Cryogenic Valve Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Cryogenic Valve Market grew at a CAGR of 5.4% between 2017-2021 and is estimated to be US$ 3,374.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.5% and is expected to reach a valuation of US$ 6,334.4Mn by 2032 end.
In applications requiring severe cold, cryogenic valves are employed. Most businesses that deal with liquefied natural gas (LNG) and compressed natural gas (CNG) operate these valves (LNG). Cryogenic valves are employed at temperatures between -1500C and -1960C. Growing LNG commerce and expanding industrial gas consumption are the main market-driving variables.
Additionally, expanding natural gas exploration and production activities has increased the demand for liquefied natural gas. Liquefied natural gas is a crucial component of development because of the enormous industrialization and urbanization that have resulted from revolutions in various industries, including automotive, pharmaceutical, power production, and manufacturing. These valves transport and store cryogenic gases at low temperatures of -1960°C and high pressures of 750 PSI.
GROWING AUTOMATION IN INDUSTRIES AND RISING DEMAND FOR VALVES WILL BENEFIT THE MARKET
The market for automation valves is booming and outperforming traditional valves as firms focus on improving operational performance, fueling the demand for automation. In addition, the market for high-tech valves is expanding, these valves need specialized casting, and working and finishing methods will develop further.
Additionally, several nations are concentrating on building cutting-edge facilities to improve the position of their national physics research infrastructure, which is fueling the expansion of the worldwide cryogenic valve market. These valves are commonly used in refrigeration systems and superconducting magnets to sustain extremely low temperatures.
OPERATIONAL DESIGN AND PERFORMANCE PARAMETERS TO RESTRAIN MARKET GROWTH
In addition to a wide range of advantageous characteristics, these products’ susceptibilities to operational issues, such as leaks, replacement, and design of different valve sections, may slow the market’s growth. The extended bonnet or extended stem designs, which need a lot of room for installation and result in an unfavorable expenditure of time and space, are often used for the items.
The orientations are also highly susceptible to deformation or bending due to incorrect length estimations or actuator movements. These valves handle fluids at very low temperatures, ranging from -50 °C to just below absolute zero. The changing temperature of the running fluid can stretch and bend the sealing surface, causing interior leaks.
INCREASING INVESTMENTS ACROSS NUCLEAR AND PARTICLE PHYSICS RESEARCH TO AUGMENT DEMAND
Many nations are actively concentrating on building cutting-edge facilities to strengthen the position of their national infrastructure for physics research. These valves are commonly used in refrigeration systems and superconducting magnets to sustain extremely low temperatures.
The industrial outlook is expected to be further bolstered by the growing requirement to upgrade the current substructure to conduct high-energy particle collision studies with multiple tera electron volts (TeV). It is predicted that these collisions will reveal novel states of matter and deepen our understanding of the fundamental components of the cosmos.
Market Segments Covered in Report
By Cryogen Type:
By Region and Country:
Why is the demand for global butterfly valves anticipated to accelerate in the forecast period?
The rise in demand from various industry verticals, particularly oil & gas, wastewater treatment, chemicals for monitoring, and predictive maintenance, supports the market’s growth, which is expected to accelerate demand for global butterfly valves throughout the forecast period.
What is the significance of Liquefied Natural Gas?
Natural gas is cooled to -162°C to create liquefied natural gas (LNG), an odorless and colorless liquid. Gas volume is reduced by 600 times during the liquefaction process, making storage and transportation easier. Once this gas has arrived at its destination, it is transformed into gas through the regasification process and sent through pipelines and vessels to end users. Because it burns cleaner than gasoline and diesel, liquefied natural gas is a newly popular fuel.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
To improve the supply chain for cryogenic valves, there has been rising acquisition and growth activity during the past few years. According to end users’ needs, major manufacturers offer a wide selection of customized valves. Additionally, they provide services that are tailored specifically for each client. In the upcoming ten years, start-up businesses will likely enter the market.
The key developments in the Global Cryogenic Valve Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Cryogen Type, End-User, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.5%.
Growing automation in industries and rising demand for valves will benefit the market.
Major global Cryogenic Valve Market players are Flowserve, Heroes, Emerson, L&T, Samson, Cryocomp, Habonim, Parker, Bray, Velan, Weir Group, Powell Valves, BAC, Kitz, Mack Valves, YPS Valves Ltd, OMB Valves SpA
Operational design and performance parameters to restrain the market growth
North America is expected to account for the largest market revenue share in the Global Cryogenic Valve market.
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