What is Global Cryogenic Valve Market?
The Global Cryogenic Valve Market is a specialized sector within the broader valve industry. Cryogenic valves are designed to operate in extremely cold conditions, typically where temperatures are below -150 degrees Celsius. These valves are crucial in applications where cryogenic conditions are required, such as in the storage and transportation of liquefied gases, including nitrogen, oxygen, and argon, among others. The global market for these valves is significant and continues to grow due to the increasing demand for industrial gases and the expanding LNG infrastructure across the globe. However, the market is also subject to various challenges, such as the need for high levels of precision and reliability in valve performance, and the high costs associated with cryogenic technology. Despite these challenges, the market continues to present opportunities for growth and innovation, driven by advancements in cryogenic technology and the increasing use of cryogenic valves in various end-use industries.
LNG, Oxygen, Nitrogen, Hydrogen, Helium, Other in the Global Cryogenic Valve Market:
The Global Cryogenic Valve Market is segmented based on the type of gas it is used for, including LNG, Oxygen, Nitrogen, Hydrogen, Helium, and others. Each of these gases has unique properties and requires specific types of valves for their handling and transportation. For instance, LNG (Liquefied Natural Gas) is a natural gas that has been cooled down to liquid form for ease of storage or transport. It requires cryogenic valves that can withstand the extremely low temperatures at which it is stored and transported. Similarly, Oxygen, Nitrogen, Hydrogen, and Helium also require specialized cryogenic valves for their handling. The market for these valves is driven by the increasing demand for these gases across various industries, including healthcare, food and beverage, energy and power, and chemicals, among others.
Energy & Power, Chemicals, Food & Beverage, Healthcare, Other in the Global Cryogenic Valve Market:
The Global Cryogenic Valve Market finds its application in various sectors such as Energy & Power, Chemicals, Food & Beverage, Healthcare, and others. In the Energy & Power sector, cryogenic valves are used in the handling and transportation of LNG, which is increasingly being used as a source of energy. In the Chemicals industry, these valves are used in the storage and transportation of various industrial gases. In the Food & Beverage industry, cryogenic valves are used in refrigeration systems to maintain the cold chain for perishable goods. In the Healthcare sector, these valves are used in cryogenic storage systems for the preservation of biological samples and in cryosurgery. Despite the diverse applications of cryogenic valves, their market is subject to various challenges, such as the need for high levels of precision and reliability, and the high costs associated with cryogenic technology.
Global Cryogenic Valve Market Outlook:
The Global Cryogenic Valve Market, which was valued at US$ 901.2 million in 2022, is projected to reach a value of US$ 1134.2 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 3.3% during the forecast period from 2023 to 2029. The market is dominated by a few key players, including Emerson, Flowserve, Schlumberger(Cameron), Kitz, and Velan, which collectively accounted for a 31% share of the global revenue in 2018. These companies have a strong presence in the market and have been instrumental in driving the growth of the Global Cryogenic Valve Market. However, the market also presents opportunities for other players to make their mark, driven by the increasing demand for cryogenic valves across various end-use industries and the advancements in cryogenic technology.
| Report Metric | Details |
| Report Name | Cryogenic Valve Market |
| Accounted market size in 2022 | US$ 901.2 million |
| Forecasted market size in 2029 | US$ 1134.2 million |
| CAGR | 3.3% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Emerson, Flowserve, Schlumberger(Cameron), Kitz, Velan, KSB, Herose, Parker Bestobell, Samson, Powell Valves, L&T Valves, Bray, Zhejiang Petrochemical Valve, Bac Valves, Habonim Industrial Valves & Actuators, Valco Group, Meca-Inox |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
