Cryogenic Control Valve Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Globe Control Valves, Ball Control Valves, Butterfly Control Valves, and Others) and Application (Power Generation, Oil and Gas, Food and beverages, and Others)
Publication Month: Jul 2021 | Report Code: TIPRE00023978 | No. of Pages: 151 | Category: Manufacturing and Construction | Status: Published
The 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% during 2021–2028.
There is an increase in demand for industrial gases in developed as well as developing countries such as the UK, the US, Australia, Germany, India, and China. Various industrial gases are produced for specific applications in various industries. Some of the majorly used industrial gases are oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, and acetylene, among others. Cryogenic valves are widely used for transport, use, and storage of liquefied gases such as compressed natural gas (CNG) and liquefied natural gas (LNG). In India, CNG car sales recorded 49% year-on-year growth in FY 2021 and its market share has grown from 4% in 2020 to 6% in 2021. The demand for liquefied gases such as liquid nitrogen, is increasing in cryo therapy for removing skin abnormalities, transportation and freezing of food products, cooling of superconductors, and cryo preservation of blood.
For the production of oxygen, cryogenic valves are used in air separation plants on a large scale. Growing requirement of oxygen in recent times is also a driving factor contributing toward the growth of the cryogenic control valves market. Various types of cryogenic valves required for the gas industry are gate valve, check valve, globe valve, lift check valve, ball valve, pinch valve, stop check valve, butterfly valve, tilting-disc check valve, plug valve, diaphragm valve, safety valve, and pressure relief valve. With the rise in requirement for industrial gases in various industries like chemicals, petrochemicals, steelmaking, mining, environmental protection, metals, medicine, biotechnology, pharmaceuticals etc., demand for mentioned valves is also anticipated to increase considerably.
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. Further, 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.
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 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.
Lucrative Regions for Cryogenic Control Valve Providers
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Cryogenic control valve market Insights
Growing Demand for FSRU and FPSO Fuels Growth of Cryogenic control valve market
In recent times, the demand for floating production storage and offloading (FPSO) unit and floating storage regasification unit (FSRU) has increased to a considerable level. An FPSO unit is widely utilized for processing and production of hydrocarbon and oil storage by the oil & gas industry. For transfer and transition of liquefied natural gas (LNG) through oceanic channels, an FSRU is required. According to the Organization of the Petroleum Exporting Countries (OPEC), global oil demand is predicted to grow from 38 million barrels per day to 115 million barrels per day by 2025 with annual average growth of 1.6 million barrels per day or 1.7%, from 2002 to 2025. Considering technology feasibility, mobility, availability, scheduling, commercial flexibility, and lower cost, FSRUs are gaining popularity across the world. With the increasing use of natural gases, Asia pacific is anticipated to be the largest FSRU market in coming years. Cryogenic valves of respective types are broadly used at FPSO units and FSRUs. This is expected to drive the cryogenic valves market across the globe.
Type - Based Market Insights
Based on type, the cryogenic control valve market is sub-segmented into globe control valves, ball control valves, butterfly control valves, and others. In 2020, the others segment accounted for the largest market share.
Cryogenic Control Valve Market, by Type, 2020 and 2028 (%)
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Application-Based Market Insights
Based on application, the cryogenic control valve market is segmented into power generation, oil and gas, food and beverages, and other applications. In 2020, the oil and gas segment accounted for the largest market share.
Strategic Insights
The players operating in the cryogenic control valve market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In June 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.
- In March 2021, 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.
The Global Cryogenic Control Valve Market has been Segmented as Mentioned Below:
By Type
- Globe Control Valves
- Ball Control Valves
- Butterfly Control Valves
- Others
By Application
- Power Generation
- Oil and Gas
- Food and beverages
- Other Applications
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- Baker Hughes Company
- Emerson Electric Co.
- Flowserve Corporation
- Velan Inc.
- KORVAL Co., Ltd.
- Larsen & Toubro Limited
- Neles Corporation
- SAMSON USA
- Bac Valves
- Richards Industrials
Frequently Asked Questions
The List of Companies - Cryogenic Control Valve Market
- Baker Hughes Company
- Emerson Electric Co.
- Flowserve Corporation
- Velan Inc.
- KORVAL Co., Ltd.
- Larsen & Toubro Limited
- Neles Corporation
- SAMSON USA
- Bac Valves
- Richards Industrials
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