As per the data revealed by BP Statistical Review of World Energy 2020, North America is the largest producer of natural gas. Hence, the region is expected to hold the significant share of the cryogenic control valve market in coming years. Further, Europe comprises major natural gas producing countries such as Russia, Norway, and the UK. Therefore, the region is expected to hold a notable amount of market share during the forecast period. Russia is the world’s second largest natural gas producing country. As per the BP Statistical Review of World Energy 2020, the country produced 679 billion cubic meters natural gas in 2019. APAC comprises world’s fastest growing countries such as India and China. The region is becoming one of the major consumers of natural gas products. It is also witnessing rapid industrialization and urbanization, which is causing rise in the consumption of natural gas for various utilities. Hence, the APAC cryogenic control valve market is expected to grow at the significant rate in coming years. Further, the cryogenic control valve market in MEA and SAM is expected to grow with the decent rate as both regions are exploring natural gas products, which will increase the application of cryogenic control valve in future.
Emerson Electric Co., Flowserve Corporation, Baker Hughes Company, Neles Corporation and Larsen & Toubro Limited – Prominent Market Participants in Cryogenic Control Valve Market
Velan Inc., KORVAL Co., Ltd., SAMSON USA, Bac Valves and Richards Industrials are among the well-known players operating in the global cryogenic control valve market and are focused on product development and innovations. Emerson introduced a series of three way and two way solenoid valves that support original equipment manufacturers’ requirement to develop more compact equipment and machines without compromising on fluid control performance. Flowserve Corporation announced that it is supplying, valves, pumps and seals to Pfizer to support the production of COVID-19 vaccine. Neles launches latest versatile butterfly valve product series which enables easy valve configuration for a wide range of applications in all process industries. This newly launched product range offers superior process efficiency along with minimized environmental footprint.
The COVID-19 pandemic has negatively influenced the overall oil & gas industry owing to considerable disruption in the supply chain activities coupled with the several countries sealing off their international trade in the wake of the pandemic. Furthermore, the global oil & gas prices plummeted significantly owing to limited demand and continuous production by the oil producing countries caused considerable decline in production activities among the major oil producing countries. Consequently, the discontinuation of oil & gas activities disrupted the demand for related products and services, such as cryogenic valves.
The top five companies in the market Emerson Electric Co., Flowserve Corporation, Baker Hughes Company, Neles Corporation and Larsen & Toubro Limited. The above listing of key players is derived by considering multiple factors such as overall revenue, current cryogenic control valve portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below:
|2021||Baker Hughes and Borg CO2 announced memorandum of understanding regarding collaboration on a carbon capture and storage project. This project will serve as a hub for the decarbonization of industrial spaces in the Viken region of Norway.||North America|
|2021||Richards Industrials, a manufacturing company producing valves, regulators, and various flow control products announced the acquisition of Equilibar LLC. Equilibar LLC is the second acquisition for Richards Industrials in past 18 months, which also partnered with Astor Place Holdings in July 2019.||North America|
|2018||SAMSON is very proud for partnering with Matheson Valves as its authorized representative for Southern Ontario.||North America|