The cryogenic valves market is projected to be valued at USD 3,552.3 million in 2023, with an expected growth rate of 4.9% CAGR from 2023 to 2033. By 2033, the market is anticipated to reach a valuation of USD 5,731.4 million.
This growth is driven by the increasing demand for cryogenic gases across various end-use sectors. The development of new technologies and rising investments in gas-based power plants are expected to further bolster the global market. Additionally, the expansion of the food and beverage and chemical industries in the Asia Pacific region is creating new opportunities for market players.
Furthermore, growth is also attributed to the ongoing expansion of the industrial and healthcare sectors globally. The rising demand for cryogenic gases such as LNG and liquid helium for use in rockets is likely to benefit the market. MRI machines require cryogenic cooling, and the food sector needs to store large quantities of food, which will also support growth. The increasing focus on developing green energy worldwide is another factor expected to drive market expansion.
Moreover, the rising demand for energy globally is likely to benefit the cryogenic valves market. Governments in various emerging economies are implementing initiatives to enhance power production and develop infrastructure. According to the India Brand Equity Foundation (IBEF), India is projected to become the world’s third-largest construction market by 2022, requiring investments of approximately USD 777.73 billion for sustainable development in infrastructure. These factors are expected to contribute to the rapid growth of the global market.
Key Takeaways from Market Study
- By valve type, the gate valves segment is expected to grow at a CAGR of 9%during the forecast period.
- By gas, the LNG gas segment is anticipated to dominate the market and account for about 1/3rd of share.
- By end use, the power & energy segment is projected to lead the cryogenic valves market and create an absolute dollar opportunity worth US$ 128.8 Mnduring the forecast period.
- In terms of region, sales of cryogenic valves in South Asia & Pacific are estimated to exhibit a CAGR of 0%.
- The China cryogenic valves market is estimated to grow at a CAGR of 7%in the assessment period.
Competitive Landscape: Cryogenic Valves Market
Some of the key players in the global market are Flowserve Corp., Herose, Emerson Electric, L&T, Samson, Cryocomp, Habonim, Parker Hennafin, Bray Corp.,Velan, Weir Group, Powell Valves LTD., BAC, Kitz Corporation, Mack Valves, YPS Valves Ltd, and OMB Valves SpA among others. Manufacturers are strategically collaborating with technology partners for maintaining strong relations. They are also looking forward to helping the oil and gas industry by providing technologically advanced products.
Key Players
- 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
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
Report Preview: https://www.futuremarketinsights.com/reports/cryogenic-valves-market
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