According to forecasts, the cryogenic valves market is expected to be US$ 3,552.3 million in 2023 and US$ 5,731.4 million by 2033.
Several nations are actively concentrating on building cutting-edge facilities to strengthen the position of their national infrastructure for physics research. These valves are commonly used in refrigeration systems and superconducting magnets to sustain extremely low temperatures. The industrial outlook is expected to be further bolstered by the rising requirement to upgrade the current substructure to conduct high-energy particle collision studies with multiple tera electron volts (TeV). It is predicted that these collisions reveal novel states of matter and deepen our knowledge of the fundamental components of the cosmos.
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.
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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.
Key Takeaways
- 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.
Competitors Winning Strategies
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:
- 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.
