Cryogenic Valve Market Projected to Grow at a CAGR of 4.51% From 2018 to 2023. Rising investments in the LNG sector is the key factor driving the cryogenic valve market. The increasing demand for Floating Production Storage and Offloading (FPSO) vessels is further expected to boost the growth of the cryogenic valve market
“The cryogenic valve market is projected to grow at a CAGR of 4.51%, from 2018 to 2023.”
The cryogenic valve market is estimated to be USD 3.00 billion in 2018 and is projected to reach USD 3.75 billion by 2023, at a CAGR of 4.51%, from 2018 to 2023. Rising investments in the LNG sector is the key factor driving the cryogenic valve market.
Moreover, the increasing demand for Floating Production Storage and Offloading (FPSO) vessels is further expected to boost the growth of the cryogenic valve market. Volatile metal price can act as a restraint for the cryogenic valve market, leading to declining profits.
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“The Energy & Power subsegment of the end-user segment is expected to grow at the highest CAGR, from 2018 to 2023.”
The energy &power subsegment of the end-user segment is expected to grow at the highest CAGR, during the forecast period due to the increasing LNG production. In Asia Pacific, countries such as China, India, South Korea, and Southeast Asian countries are the major importers of LNG to meet the growing power generation and domestic sector demand.
“Asia Pacific: The largest market for cryogenic valves in 2017”
The market in Asia Pacific is currently the largest market for cryogenic valves followed by the North American market. The substantial growth in end-user industries, such as chemicals, electronics, metallurgy, and food & beverage, is expected to drive the cryogenic valve market in the Asia Pacific region.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type:Tier 1- 35%, Tier 2- 45%, Tier 3- 20%
- By Designation:C-Level- 55%, Manager-Level- 25%, and Others- 40%
- By Region:North America – 45%, Europe – 20%, Asia Pacific – 27%, Middle East & Africa – 5%, and South America – 3%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2016. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3: < USD 500 million
The leading players in the cryogenic valve market include Flowserve (US), Herose (Germany), Emerson(US), L&T (India), Schlumberger (US), Samson (Germany), Cryocomp (US), Habonim (Israel), Parker (US), Bray (US), Velan (Canada), Weir Group (Scotland), Powell Valves (US), and BAC (Spain).
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Research Coverage:The report defines, describes, and forecasts the global cryogenic valve market by type, application, gas, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.
These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the cryogenic valve market.
Why access this report?
- The report identifies and addresses key markets for cryogenic valves, which would help manufacturers review the growth in demand.
- The report helps system providers understand the pulse of the market and provide insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.