Cryogenic Valve market is projected to grow at a CAGR of 6.6% by 2034: Visiongain
Visiongain has published a new report entitled Cryogenic Valve Market Report 2024-2034: Forecasts by Temperature Range (Low-Temperature Valves, Ultra-Low-Temperature Valves), by Function (On/Off Valves, Control Valves, Relief Valves), by Material (Stainless Steel, Carbon Steel, Alloy Steel, Cryogenic Steel), by Application (Energy and Power Plants, Chemical Processing, Oil and Gas, Liquefied Natural Gas Facilities, Manufacturing and Fabrication), by Type (Ball Valves, Gate Valves, Globe Valves, Butterfly Valves, Check Valves, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global cryogenic valve market was valued at US$3,344.0 million in 2023 and is projected to grow at a CAGR of 6.6% during the forecast period 2024-2034.
Accelerating Hydrogen Economy and Green Hydrogen Production
The global push towards a hydrogen economy and the rise of green hydrogen production contribute to the demand for cryogenic valves. As hydrogen gains prominence as a clean energy carrier, cryogenic valves become integral in processes like hydrogen liquefaction and storage. Companies involved in green hydrogen projects, such as ITM Power and Siemens Energy, rely on cryogenic valves to ensure the efficient handling and storage of hydrogen, showcasing the market’s responsiveness to emerging trends in sustainable energy.
Shale Gas Boom and Increased Natural Gas Processing
The shale gas boom and the subsequent increase in natural gas processing activities fuel the demand for cryogenic valves. In the United States, where shale gas extraction has surged, cryogenic valves play a vital role in natural gas processing plants. Companies like Emerson Electric and ValvTechnologies cater to the growing demand for cryogenic valves in ensuring the safe and efficient processing of liquefied gases in shale gas-rich regions.
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How has COVID-19 had a significant negative impact on the Cryogenic Valve Market?
The COVID-19 pandemic has significantly impacted the cryogenic valve market, introducing challenges and opportunities that have reshaped the industry landscape. The initial phases of the pandemic led to disruptions in global supply chains, affecting the production and distribution of cryogenic valves. Manufacturing facilities faced closures, labour shortages, and logistical constraints, causing delays in project timelines and deliveries. These challenges, coupled with economic uncertainties, resulted in a temporary slowdown in the cryogenic valve market.
However, the latter stages of the pandemic witnessed a resurgence in demand for cryogenic valves, driven by increased adoption of liquefied natural gas (LNG) and the growing emphasis on clean energy solutions. The energy transition, coupled with a renewed focus on infrastructure development and industrial expansion, contributed to the recovery of the cryogenic valve market. The need for reliable and efficient valves in critical applications, such as LNG transportation and processing, became more pronounced, fuelling a rebound in market growth.
Moreover, the pandemic underscored the importance of digitalization and remote monitoring in the cryogenic valve sector. Companies began to prioritize technologies that enable remote diagnostics, predictive maintenance, and real-time monitoring to ensure the operational continuity of cryogenic systems. This shift towards digital solutions not only enhanced the resilience of the industry but also opened avenues for innovation and technological advancements within the cryogenic valve market.
How will this Report Benefit you?
Visiongain’s 351-page report provides 114 tables and 184 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global cryogenic valve market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Cryogenic Valve. Get financial analysis of the overall market and different segments including temperature range, function, material, application, and type and capture higher market share. We believe that there are strong opportunities in this fast-growing cryogenic valve market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Demand for Industrial Gases Driving the Market Growth
The cryogenic valve market is experiencing substantial growth, driven significantly by the increasing demand for industrial gases. This surge in demand is primarily attributed to the widespread applications of industrial gases such as nitrogen, oxygen, and argon across diverse industries, including manufacturing, healthcare, and electronics. These gases, when in their liquefied state, require precise handling and control, which is where cryogenic valves play a crucial role. In various industrial processes, the handling and distribution of industrial gases demand a high level of reliability, efficiency, and safety. Cryogenic valves address these requirements by facilitating the precise control of the flow of liquefied industrial gases. Their significance becomes even more pronounced as industries continue to rely on these gases for critical applications.
