The report “Cryogenic Valve Market by Gas (LNG, Oxygen, Nitrogen), Type (Globe, Gate, Ball), End-User (Energy & Power, Food, Chemicals), Application (Tanks & Cold Boxes, Transfer Lines, Manifolds & Gas Trains), And Region – Global Forecast to 2023”,
The global cryogenic valve market is projected to reach a market size of USD 3.75 billion by 2023, growing at a CAGR of 4.51%. The market in Asia Pacific is estimated to be the largest for cryogenic valve, followed by the North American market in 2018. This trend is expected to continue till 2023. The growth of the cryogenic valve market is driven due to the raising trade of LNG and increasing demand for industrial gases, such as nitrogen, oxygen, and others. The rising LNG trade has led to the growing demand for storage and transportation of cryogenic gases, which in turn has boosted the demand for cryogenic valves.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the cryogenic valve market include
Some of the prominent key players are:
- Emerson (US),
- Parker (US),
- Flowserve (US),
- Weir Group (Scotland) and many more…
The energy & power segment is expected to hold the largest share of the cryogenic valve market, by function during the forecast period
The energy & power segment led the cryogenic valve market in 2017 and is projected to dominate the market during the forecast period. Cryogenic valves are widely used in the energy & power industry. They are installed for the process of liquefication, transportation, and regasification. The rise in the trade of LNG across the world is one of the major drivers of the energy & power segment.
The ball valve segment is expected to be the fastest growing segment of the cryogenic valve market
The ball valve segment is expected to be the fastest growing market from 2018 to 2023. These valves have 90-degree rotation, which opens and closes the valve, giving them a reliable and airtight sealing. They have better flow characteristics than globe valves. Ball valves are quick and simple to operate and preferred for automation. Ball valves are less suitable, where tight shut-off is required.
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LNG is expected to be the fastest growing segment of the cryogenic valve market
The LNG segment is expected to hold the largest market share during the forecast period from 2018 to 2023. It is considered as the major source of energy. LNG is also being used in power generation in the automotive sector, while many countries are adopting LNG as its fuel for various applications in other industries as well. LNG is primarily used in shipbuilding, power generation, and automotive industries.
Asia Pacific: The leading market for cryogenic valve
In this report, the cryogenic valve market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is expected to hold for the largest market share in the global cryogenic valve market in 2018. Countries such as China, India, Australia, and Japan have huge demand for LNG, electronic equipment, chemicals, and metallurgy processes to meet the growing demand from residential and industrial sectors. The market in Asia Pacific is expected to lead the global cryogenic valve market during the forecast period due to the substantial growth in end-user industries, such as chemicals, electronics, metallurgy, and food & beverage in the region.
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