Summary

Global Cryogenic Valves Market is expected to grow at a significant rate of around 5% during the forecast period. The conventional design of a cryogenic valve is to respond to high pressure by forcing the valve into an open state, which allows for the simple passage of gas or other media. Additionally, cryogenic valves are designed to be employed in high-pressure applications in chemical, liquefied natural gas (LNG), and air separation plants by allowing the gases to flow freely until the pressure reduces. By reducing the heat that enters the valve from the outside, they aid in maintaining the packing gland temperature above 0 degrees Celsius and protect the stem and portions above the bonnet from freezing or icing. They are widely accessible in several sizes and forms to work under a range of pressures. As the countries launch new oil and gas exploration initiatives in response to rising fuel demand, this is expected to raise the demand for cutting-edge valve technology. Also, many water treatment facilities are being constructed to meet the increasing demand for fresh water. As a result, the cryogenic valve market is expected to register significant growth.

BAC Valves, Schlumberger, Baker Hughes, Neles Corp., Flowserve Corp., Cryostar GmbH, Velan Inc., ACME Cryogenic, Emerson Electric, and Cryocomp are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst gas, liquified natural gas category to witness higher CAGR during the forecast period”
Based on type, the market is segmented into nitrogen, helium, oxygen, hydrogen, liquified natural gas, and others. The liquified natural gas segment is expected to witness significant market growth during the forecast period owing to the increasing demand for cryogenic fuel around the world and the higher price of refined petroleum products. For instance, US exported 453.5 Bcf of LNG to South Korea and 44.7 Bcf of LNG to the China in the year 2021. Along with this, the strict government compulsion to replace coal-based power plants with gas-based ones and growing public awareness over carbon emissions are anticipated to support market expansion over the forecast period.

“Amongst end-user, the energy & power segment to hold a significant share in the market in 2020”
Based on the end-user, the market is bifurcated into chemical & petrochemical, energy & power, healthcare, food & beverage, and others. The energy & power segment is expected to register significant market growth during the forecast period due to the increasing demand from end-user industries such as construction, manufacturing, nuclear power generation, and others. For instance, according to BP Plc., the primary energy demand registers an increase of 5.8% in the year 2021 exceeding by 1.3% compared to the year 2019.

“Asia-pacific to hold a significant share in the market”
In 2020, Asia-pacific held a significant share of the global cryogenic valve market. This is mainly due to the increasing demand for energy and stringent government regulation related to carbon emissions. Additionally, the increasing demand for metal processing, automotive industries, and energy & power generation is expected to propel the market growth for cryogenic fuel and subsequently increase the demand for cryogenic valves. Moreover, the increasing adoption of cryogenic gas in the healthcare industry for the treatment of cryotherapy along with increasing adoption in the food & beverage industry is expected to propel the demand for the cryogenic valve in the region. Also, the increasing investment and technological advancement in cryogenic valve manufacturing are expected to propel market growth. For instance, RAYS Flow Control launched F91 high-temperature and high-temperature cryogenic valves made up of stellite cobalt-based cemented carbide for power plants which provides a self-tightening sealing structure and higher inner cavity pressure.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global cryogenic valve market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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