July 03, 2020
According to the research report titled ‘Global Cryogenic Valve Market – Analysis By Type, Gas, End-User, By Region, By Country (2020 Edition): Market Insight, Competition and Forecast (2020-2025), available with Market Study Report LLC, global cryogenic valve market was valued at USD 3068.85 million in the year 2019 and is projected to register significant growth during 2020-2025.
Rising number of acquisitions, mergers, and collaborations among leading companies in order to bridge the existing gaps in their respective product offerings and end-user requirements as well as to tackle geographical limitations is a major factor driving the growth of global cryogenic valve market. A rise in global LNG trade that has increased the demand for transportation and storage services for cryogenic gases. In addition, growing demand for industrial gases is further aiding the market expansion.
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Based on the type, the market is divided into globe, check, gate, ball and others. Among these, the report states that ball segment is anticipated to hold a major share in the overall market during the forecast period. Ball-based cryogenic valves not only offer better flow and simplicity, but also are quick to operate and hence, are favored for automation.
In terms of gas type, the market is divided into LNG, nitrogen, oxygen and others. LNG accounted for a significant market share in 2019 and is expected to register continuous growth during the forecast period. Rising demand of LNG from the developing countries along with rising investments from by public entities towards clean and secure environment are fueling the segmental growth.
With reference to the end-user landscape, energy & power segment held a major share in global cryogenic valve market in 2019, followed by chemicals and food & beverage segment. The product is highly adopted in the energy and power industry for the applications such as transportation, regasification, and liquefaction.
From the regional perspective, worldwide cryogenic valve market is divided into Asia Pacific, North America, Europe, South America and MEA. The report states that Asia Pacific accounted for the highest market share in 2019 and is expected to record continuous growth during the study period, with China being the major contributor followed by Japan and South Korea respectively. Factors such as rising consumer awareness regarding the use of clean energy fuel in tandem with increasing purchasing power are facilitating the market growth in Asia Pacific.
Key players operating in the global cryogenic valve market include Emerson Electric Co., Valco Group, Flowserve Corporation, Weir Group PLC, Samson Controls Inc., Schlumberger, Velan Inc., Parker-Hannifin Corp., L&T Valves Ltd., and Bray International among others.