The utilization of cryogenic valves ensures that industrial processes maintain the necessary precision and integrity, contributing to the overall efficiency of the systems. As the demand for industrial gases continues to grow across sectors, the cryogenic valve market becomes integral in providing the necessary infrastructure for the safe and controlled handling of these essential substances.
Growing Demand from Chemicals Industry Driving the Market Growth
The chemicals industry stands as a crucial driver propelling the cryogenic valve market forward. Within chemical processing plants, where low-temperature applications are prevalent, cryogenic valves play an indispensable role. These valves are fundamental components that enable the controlled transport and handling of cryogenic liquids and gases integral to various chemical manufacturing processes.
In the chemical sector, safety, precision, and operational efficiency are paramount, emphasizing the critical need for dependable cryogenic valves. These valves ensure that the stringent safety standards are met, while also providing the necessary precision for intricate chemical operations. The efficiency in handling cryogenic substances is pivotal for maintaining the integrity of chemical processes.
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Where are the Market Opportunities?
Rising Trade for LNG Opportunities for the Market
The escalating global trade in liquefied natural gas (LNG) unfolds substantial opportunities for the cryogenic valve market. This surge is primarily attributed to the increasing demand for cleaner energy sources and the widespread globalization of the LNG market. Countries worldwide are actively seeking alternatives to traditional fossil fuels, aiming to diversify their energy portfolios and embrace more environmentally sustainable options. In response to this global shift, LNG has emerged as a versatile and eco-friendly energy solution. The opportunities for cryogenic valve manufacturers lie in the pivotal role these valves play in the intricate LNG infrastructure, encompassing terminals, liquefaction plants, and transportation. Specialized valves are integral to ensuring the efficiency and security of LNG operations, presenting a lucrative market avenue for high-performance cryogenic valves tailored to the specific needs of LNG applications.
Increase in the Energy Demand Opportunities for the Market
The escalating global demand for energy, fuelled by population growth, industrialization, and the transition to cleaner energy sources, represents a substantial opportunity for the cryogenic valve market. Cryogenic valves play a pivotal role in various energy-related applications, including the handling of liquefied gases such as LNG, hydrogen, and industrial gases. As industries diversify their energy mix and invest in sustainable solutions, the demand for cryogenic systems and valves is expected to rise. The market can leverage this opportunity by developing and supplying advanced cryogenic valves that meet the stringent requirements of industries involved in energy production, storage, and transportation.
The major players operating in the cryogenic valve market are Bray International, Inc, CIRCOR International, Inc., Emerson Electric Co., Flowserve Corporation, Fujikin Incorporated, HEROSE GmbH, Meca-Inox, Parker Hannifin Corporation, Schlumberger Limited, The Weir Group PLC. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- 28 Oct 2023, Flowserve Corporation and Baker Hughes, a leading energy technology company, has entered into a strategic partnership to develop and commercialize next-generation cryogenic valves for liquefied natural gas (LNG) applications.
- 10 Oct 2023, Parker Hannifin Corporation invests in CryoServe, a provider of on-site cryogenic solutions. The investment is expected to expand Parker Hannifin’s capabilities in the cryogenic services market.
- 04 July 2023, Schlumberger Introduces New Cryogenic Valve Technology for Liquefied Natural Gas (LNG) Applications
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To find more Visiongain research reports on the energy sector, click on the following links:
- Oil & Gas Subsea Umbilicals, Risers & Flowlines (SURF) Market Report 2024-2034
- Liquefied Natural Gas (LNG) Infrastructure Market Report 2023-2033
- Micro Liquefied Natural Gas (LNG) Market Report 2024-2034
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