethylene, Propylene and LPG
applications. LNG is the major segment which holds largest market share,
as natural gas is considered as the primary source of power generation and used
in wide range of application in industries such as food & beverage, storage
equipment, aerospace for storage and piping the cryogenic tanks.
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 transportation 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.
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, steel manufacturing,
electronics, transportation, and storage applications.
For instance, according to world LNG report, 45 MTPA
of regasification 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.
Regional
Analysis
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.
Leading
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).
Scope
of the Report
This research report provides
insights into various levels of analysis, such as industry analysis and market
share analysis for the leading industry competitors, along with their profiles.
It also helps in studying the target segments by providing views on the
emerging & high-growth segments. The market data comprises the basic
assessment of the competitive scenarios and strategies in the global cryogenic
valve market, including high-growth regions and/or countries, and political and
economic environments. The project report further provides both – historical
market values and pricing & cost analysis
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