Jersey City, NJ, March 27, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Cryogenic Valves Market Size, Share & Trends Analysis Report By Gas (LNG, Oxygen, Nitrogen), Type (Globe, Gate, Ball), End-User (Energy & Power, Food, Chemicals), Application (Tanks & Cold Boxes, Transfer Lines, Manifolds & Gas Trains)- Market Outlook And Industry Analysis 2031"
The global cryogenic valves market is estimated to reach over USD 6.53 billion by 2031, exhibiting a CAGR of 6.24% during the forecast period.
Cryogenic valves are used in the oil and gas sectors to transmit cryogenic gases more safely. They are used in many industrial areas for publishing, security, etc. The purpose of the cryogenic safety valves is to safeguard against over-pressuring vapors, volatiles, oils, and other substances. A rise in drilling activity has been seen worldwide to find new fields due to rising demand for oil and gas. The wells currently being constructed are longer and more intricate than before because all the easy oil has already been found.
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Additionally, drill operations in deep and ultra-deep waters are also increasing. These reasons will likely cause the cryogenic valves market to expand globally for the forecast period. Furthermore, supercooled valve use is rising in the region due to expanding oil and gas industrialization and rising chemical and food industry demand in nations. The need for chemical products is increasing significantly in the sector, one of the critical factors that will propel the market forward. The trends suggest that demand from the chemical industry will grow considerably during the forecast period. The result of this development will be a significant market expansion over the coming years, which will support the market's objectives and development needs. Cryogenic valves are expanding rapidly and being transported and kept safe while maintaining high efficiency.
Key Developments:
- In Feb 2023, Flowserve Corporation and Velan Inc. announced the signing of a formal agreement that will result in Flowserve's acquisition of Velan. Velan brings considerable value to Flowserve's current valves portfolio and bolsters Flowserve's existing assets with the acquisition of Velan's renowned brands, solid legacy, and technical competence in broad end markets.
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List of Prominent Players in the Cryogenic valves Market:
- ACME Cryogenics (U.S.)
- BAC (Spain)
- Baker Hughes (U.S.)
- Bray International (U.S.)
- Cryocomp (U.S.)
- Cryostar GmbH (France)
- Emerson Electric Co. (U.S.)
- Flowserve Corporation (US)
- Habonim (Israel)
- Herose Gmbh (Germany)
- KITZ Corporation (Japan)
- L&T Valves Limited (India)
- Neles Corp. (Finland)
- Parker Hannifin Corp (US)
- Phpk Technologies (U.S.)
- Powell Valves (US)
- Schlumberger (US)
- The Weir Group PLC (UK)
- Valco Group (France)
- Velan Inc (Canada)
- Weir Group (Scotland)
Cryogenic Valves Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 3.85 Bn |
| Revenue forecast in 2031 | USD 6.53 Bn |
| Growth rate CAGR | CAGR of 6.24% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Application, Type, Gas And End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
One of the critical aspects that will propel the market forward is the sharp increase in demand for industrial gases, which is being seen in the market. The statistics indicate that there will be a significant increase in demand from the chemical sector trend between 2023 and 2031.
The market will significantly expand due to this growth in the following years, which will help it achieve its objectives and meet its expansion requirements. Another significant factor that will benefit the market's growth and pace by the end is the expanding trade of LNG. The global market for cryogenic valves from various end-use sectors, including energy & power, petrochemical, food & beverage, healthcare, and others, can be credited to the market's expansion. Also, this industry is expanding as cryogenic valves are increasingly being used in emerging nations.
Challenges:
Global market expansion and growth are only achievable once market participants and innovations successfully address any obstacles preventing the market from expanding, as predicted by the forecast period, which will finish in 2028. With each passing day, the level of safety concerns around the activities carried out for liquefied gases is rising, which could impede the market's expansion.
Regional Trends:
The North American cryogenic valves market is expected to witness a significant market share in revenue and is projected to grow at a increased CAGR soon. Natural gas is widely produced and exported in the region, and the region's expanding need for LNG is anticipated to be the main force behind the industry in North America. Besides, Asia Pacific had a substantial share of the market.
The market goods and services utilization would be highest in these regions over the projected period due to the expanding oil and gas production lines, growing demand for food and beverages, and improving chemical industries in nations like China, Japan, and India.
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Segmentation of Cryogenic valves Market-
By Application
- Tanks & Cold Boxes
- Liquefiers
- Transfer lines
- Manifolds & Gas Trains
By Type
- Globe Value
- Gate Value
- Check Value
- Bail Value
- Others
By Gas
- LNG
- Oxygen
- Nitrogen
- Others
By End User
- Energy & Power
- Chemicals
- Food & Beverage
- Healthcare
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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