Jersey City, New Jersey, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Cryogenic Control Valve Market” By Type (Globe Valve, Gate Valve, Check Valve), By Application (Tanks & Cold Boxes, Liquefiers, Transfer lines), By End User (Energy & Power, Chemicals, Food & Beverage), and By Geography. According to Verified Market Research, the Global Cryogenic Control Valve Market size was valued at USD 3,069.66 Million in 2020 and is projected to reach USD 4,886.09 Million by 2028, growing at a CAGR of 6.28% from 2021 to 2028.
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Browse in-depth TOC on “Cryogenic Control Valve Market”
202 - Pages
126 – Tables
37 – Figures
Global Cryogenic Control Valve Market Overview
Globally, natural gas extracted from the source is transported and stored at the end-user industries for a number of applications. Natural gas can be liquefied by over 600 times, making its transportation and storage more economical through the use of carriers on ships and large storage tanks and trucks. It is achieved by liquefying it at a temperature as low as -196 C. To maintain this temperature, suitable pipes, valves, and fittings that can withstand the cryogenic temperature are used. The cryogenic control valve is a major part of the cryogenic systems, maintaining the temperature and pressure setting of the overall system.
In recent decades, the technologies, regarding the development, transportation, and storage of LNG have progressed rapidly. It has also driven the demand for quality manufacturing of pipes, valves, and fittings. Valves play a critical role in providing reliability to the processes of LNG through factors such as critical design, manufacturing, and material selection. Cryogenic ball valves and butterfly valves are largely expected to grow in demand with the growth of LNG consumption.
The cryogenic control valve market is expected to grow on account of its increasing usage in the food & beverages industry. Typically, cryogenic control valves are used in the food industry in pilot plants, pressure let-down, venting, cryogenics, oxygen control, liquefied gases, nitrogen control, food production, carbon dioxide control.
Key Development
- Emerson announced its new Remote Assistance service capability.
- Neles signed seven new distributor agreements and one agent agreement in South and Central America to expand its presence in the region.
Key Players
The major players in the market are Samson, KSB MIL Controls Limited, Emerson Electric Co., Flowserve Corporation, Richard Industries Inc, General Electric Co., Baker Hughes, Neles, Crane & Co., and IMI Plc. and Others.
Verified Market Research has segmented the Global Cryogenic Control Valve Market On the basis of Type, Application, and Geography.
- Cryogenic Control Valve Market, By Type
- Globe Valve
- Gate Valve
- Check Valve
- Ball Valve
- Butterfly Valve
- Others
- Cryogenic Control Valve Market, By Application
- Tanks & Cold Boxes
- Liquefiers
- Transfer lines
- Manifolds & Gas Trains
- Cryogenic Control Valve Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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