Growing Power Generation Sector to Provide Growth Opportunities for Cryogenic Control Valve Market during 2021–2028.
The global cryogenic control valve market is expected to grow from US$ 2,267.07 million in 2021 to US$ 3,117.79 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028.
The power generation sector is growing rapidly in developing as well as developed countries across the globe. Among the power generation sector, the demand for compressed natural gas (CNG) and liquefied natural gas (LNG) is increasing substantially. Suitable cryogenic control valves are widely used in various compressed natural gas (CNG) and liquefied natural gas (LNG) applications. The main reason for rise in need for compressed natural gas (CNG) is its increasing utility in various sectors. For instance, as per the Natural Gas Information 2020 report of the IEA (International Energy Agency), the need for natural gas in non-OECD countries has increased by 1.1% in 2019, which is an increase of 23.4 Bcm. LNG is also broadly utilized in boilers, power generation, rotary kilns, fluid bed dryers, and furnaces. At LNG terminals, cryogenic service valves serve an important role, particularly at receiving terminals, gas liquefying terminals, satellite terminals of LNG, industrial satellite terminals, LNG tank trucks, and LNG tank vessels. Cryogenic floating ball valve and cryogenic trunnion mounted ball valve are gaining immense popularity at various LNG terminals. Considering rising disposable per capita income in many developing countries, need for power is estimated to rise drastically, thereby driving the demand for cryogenic control valves in these nations.
Impact of COVID-19 Pandemic on Cryogenic Control Valve Market
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 control valves.
Amid the COVID-19 pandemic, food processing business has increased significantly owing to the surge in demand for consumer goods. This development has stabilized the use of cryogenic control valves at some extent. Hence, the pandemic has negatively impacted the cryogenic control valve market during the first two quarter of 2020. However, the demand resumed with the continuation of economic activities. Thus, the global market is projected to recover the lack of demand in the coming months and the subsequent years
A few major players profiled in the study of the cryogenic control valve market are Baker Hughes Company; Emerson Electric Co.; Flowserve Corporation; Velan Inc.; KORVAL Co., Ltd.; Larsen & Toubro Limited; Neles Corporation; SAMSON USA; Bac Valves; and Richards Industrials. In addition, several other essential market players have been studied and analyzed to get the holistic view of the market and its ecosystem.
Cryogenic Control Valve Market — by Geography (2020–2028, %)
The global cryogenic control valve market is bifurcated based on type and application. Based on type, the market is segmented into globe control valves, ball control valves, butterfly control valves, and others. In 2020, the ball control valves segment accounted for the largest market share. Based on application, the market is segmented into power generation, oil & gas, food & beverages, and others. The oil & gas segment held substantial market share in 2020. Based on geography, cryogenic control valve market is segmented into North America, Europe, APAC, MEA and SAM. North America is further segmented into the US, Canada, and Mexico. Europe region is segmented on the basis of country into France, Germany, Italy, Russia, the UK, and Rest of Europe. The Asia Pacific (APAC) region in further segmented into China, India, Japan, Australia, South Korea, and Rest of APAC. In Middle East and Africa (MEA) region market is further segmented by country into Saudi Arabia, UAE, South Africa, and Rest of MEA. South America (SAM) region is also segmented by country into Brazil, Argentina, and Rest of SAM.
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