Selbyville, Delaware, April 20, 2020 (GLOBE NEWSWIRE) -- Global cryogenic valve market recorded a valuation of USD 3068.85 million in 2019 and is estimated to amass significant gains in the years to come. This growth can be attributed to the ongoing mergers, acquisitions and collaborations amongst myriad industry players, in order to reduce the existing gaps in their product offerings and creating a huge customer and partner base in the market. In addition to this, increasing LNG trade worldwide that has led to an upsurge in the demand for storage and transportation of cryogenic gases along with burgeoning need for industrial gases, is likely to bring about a revolution in the cryogenic valve market during 2020-2025.
The Industry analysis on ‘cryogenic valve market’ presents an in-depth study of the global business share scrutinized in terms of the growth observed across different segments over the span of 2020-2025. It lays emphasis on the production volume and value of the market across global, regional, and competitive levels over the mentioned timeframe. Additionally, it provides a comprehensive study on both the qualitative and quantitative aspects of the industry with respect to the regions and countries mentioned in the report.
The research further encompasses information about the growth drivers and threats defining the future prospects of cryogenic valve market. The industry report also incorporates the recent opportunities and technological trends in the micro markets for stakeholders to invest accordingly. Based on the given research analysis, the overall market is segmented into type, gas, and end user segments.
Worldwide cryogenic valve market is bifurcated on the basis of types, gas, end user industries, and regional demographics. Based on the type segmentation, the cryogenic valve market is further classified into ball, globe, check, gate, and other, of which ball cryogenic valves have been gaining massive traction globally. This growth is solely credited to their better flow characteristics, easy operability, and scope of automation.
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In terms of gas segmentation, the LNG segment captured a sizeable business share of overall market in 2019 and is further likely to emerge dominant over the forecast period given the rising demand for LNG from various emerging economies aligned with the hefty investments from governmental organizations for the promotion of clean and secure environment.
Meanwhile, the energy and power sector, from the end-user segment, currently holds a major share in the cryogenic valve industry, due to the massively growing LNG trade. Moreover, the chemicals and food and beverage segments are also likely to acquire a considerable share in the overall market by the end of 2025.
The worldwide cryogenic valve market is diversified into some of the major regions including Asia Pacific, Europe, North America, and others. The Asia Pacific region stood out in the regional hierarchy of cryogenic valve market in 2019 and is believed to dominate the overall business share in the upcoming years. For the record, China Japan and South Korea are anticipated to push the APAC market majorly, perhaps due to the growing customer awareness towards the use of cleaner energy fuel.
The overall market is highly concentrated and boasts the presence of top notch cryogenic valve manufacturers like Flowserve Corp., Emerson Electric Co., L&T valve Ltd., Valco Group, and multiple others. These players are engaging themselves in M&As and new product developments to sustain their position in the global market.
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Worldwide cryogenic valve industry is fragmented on the basis of type, gas, end user industries, regional aspect, and competitive landscape.
Cryogenic Valve Market Type Analysis (Revenue, USD Million, 2015-2025)
- Ball
- Globe
- Gate
- Check
- Others
Cryogenic Valve Market Gas Analysis (Revenue, USD Million, 2015-2025)
- Oxygen
- LNG
- Nitrogen
- Others
Cryogenic Valve Market End User Analysis (Revenue, USD Million, 2015-2025)
- Energy and power
- Chemicals
- Food and Beverage
- Healthcare
- Others
Cryogenic Valve Market Regional Analysis (Revenue, USD Million, 2015-2025)
Asia Pacific
- China
- Japan
- South Korea
Europe
- France
- Spain
- Italy
- UK
North America
- U.S
- Canada
Cryogenic Valve Market Competitive Landscape Analysis (Revenue, USD Million, 2015-2025)
- Flowserve Corporation
- Weir Group
- Emerson Electric Co.
- Schlumberger
- L&T valve Ltd.
- Samson Controls Inc.
- Velan Inc.
- Parker Hannifin
- Bray International
- Valco Group.
Related Report:
Global Cryogenic Equipment Market Regional Forecasts 2020-2026
Global Cryogenic Equipment Market is valued approximately at USD 12 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6.5% over the forecast period 2019-2026, as per new research report. Cryogenics refers to the study of production and behavior of materials at very low temperatures namely below – 150 degree Celsius. For this, the sector requires special sort of designed equipment which can generate, sustain and operate at such low temperature.
Rising attempts from government and private bodies to support the adoption of cleaner fuels such as natural gas for domestic and industrial applications also acts as a significant factor driving the market growth. The increasing investments in LNG infrastructure is expected to fuel the demand for Cryogenic Equipment as these are mainly utilized for LNG storage in LNG Liquefaction terminals and in the ships in the form of tankers.
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