Market Research
Future published a raw research report Global Cryogenic Valve Market that
contains the information from 2018 to 2023.
The Global Cryogenic Valve Market is expected to grow at 4.49% CAGR from
2018 to 2023.
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 separation plant, aerospace, chemical, pharmaceutical
industries etc. for piping and storage purpose.
The increasing demand for cryogenic
valve market report 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.
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).
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