NEWARK, Del, July 26, 2023 (GLOBE NEWSWIRE) -- According to projections, the Cryogenic Valves Market will be worth US$ 3,552.3 million in 2023 and US$ 5,731.4 million by 2033, growing at a CAGR of 4.9%.
Cryogenic Valve demand is significant in the oil and gas industry, and downstream manufacturing has expanded in China. As a result, the nation's need for cryogenic valves is growing as petrochemical production capacity increases.
Another significant end-user industry in China is the manufacture of chemicals. China is home to several large enterprises with chemical manufacturing facilities. Several businesses have boosted their manufacturing capacity to keep up with the rising demand.
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Several countries are actively focusing on the construction of cutting-edge facilities in order to strengthen their national infrastructure for physics research. These valves are commonly used to maintain extremely low temperatures in refrigeration systems and superconducting magnets. The rising need to upgrade the current substructure to conduct high-energy particle collision studies with multiple tera electron volts (TeV) is expected to boost the industrial outlook even further. These collisions are expected to reveal novel states of matter and expand our understanding of the fundamental components of the universe.
Key Takeaways from the Cryogenic Valves Market Research Study:
- By 2033, the Cryogenic Valves Market in the United Kingdom is likely to expand, with a CAGR of 4.4%.
- In 2023, the United States is expected to develop the Cryogenic Valves business with a share of 20.0%.
- The Cryogenic Valves Market grew considerably to US$ 3,547.4 million in 2022.
- The Cryogenic Valves sector expanded at a CAGR of 2.7% from 2018 to 2022.
- By 2033, China's Cryogenic Valves Market is projected to develop with a CAGR of 5.5%.
- By 2033, India's Cryogenic Valves Industry is projected to expand with a CAGR of 5.7%.
- Japan's Cryogenic Valves Industry is likely to grow significantly, with a 5.1% share in 2023.
- Australia's cryogenic valves are expected to develop with a share of 1.4% in 2023.
- Germany's Cryogenic Valves Business is expected to grow, with a share of 9.8%% in 2023.
- In 2023, based on the end user, the energy and power segment is expected to dominate the market, with a share of 32.1%.
- In 2023, a gate valve segment is expected to dominate the market, with a share of 43.2%, based on valve type.
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Top 17 Companies in the Cryogenic Valves Market and Their Marketing Strategies:
- Flowserve
- Heroes
- Emerson
- L&T
- Samson
- Cryocomp
- Habonim
- Parker
- Bray
- Velan
- Weir Group
- Powell Valves
- BAC
- Kitz
- Mack Valves
- YPS Valves Ltd
- OMB Valves SpA
The cryogenic valves sector is quite cutthroat. The market players are concentrating on releasing unique products due to the growth of the application of cryogenic valves in the space industry and technical advancements in the space sector.
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Recent Development in Cryogenic Valves Market:
- To encourage the growth of the hydrogen ecosystem, Air Liquide teamed together with Airbus, Korean Air, and Incheon in February 2022 to create the first hydrogen usage strategy for the area surrounding Incheon Airport.
- In February 2022, Linde Plc and BASF signed a pact. As part of this deal, Linde Plc will deliver steam and hydrogen to BASF.
- Japanese company Kawasaki Heavy Industries declared in March 2020 that it will equip a ship with a liquid hydrogen storage tank for low-emission propulsion.
Cryogenic Valves Market Segmentation:
By Valve Type:
- Globe Valve
- Gate Valve
- Check Valve
- Ball Valve
- Others
By Gas Type:
- Nitrogen
- LNG
- Oxygen
- Hydrogen
- Liquid Petroleum
- Ethylene
By End Use:
- Food & Beverage
- Healthcare
- Chemicals
- Energy & Power
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- Middle East & Africa
Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:
North America Residential Ball Valves Market Analysis: The North American market for Residential Ball Valves will grow at a CAGR of 5.6%, reaching a valuation of US$ 554.1 Million in 2032.
Industrial Valves Market Sales: The global industrial valve market is estimated to be worth around US$ 71.8 Billion in 2022. With the rising adoption of industrial valves for regulating the flow of materials, the overall demand is anticipated to rise at a moderate CAGR of 4.3% between 2022 and 2029, totaling a valuation of US$ 96.2 Billion by 2029.
Thermostatic Radiator Valves Market Growth: The global thermostatic radiator valves market is projected to amass a revenue of around US$ 413.1 million by 2033, up from US$ 271.2 million in 2023 moving forward with a CAGR of 4.3% during the forecast period.
Expansion Valves Market Demand: Sales in the expansion valves market are projected to total US$ 17.4 Billion in 2033 from US$ 11.5 Billion in 2023. Increasing demand for advanced air conditioning systems for installation in diverse sectors will drive growth in the market by 4.2% CAGR between 2023 and 2033.
North America Pressure Regulating Valves Market Trends: The North American market for Pressure Regulating Valves will grow at a CAGR of 5.1%, reaching a valuation of US$ 1,293.5 Million in 2032.
Butterfly Valves Market Review: The butterfly valves market is predicted to generate US$ 10.3 billion in 2023. Butterfly valve sales are expected to reach US$ 19.4 billion by 2033. Over the forecast period, the market is projected to grow at a CAGR of 6.5%.
Aerospace Valves Market Revenue: The aerospace valves market is expected to be worth US$ 10.8 billion in 2023. The revenue from sales of aerospace valves is likely to account for nearly US$ 17.6 billion by 2033. The market is likely to capture a CAGR of 5% during the forecast period.
Thermostatic Radiator Valves Market Outlook: The global thermostatic radiator valves market is projected to amass a revenue of around US$ 413.1 million by 2033, up from US$ 271.2 million in 2023 moving forward with a CAGR of 4.3% during the forecast period.
Expansion Valves Market Forecast: Sales in the expansion valves market are projected to total US$ 17.4 Billion in 2033 from US$ 11.5 Billion in 2023. Increasing demand for advanced air conditioning systems for installation in diverse sectors will drive growth in the market by 4.2% CAGR between 2023 and 2033.
Cryogenic Systems Market Overview: With 6.5%, the projected market growth from 2022 to 2032 is expected to be significantly higher than the historical growth. Nitrogen is expected to be the highest revenue-generating cryogen, projected to grow at a CAGR of over 7.8% from 2022 to 2032.
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