Cryogenic Control Valve Market Size, Share, and Analysis by 2028
Historic Data: 2019-2020 | Base Year: 2021 | Forecast Period: 2022-2028Cryogenic 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)
- Report Date : Jul 2021
- Report Code : TIPRE00023978
- Category : Manufacturing and Construction
- Status : Published
- Available Report Formats :
- No. of Pages : 151
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.
Customize This Report To Suit Your Requirement
You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Cryogenic Control Valve Market: Strategic Insights
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Cryogenic Control Valve Market: Strategic Insights
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
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.
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.
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.
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.
Cryogenic Control Valve Market Regional Insights
The regional trends and factors influencing the Cryogenic Control Valve Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cryogenic Control Valve Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
- Get the Regional Specific Data for Cryogenic Control Valve Market
Cryogenic Control Valve Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2.27 Billion |
| Market Size by 2028 | US$ 3.12 Billion |
| Global CAGR (2021 - 2028) | 4.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Cryogenic Control Valve Market Players Density: Understanding Its Impact on Business Dynamics
The Cryogenic Control Valve Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Cryogenic Control Valve Market are:
- Baker Hughes Company
- Emerson Electric Co.
- Flowserve Corporation
- Velan Inc.
- KORVAL Co., Ltd.
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Cryogenic Control Valve Market top key players overview
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
What are reasons behind cryogenic control valve market growth?
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).
What are market opportunities for cryogenic control valve market?
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 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.
Which type of valve is expected to dominate the market in the forecast period?
The others segment dominate the market, which comprises plug valves, gate valves, pinch valve, and diaphragm valve, among others. Gate valves use linear stem motion for opening and closing of a valve. These valves use parallel or wedge shaped discs as closure members that provide tight sealing. This type of valve is suitable for oil, gas, air, heavy liquids, steam, non-condensing gases, and abrasive and corrosive liquids.
Which sector is expected to dominate the market in the forecast period ?
Cryogenic valves are designed to be used in very cold temperatures. Hence, they are most popularly used by companies that work with liquefied natural gas (LNG) or compressed natural gas (CNG). For instance, the oil & gas industry frequently uses cryogenic temperature ranges starting at -238 degrees Fahrenheit (-150 degrees Celsius). Cryogenic valves are kept in a natural closed position to keep cryogenic gases or other media secure and safely contained
What trends are expected to drive the demand for various cryogenic control valves ?
With the growing demand for medicines across the world, the requirement for respective cryogenic valves is rising notably. Cryogenic valves are used in manufacturing, testing, and experimenting of various ingredients used for making a medicine. In the ongoing COVID-19 pandemic, Flowserve was providing cryogenic ball valves to Pfizer for helping expand the production capacities of COVID-19 vaccine.
Which are the key countries expected to drive cryogenic control valve market in 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.
Market Research & Consulting
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Testimonials
I wish to appreciate your support and the professionalism you displayed in the course of attending to my request for information regarding to infectious disease IVD market in Nigeria. I appreciate your patience, your guidance, and the fact that you were willing to offer a discount, which eventually made it possible for us to close a deal. I look forward to engaging The Insight Partners in the future, all thanks to the impression you have created in me as a result of this first encounter.
DR CHIJIOKE ONYIA, MANAGING DIRECTOR, PineCrest Healthcare Ltd.
The Insight Partners delivered insightful, well-structured market research with strong domain expertise. Their team was professional and responsive throughout. The user-friendly website made accessing industry reports seamless. We highly recommend them for reliable, high-quality research services
Yukihiko Adachi CEO, Deep Blue, LLC.Reason to Buy
- Informed Decision-Making
- Understanding Market Dynamics
- Competitive Analysis
- Customer Insights
- Market Forecasts
- Risk Mitigation
- Strategic Planning
- Investment Justification
- Identifying Emerging Markets
- Enhancing Marketing Strategies
- Boosting Operational Efficiency
- Tracking Industry Innovations
- Aligning with Regulatory Trends
Yes! We provide a free sample of the report, which includes Report Scope (Table of Contents), report structure, and selected insights to help you assess the value of the full report. Please click on the "Download Sample" button or contact us to receive your copy.
Absolutely — analyst assistance is part of the package. You can connect with our analyst post-purchase to clarify report insights, methodology or discuss how the findings apply to your business needs.
Once your order is successfully placed, you will receive a confirmation email along with your invoice.
• For published reports: You’ll receive access to the report within 4–6 working hours via a secured email sent to your email.
• For upcoming reports: Your order will be recorded as a pre-booking. Our team will share the estimated release date and keep you informed of any updates. As soon as the report is published, it will be delivered to your registered email.
We offer customization options to align the report with your specific objectives. Whether you need deeper insights into a particular region, industry segment, competitor analysis, or data cut, our research team can tailor the report accordingly. Please share your requirements with us, and we’ll be happy to provide a customized proposal or scope.
The report is available in either PDF format or as an Excel dataset, depending on the license you choose.
The PDF version provides the full analysis and visuals in a ready-to-read format. The Excel dataset includes all underlying data tables for easy manipulation and further analysis.
Please review the license options at checkout or contact us to confirm which formats are included with your purchase.
Our payment process is fully secure and PCI-DSS compliant.
We use trusted and encrypted payment gateways to ensure that all transactions are protected with industry-standard SSL encryption. Your payment details are never stored on our servers and are handled securely by certified third-party processors.
You can make your purchase with confidence, knowing your personal and financial information is safe with us.
Yes, we do offer special pricing for bulk purchases.
If you're interested in purchasing multiple reports, we’re happy to provide a customized bundle offer or volume-based discount tailored to your needs. Please contact our sales team with the list of reports you’re considering, and we’ll share a personalized quote.
Yes, absolutely.
Our team is available to help you make an informed decision. Whether you have questions about the report’s scope, methodology, customization options, or which license suits you best, we’re here to assist. Please reach out to us at sales@theinsightpartners.com, and one of our representatives will get in touch promptly.
Yes, a billing invoice will be automatically generated and sent to your registered email upon successful completion of your purchase.
If you need the invoice in a specific format or require additional details (such as company name, GST, or VAT information), feel free to contact us, and we’ll be happy to assist.
Yes, certainly.
If you encounter any difficulties accessing or receiving your report, our support team is ready to assist you. Simply reach out to us via email or live chat with your order information, and we’ll ensure the issue is resolved quickly so you can access your report without interruption.
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
Get Free Sample For