According to the publisher's latest market study on “Cryogenic Control Valve Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Application,” 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.
Cryogenic control valves are used in extremely cold conditions. The valves are popularly utilized by the companies working with Compressed Natural Gas (CNG) or Liquefied Natural Gas (LNG). For example, many oil and gas companies frequently use cryogenic temperature where its range starts at −150 degrees Celsius (−238 degrees Fahrenheit). Cryogenic valves store and transport cryogenic gasses efficiently and safely. Ball control valve is the most used type of control valve.
Many oil and gas companies use globe valves for controlling the pressure, flow, and temperature of process water, fluid, or gas. The globe control valves can be controlled with pneumatic, mechanical, and electric power. The valves are also capable of providing on/off or throttling service as per the specific requirement. Also, butterfly control valves are used on a large scale in vacuum services, slurry and similar services, compressed air or gas applications, and high pressure and high temperature water and steam services. These valves are quick and easy to open and inexpensive to build. Also, they occupy less space and require less maintenance. Therefore, their adoption is anticipated to increase drastically in coming years.
The global cryogenic control valve market is segmented into five major regions-North America, Europe, APAC, MEA, and SAM. APAC led the market in 2020, followed by Europe and North America.
Need for industrial gases is rising in countries such as the US, China, Australia, Germany, India, and the UK. In addition, the demand for Floating Production Storage and Offloading (FPSO) unit and Floating Storage Regasification Unit (FSRU) is growing due to the increasing production of oil and liquefied gases. Considering these factors in the growing power sector and healthcare sector, the demand for cryogenic valves of various types is predicted to surge during the forecast period.
The COVID-19 outbreak pandemic has led to the imposition of lockdown measures globally, thereby it has adversely affected businesses from all industries. Therefore, the oil & gas exploration and production companies are facing revenue losses and slow growth. However, several oil & gas exploring and production (E&P) companies have started to discover new oil rigs globally, which is expected to boost the demand for cryogenic storing and transportation tanks as well as cryogenic valves in coming years.
Several players operating in the global cryogenic control valve market are adopting significant strategic initiatives. For instance, 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.
Reasons to Buy
Cryogenic control valves are used in extremely cold conditions. The valves are popularly utilized by the companies working with Compressed Natural Gas (CNG) or Liquefied Natural Gas (LNG). For example, many oil and gas companies frequently use cryogenic temperature where its range starts at −150 degrees Celsius (−238 degrees Fahrenheit). Cryogenic valves store and transport cryogenic gasses efficiently and safely. Ball control valve is the most used type of control valve.
Many oil and gas companies use globe valves for controlling the pressure, flow, and temperature of process water, fluid, or gas. The globe control valves can be controlled with pneumatic, mechanical, and electric power. The valves are also capable of providing on/off or throttling service as per the specific requirement. Also, butterfly control valves are used on a large scale in vacuum services, slurry and similar services, compressed air or gas applications, and high pressure and high temperature water and steam services. These valves are quick and easy to open and inexpensive to build. Also, they occupy less space and require less maintenance. Therefore, their adoption is anticipated to increase drastically in coming years.
The global cryogenic control valve market is segmented into five major regions-North America, Europe, APAC, MEA, and SAM. APAC led the market in 2020, followed by Europe and North America.
Need for industrial gases is rising in countries such as the US, China, Australia, Germany, India, and the UK. In addition, the demand for Floating Production Storage and Offloading (FPSO) unit and Floating Storage Regasification Unit (FSRU) is growing due to the increasing production of oil and liquefied gases. Considering these factors in the growing power sector and healthcare sector, the demand for cryogenic valves of various types is predicted to surge during the forecast period.
The COVID-19 outbreak pandemic has led to the imposition of lockdown measures globally, thereby it has adversely affected businesses from all industries. Therefore, the oil & gas exploration and production companies are facing revenue losses and slow growth. However, several oil & gas exploring and production (E&P) companies have started to discover new oil rigs globally, which is expected to boost the demand for cryogenic storing and transportation tanks as well as cryogenic valves in coming years.
Key Findings of Study:
Several players operating in the global cryogenic control valve market are adopting significant strategic initiatives. For instance, 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.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global cryogenic control valve market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global automated waste collection system market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
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| Report Attribute | Details |
|---|---|
| No. of Pages | 151 |
| Published | July 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD
| USD 2267.07 Million |
| Forecasted Market Value ( USD
| USD 3117.79 Million |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
Table of Contents
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Cryogenic Control Valve Market Landscape
5. Cryogenic Control Valve Market - Key Market Dynamics
6. Cryogenic Control Valve - Global Market Analysis
7. Global Cryogenic Control Valve Market Analysis - By Type
8. Global Cryogenic Control Valve Market Analysis - By Application
9. Cryogenic Control Valve Market - Geographic Analysis
10. Cryogenic Control Valve Market - Covid-19 Impact Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
Companies Mentioned
A selection of companies mentioned in this report includes:
- Baker Hughes Company
- Emerson Electric Co.
- Flowserve Corporation
- Velan Inc.
- KORVAL Co., Ltd.
- Larsen & Toubro Limited
- Neles Corporation
- SAMSON USA
- Bac Valves
- Richards Industrials
