Cryogenic Valve Market: Current Analysis and Forecast (2022-2028)

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The Cryogenic Valves Market was valued at more than USD 3.2 billion in 2021 and is expected to grow at a CAGR of around 5% from 2022-2028.

The conventional design of a cryogenic valve is to respond to high pressure by forcing the valve into an open state, which allows for the simple passage of gas or other media. Additionally, cryogenic valves are designed to be employed in high-pressure applications in chemical, liquefied natural gas (LNG), and air separation plants by allowing the gases to flow freely until the pressure reduces. By reducing the heat that enters the valve from the outside, they aid in maintaining the packing gland temperature above 0 degrees Celsius and protect the stem and portions above the bonnet from freezing or icing. They are widely accessible in several sizes and forms to work under a range of pressures. As the countries launch new oil and gas exploration initiatives in response to rising fuel demand, this is expected to raise the demand for cutting-edge valve technology. Also, many water treatment facilities are being constructed to meet the increasing demand for fresh water. As a result, the cryogenic valve market is expected to register significant growth.

BAC Valves, Schlumberger, Baker Hughes, Neles Corp., Flowserve Corp., Cryostar GmbH, Velan Inc., ACME Cryogenic, Emerson Electric, and Cryocomp are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

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Insights Presented in the Report

“Amongst gas, liquified natural gas category to witness higher CAGR during the forecast period”

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 cryogenic fuel around the world and the higher price of refined petroleum products. For instance, US exported 453.5 Bcf of LNG to South Korea and 44.7 Bcf of LNG to the 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.

“Amongst end-user, the energy & power segment to hold a significant share in the market in 2020”

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.

“Asia-pacific to hold a significant share in the market”

In 2020, Asia-pacific held a significant share of the global cryogenic valve market. 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.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Cryogenic Valves Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global cryogenic valve market were the three major steps undertaken to create and analyze the adoption of cryogenic valves in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global cryogenic valves market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the cryogenic valves market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the cryogenic valves market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, gas, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the cryogenic valves market. Further, we conducted factor analysis using dependent and independent variables such as type, gas, and end-user of cryogenic valves. a thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the cryogenic valves market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global cryogenic valves market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the cryogenic valves market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global cryogenic valves market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global cryogenic valves market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, gas, and application in the global cryogenic valves market.

The main objective of the Global Cryogenic Valves Market Study

The current & future market trends of the global cryogenic valves market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the cryogenic valves market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, gas, and application.
• Define and analysis of the regulatory framework for the cryogenic valves
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the cryogenic valves market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the cryogenic valves market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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