The global cryogenic valves market is projected to be valued at USD 5,731.4 Million by 2033, growing at a CAGR of 4.9% from 2023 to 2033. Global market expansion is predicted to be fueled by rising demand for cryogenic gases from a range of end-use industries throughout the course of the forecast period. Rising investments in gas-powered power plants and the development of new technologies will most likely drive the industry. Additionally, new opportunities for market players are being created by the expansion of the chemical and food and beverage sectors in Asia Pacific.
Besides, growth can be attributed to the ongoing expansion of the industrial and healthcare sectors worldwide. Increasing demand for cryogenic gases such as LNG and liquid helium in rockets is likely to augur well for the global market. Also, MRI machines require cryogenic cooling, while the food sector needs to store large quantities of food, which would aid growth. The increasing development of green energy worldwide is also expected to drive growth.
Moreover, increasing demand for energy across the globe is likely to aid the global market. Governments of various emerging economies are taking several initiatives to accelerate power production and develop their infrastructures. As per the India Brand Equity Foundation (IBEF), by 2022, the country is likely to become the world’s third largest construction market. India is estimated to need investments worth USD 777.73 Billion across infrastructure for a sustainable development by 2022. These factors are projected to help the global market to grow at a rapid pace.
Key Takeaways from the 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 USD 128.8 Million during 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.
“Increasing implementation of stringent regulations for emission control in the power generation sector and rising adoption of refrigeration systems in the F&B sector are creating new growth opportunities for cryogenic valves manufacturers,” says a Future Market Insights analyst.
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.
Get More Insights on the Cryogenic Valves Market:
The research report analyses the market demand trend for cryogenic valves. The global market is based on macroeconomic factors, market trends & market background. As per Future Market Insights’ research scope, the cryogenic valves market report is studied and analyzed in the following segments such as by valve type, by gas, end use & regions. The cryogenic valves market report gives us qualitative and quantitative information about the companies.
Key Segments Covered in Cryogenic Valves Market Analysis:
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
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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