Cryogenic Valve Market by Gas, Type, End-User (Energy & Power, Food, Chemicals), Application (Tanks & Cold Boxes, Transfer Lines, Manifolds & Gas Trains), And Region - Global Forecast to 2023
According to the new market research report "Cryogenic Valve Market by Gas (LNG, Oxygen, Nitrogen), Type (Globe, Gate, Ball), End-User (Energy & Power, Food, Chemicals), Application (Tanks & Cold Boxes, Transfer Lines, Manifolds & Gas Trains), And Region - Global Forecast to 2023", published by MarketsandMarkets™, The global cryogenic valve market is projected to reach a market size of USD 3.75 billion by 2023, growing at a CAGR of 4.51%. The market in Asia Pacific is estimated to be the largest for cryogenic valve, followed by the North American market in 2018.
This trend is expected to continue till 2023. The growth of the cryogenic valve market is driven due to the raising trade of LNG and increasing demand for industrial gases, such as nitrogen, oxygen, and others.
The rising LNG trade has led to the growing demand for storage and transportation of cryogenic gases, which in turn has boosted the demand for cryogenic valves.
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Based on application, the cryogenic valve market is segmented into transfer lines, tanks & cold boxes, manifolds & gas trains, and liquefiers. The transfer lines subsegment held the largest market share in 2017 and is projected to dominate the market during the forecast period.
The growing production and demand for liquefied gases is likely to drive the market for cryogenic valves, globally.
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The cryogenic valve market, by end-user, is segmented into energy & power, chemicals, food & beverage, healthcare, and others. The others segment includes aerospace, electronics, metallurgy, and transportation.
The energy & power segment is expected to grow at the highest CAGR during the forecast period. The segment is mainly driven due to the increase in demand for LNG across all the countries.
This is likely to drive the cryogenic valve market.
Asia Pacific: The leading market for cryogenic valve system
Asia Pacific is expected to be the fastest growing market for cryogenic valves from 2018 to 2023. Countries such as China, India, Australia, and Japan have huge demand for LNG, electronic equipment, chemicals, and metallurgy processes to meet the growing demand from residential and industrial sectors.
In addition to that, industrial gases such as nitrogen, oxygen, hydrogen, and many more are used in various applications in industries. Thus, increasing trade of LNG and demand of industrial gases is likely to enhance the cryogenic valve market in Asia Pacific.
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The cryogenic valve market is dominated by a few major players that have a wide regional presence and are established brand names. The leading integrated solution providers in the cryogenic valve market include Schlumberger (US), Emerson (US), Parker (US), Flowserve (US), and Weir Group (Scotland).
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