Cryogenic Valve Industry
Analysis
The
global cryogenic valve market is predicted to grow at a 4.49% CAGR over the
forecast period (2018-2023), states the new Market Research Future (MRFR)
report. Cryogenic valves are used in extremely cold or very low-temperature
applications to transport or store the LNG in different industries. Durability,
reliability, extreme corrosion-resistance qualities, and outstanding
performance are some of its fundamental characteristics. These valves have a
vast range of applications in biotechnology, pharmaceuticals, aerospace, and
many other low-temperature services.
Various
factors are propelling the Cryogenic
Valve Market Share. These factors, as specified by the Market Research
Future (MRFR) report, include increasing demand for industrial gases,
increasing trade of LNG, and an increase in on-site production plants for
industrial gases. Additional factors pushing market growth include burgeoning
demand for industrial gases (helium, argon, oxygen, nitrogen, and others) from
chemicals, electronics, and food and beverage industries and use in different
applications such as LPG, CNG, Propylene, and Liquefied Ethylene applications.
Cryogenic Valve Market
Segmentation
The
Market Research Future report provides a wide segmental analysis of the
cryogenic valve market based on type, gas, end user, and application.
By
type, the cryogenic valve market is segmented into check valve, ball valve,
gate valve, globe valve, and others. Of these, the ball valve segment will have
the largest share in the market over the forecast period. Ball valves have a
90-degree rotation that opens and closes the valve, offering them an airtight
and reliable sealing. These valves possess better flow characteristics, are
simple and quick to operate, and favored for automation.
By
end user, the cryogenic valve market is segmented into chemicals, food and
beverage, energy and power, and others. Among these, the energy and power
segment will dominate the market over the forecast period. Cryogenic valves are
extensively utilized in the energy and power industry. These valves are
installed for regasification, transportation, and liquefication. The increase
in the trade of LNG is a key driver of this segment.
By
application, the cryogenic valve market is segmented into manifolds and gas
trains, transfer lines, and tanks and cold boxes. Of these, the transfer lines
segment will have the maximum share in the market over the forecast period.
By
gas, the cryogenic valve market is segmented into nitrogen, oxygen, LNG, and
others. Of these, the LNG segment will lead the market over the forecast
period. LNG is a major source of energy, which is also utilized in power
generation in the automotive sector. Besides, it is also used in shipbuilding.
Regional Analysis
Based
on the region, the cryogenic valve market report covers growth opportunities
and the latest trends across the Asia Pacific (APAC), Europe, North America,
and the Rest of the World (RoW). Of these, the APAC region will have the lion’s
share in the market over the forecast period. This is chiefly owing to the
increasing demand for cryogenic valves from Japan, Australia, India, and China,
an increase in LNG imports, and power generation from natural gas as well as storage
applications.
The
cryogenic valve market in Europe and North America is predicted to grow at a
rapid pace during the forecast period. This is owing to technological growth on
the industrial front and the presence of several key players.
The
cryogenic valve market in the Rest of the World will have a steady growth over
the forecast period.
Key Players
Leading
players profiled in the cryogenic valve market report include Valco Group
(France), Powell Valves (US), Bac Valves (Spain), Bray International (US),
Velan Inc (Canada), The Weir Group PLC, (UK), Parker Hannifin Corp (US),
Cryocomp (US), Samson Controls Inc. (US), L&T Valves Limited. (India),
Emerson Electric Co (US), Herose Gmbh (Germany), and Flowserve Corporation
(US). The key players have used several strategies to create a foothold in the
market, such as partnerships, mergers, acquisitions, product launch, and more.
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