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Cryogenic Control Valve Market Size, Share, Growth & Industry Analysis, By Product Type (Globe Valve, Gate Valve, Check Valve, Ball Valve, Butterfly Valve, Others), By Application (Tanks & Cold Boxes, Liquefiers, Transfer Lines, Manifolds & Gas Trains and Regional Analysis, 2023-2030
Pages: 120 | Base Year: 2022 | Release: September 2023 | Author: Saket A.
The global Cryogenic Control Valve Market size was valued at USD 3,362.4 million in 2022 and is projected to reach USD 5,587.7 million by 2030, growing at a CAGR of 6.69% from 2023 to 2030. In the scope of work, the report includes products offered by companies such as Velan Inc., Cryostar, L&T Valves Limited, Cryocomp, The Weir Group PLC, KSB Limited, Baker Hughes, SLB., HEROSE GMBH, SAMSON AKTIENGESELLSCHAFT and Others.
The widespread adoption of cryogenic technology in developing and developed countries has created a greater need for reliable and efficient cryogenic valves in a variety of industries, including healthcare, aerospace, and energy production. The valve market is expected to grow in response to this expanding demand for cryogenic technology, as well as the technological advancements in valve design and performance.
North America, Europe, and Asia-Pacific are the prominent regions that are observed to amass substantial market value owing to large-scale production units and demand for the control valves. Increasing production of gases that need to be stored at low temperatures, is a prominent factor driving the growth in these regions. However, the cryogenic control valve market is anticipated to pose challenges due to the complexity of regulatory standards due to safety concerns and other factors therein.
The global market is observed to experience an increase in demand during 2023 – 2030 due to increasing adoption in various industries wherein storage and supply of low-temperature gases are essential.
Cryogenic valves are specialized valves designed to operate in extremely low-temperature environments, making them particularly suitable for use in companies that handle Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG). Cryogenic valves are manufactured according to exacting construction specifications to meet stringent industry standards.
These valves are commonly used in the oil & gas industry, where they are frequently exposed to cryogenic temperature ranges that can be as low as -150°C (-238°F). The primary goal of these valves is to ensure that such gases are safely contained during storage and transport, and they are recognized for their capability to operate at very low temperatures as low as -196°C (-320°F), and high-pressure settings of up to 750 psi. The control valve utilized in cryogenic systems is an important component of cryogenic systems designed to sustain and regulate the temperature and pressure conditions of the entire system.
The rising demand for industrial gases can be attributed to their use in critical applications such as healthcare, oil & gas, and aerospace industries, among others. Industrial gases such as nitrogen, oxygen, and carbon dioxide are used for various operations viz., cooling, cleaning, freezing, and cutting. The expanding scope of applications of industrial gases in various industries, such as food processing, electronics, and semiconductors, is further impelling market growth.
Exponential growth in the demand for LNG (Liquefied Natural Gas), has propelled the demand for cryogenic control valves owing to their capability of operating under the lowest temperatures. The demand for these gases can also be attributed to the increasing adoption of cleaner gases that emit less amounts of carbon into the atmosphere.
However, one of the factors hindering the growth of the cryogenic control valve market is stringent regulations & safety concerns due to the handling of extremely low-temperature gases. Cryogenic valves are typically used for transporting and storing gases that are liquefied at very low temperatures, safety risks can arise if the valves are not designed or installed as per the required standards. The handling and storage of these gases require trained professionals who are aware of the safety protocols and regulations to prevent accidents.
Additionally, the regulatory frameworks that govern the installation and use of cryogenic valves are complex, and non-compliance can lead to significant financial penalties and legal sanctions. These regulatory and safety concerns impact the growth of the cryogenic control valve market as they result in higher barriers to entry and compliance costs.
The global market is segmented based on resolution, application, component, and geography.
Based on product type, the market is further categorized into globe valve, gate valve, check valve, ball valve, butterfly valve, and others. In 2022, globe valve dominated the product segment, accounting for 33.49% of the total segmental value, and is estimated to reach revenue of USD 1,944.8 million by 2030 at an exponential growth rate. The ball valve category is anticipated to experience the highest demand over 2023 – 2030 and portray the highest growth rate of 7.51%.
Based on application, the cryogenic control valve market is further categorized into tanks & cold boxes, liquefiers, transfer lines, and manifolds & gas trains. In 2022, the tanks & cold boxes segment accounted for the largest segmental share, accruing USD 1,218.4 million in revenue, and is anticipated to continue dominating the segment throughout the forecast period with the highest growth rate of 7.71% due to increasing application and demand from numerous industry verticals.
Based on the end-user industry, the cryogenic control valve market is further categorized into energy & power, chemicals, food & beverage, and others. In 2022, the energy & power industry dominated this segment, accruing USD 1,299.6 million in revenue. Energy & power is anticipated to continue growing at the highest rate of 7.66% over 2023 – 2030. The rise in demand for energy from liquefied natural gases is a prominent factor driving the demand from the energy & power industry.
Based on regional analysis, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.
The Asia-Pacific Cryogenic Control Valve Market share stood around 39.94% in 2022 in the global market, with a valuation of USD 1342.8 million. It is anticipated that Asia-Pacific would dominate the regional share throughout the forecast period owing to the highest foreseeable growth rate of 7.61% over 2023 – 2030. China contributed to the largest share of revenue in the region owing to the presence of large-scale cryogenic control valves manufacturers as well as some of the largest oil & gas producers in the world. Japan and India are estimated to showcase significant growth between 2023 and 2030.
North America held the second-largest regional share in 2022 and is estimated to attribute a valuation of USD 1,007.7 million in 2023. Rapidly developing end-use industries such as chemicals, and food & beverage, along with the availability of advanced technologies supporting the supply of these valves, are a few of the factors supporting the growth in the region.
The cryogenic control valve market report will provide valuable insight with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization.
Key Industry Developments
By Product Type
By Application
By End-Use Industry
By Region
