As per the report published by Kings Research, the global Cryogenic Control Valve Market was valued at USD 3,362.4 million in 2022Cryogenic Control Valve Market is projected to reach USD 5,587.7 million by 2030, growing at a CAGR of 6.69% from 2023 to 2030.
The cryogenic control valve market has significant growth potential due to the rising adoption of cryogenic technology in various industries and the development of advanced valve designs and technologies. As industries continue to rely on cryogenic control valves for low-temperature control applications, the demand for these valves is anticipated to grow considerably.
Cryogenic valves have become essential for the transportation, usage, and storage of liquefied gases worldwide. The demand for industrial gases is increasing in many developed and developing countries across the globe, including the United Kingdom, the United States, Australia, Germany, China, and India.
Key Insights
- Based on the product type, the globe valve segment held the largest market share in 2022 and is estimated to reach a value of USD 1,194.8 million by 2023
- Based on application, the tanks & cold boxes segment generated the highest revenue in 2022, accounting for 36.24% market share
- Based on end-user industry, the energy and power segment generated the highest revenue in 2022, accruing USD 1,299.6 million, and is estimated to grow at 7.66% CAGR over 2023 - 2030
- On the basis of region, Asia Pacific held the largest market share in 2022, attributing 39.94% of total revenues
Flowserve Plans Expansion Through Acquisition of Canadian Company
February 2023 – Velan Inc., a Canadian company associated with control valves and related solutions, inked an agreement to be acquired by Flowserve in a cash transaction that is valued at USD 245 million.
Expansion of Cryogenic Applications Beyond Oil & Gas Industry to Offer Opportunities for Market Players
Technological advancements have led to a rise in the quality and efficiency of these valves and are observed to have expanded the end-use applications for the product. Healthcare and food processing industries require low-temperature control to maintain the quality and safety of their products. The implementation of control valves to regulate these low temperatures is expected to increase considerably. This is due to the growing demand for better temperature controls, which will result in superior quality control, product safety, and efficiency.
The pharmaceutical industry, for example, requires accurate temperature control during manufacturing, storage, and shipment of its products to ensure their safety and efficacy. The expansion of cryogenic applications in various industries underlines the need for effective control valves and thus creates lucrative opportunities for the market and new entrants.
Advancements in Design and Technology to Further Drive the Market
There is an expected growth in the demand for cryogenic control valves due to the development of new designs and technologies that can improve their overall efficiency, durability, and reliability. These technological advancements could lead to an increase in the usage of these valves in various sectors, including aerospace, healthcare, food processing, and energy production. The improved technology could make the valves more suitable for use in operations that require precise and efficient flow control in extremely low-temperature conditions.
Growth of the Energy Sector to Fuel Asia-Pacific's Dominance
Asia Pacific held the largest share, accounting for 39.94% of the global share in 2022, and is anticipated to value USD 2,381.8 million by 2030 at the highest growth rate of 7.61% through the forecast period. The demand for clean energy in the region is amongst the key factors for the growth of the utilities sector along with the presence of energy producers would drive the market in the region. India and Japan are anticipated to observe substantial growth rates of 7.83% & 7.12% respectively.
Increasing Government Focus on Cryogenic Fuels to Propel Growth in North America and Europe
North America and Europe accounted for significant revenues, accruing USD 954.0 million and USD 717.4 million in 2022. The factors driving the Cryogenic Control Valve market in North America include the growing demand for energy, and the need for efficient and reliable cryogenic valve technologies in industries such as automotive, metal processing, and energy and power generation. Additionally, the increasing use of cryogenic fuels, stringent government regulations focusing on reducing carbon emissions, and the growing LNG trade are all factors contributing to the market growth.
Increasing Focus On Strategic Mergers and Acquisitions for Sustainable Growth
The market is fragmented with significant players in the market, such as SLB., HEROSE GMBH, Velan Inc., Cryostar, SAMSON AKTIENGESELLSCHAFT, L&T Valves Limited., cryocomp, The Weir Group PLC, KSB Limited, Baker Hughes., and others, are concentrating on expanding their business through collaboration and partnership strategies.