Author: Himanshu Patni
10 March 2023
A cryogenic valve is typically made to respond to high pressure, which forces the valve into an open position to facilitate easy passage of gas or other media. Also, cryogenic valves are made to be used in chemical, liquefied natural gas (LNG), and air separation plants under high-pressure applications by allowing the gases to flow freely until the pressure drops. They help keep the packing gland temperature above 0 degrees Celsius and prevent the stem and parts above the bonnet from freezing or icing by decreasing the heat that enters the valve from the outside. They are widely accessible in several sizes and forms to work under a range of pressures.
The Cryogenic Valves Market is expected to grow at a steady rate of around 5% during the forecast period (2022-2028) owing to the increasing demand for cryogenic fuels from various industries including energy, manufacturing, aerospace, and power generation among others. Major companies in the market are focusing to provide cryogenic valves with technologically advanced features along with new product launches, collaboration, and mergers & acquisitions. For instance, in October 2021, Flowserve Corporation launched valtek multi-Z anti-cavitation to annihilate the cavitation under high-pressure drop conditions.
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Based on type, the market is segmented into nitrogen, helium, oxygen, hydrogen, liquified natural gas, and others. The liquified natural gas segment is expected to witness significant market growth during the forecast period owing to the increasing demand for energy around the world and the higher price of refined petroleum products. For instance, the US exported 453.5 Bcf of LNG to South Korea and 44.7 Bcf of LNG to China in the year 2021. Along with this, the strict government compulsion to replace coal-based power plants with gas-based ones and growing public awareness over carbon emissions are anticipated to support market expansion over the forecast period.
Based on the end-user, the market is bifurcated into chemical & petrochemical, energy & power, healthcare, food & beverage, and others. The energy & power segment is expected to register significant market growth during the forecast period due to the increasing demand from end-user industries such as construction, manufacturing, nuclear power generation, and others. For instance, according to BP Plc., the primary energy demand registers an increase of 5.8% in the year 2021 exceeding by 1.3% compared to the year 2019.
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For a better understanding of the market adoption of the cryogenic valves industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing demand for energy and stringent government regulation related to carbon emissions. Additionally, the increasing demand for metal processing, automotive industries, and energy & power generation is expected to propel the market growth for cryogenic fuel and subsequently increase the demand for cryogenic valves. Moreover, the increasing adoption of cryogenic gas in the healthcare industry for the treatment of cryotherapy along with increasing adoption in the food & beverage industry is expected to propel the demand for the cryogenic valve in the region. Also, the increasing investment and technological advancement in cryogenic valve manufacturing are expected to propel market growth. For instance, RAYS Flow Control launched F91 high-temperature and high-temperature cryogenic valves made up of stellite cobalt-based cemented carbide for power plants which provides a self-tightening sealing structure and higher inner cavity pressure.
Some of the major players operating in the market include BAC Valves, Schlumberger, Baker Hughes, Neles Corp., Flowserve Corp., Cryostar GmbH, Velan Inc., ACME Cryogenic, Emerson Electric, and Cryocomp
Global Cryogenic Valves Market Segmentation
Market Insight, by Gas
· Nitrogen
· Oxygen
· Hydrogen
· Helium
· Liquified Natural Gas
· Others
Market Insight, by End-User
· Chemical & Petrochemical
· Energy & Power
· Healthcare
· Food & Beverage
· Others
Market Insight, by Type
· Globe Valve
· Gate Valve
· Ball Valve
· Butterfly Valve
· Others
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· BAC Valves
· Schlumberger
· Baker Hughes
· Neles Corp.
· Flowserve Corp.
· Cryostar GmbH
· Velan Inc.
· ACME Cryogenic
· Emerson Electric
· Cryocomp
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