The market for cryogenic valves is expected to reach US$ 3,457.4 Mn in value in 2022 and expand at a CAGR of 4.8% from 2022 to 2032. By 2032, its value is anticipated to reach US$ 5,523.5 Mn. The development of new technologies and increasing investments in gas-based power plants are also set to push the market globally. Moreover, the expansion of the food & beverage and chemical sectors in the Asia Pacific is creating new opportunities for market players.
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.
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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 US$ 777.73 Billion across infrastructure for sustainable development by 2022. These factors are projected to help the global market to grow at a rapid pace.
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 the 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 Mn 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 valve manufacturers," says a Future Market Insights analyst.
Competitive Landscape: Cryogenic Valves Market
Some of the key players in the global market are Flowserve Corp., Heroes, Emerson Electric, L&T, Samson, Cryocomp, Habonim, Parker Hannafin, 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.
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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
By Gas Type:
- Liquid Petroleum
By End Use:
- Food & Beverage
- Energy & Power
- North America
- Latin America
- East Asia
- South Asia and the Pacific
- Middle East & Africa
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