Cryogenic
valves are devices that control the flow of cryogenic fluids such as liquefied
natural gas (LNG), oxygen, nitrogen, argon and other refrigerants. They are
designed specifically to maintain optimum performance at extremely low
temperatures below -150°C. Cryogenic valves find wide usage in various end-use
industries such as energy & power, chemicals, metallurgy, electronics and
healthcare for applications including storage, filling and distribution of
industrial gases. Due to their key advantages like leak-tight sealing at low
temperatures and resistance to embrittlement, cryogenic valves are increasingly
replacing conventional valves in above mentioned applications.
The global cryogenic valves market is estimated to be valued at US$ 2.8 billion
in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024
to 2031.
Key Takeaways
Key players operating in the cryogenic valves market include Flowserve, Metso,
Powell Valves, Velan, Spirax Sarco and Parker Hannifin.
Increasing investments in liquefied natural gas (LNG) infrastructure and
industrial gas production facilities especially in Asia Pacific region is
opening new growth avenues for cryogenic valves manufacturers.
Major players are focusing on expanding their geographical presence in emerging
nations to tap into the rising demand from energy industries and diversify
business operations.
Market Drivers
Rising consumption of LNG globally as a cleaner alternative fuel for power
plants and transportation is driving Cryogenic
Valves Market Demand from LNG processing, regasification and
transportation applications. According to International Gas Union, global LNG
trade is expected to grow at 4% annually till 2025. Additionally, rapid
expansion of industrial manufacturing in developing countries is propelling the
need for reliable supply and storage of industrial gases which requires
insulated cryogenic valves. These factors are expected to boost the cryogenic
valves market over the forecast period.
PEST
Analysis
Political: Regulatory bodies have framed stringent regulations regarding safety
procedures during transportation and storage of gases. This has fueled demand
for technologically advanced cryogenic valves.
Economic: Growth in the industrial sector along with infrastructural
development has augmented spending on industrial gases. Rising income levels
have also propelled the sales of cryogenic valves across various end-use
industries.
Social: Increasing population and urbanization have intensified demand for
energy in developing countries. This has positively influenced the sales of
cryogenic valves for transportation and storage of industrial gases.
Technological: The integration of automation, IoT, and remote monitoring in
cryogenic systems has improved efficiency, reduced costs, and ensured safety.
This has boosted adoption of technologically enhanced cryogenic valves.
Geographical Markets
North America holds the largest share of the global cryogenic valves market in
terms of value owing to well-established oil & gas and healthcare
industries in the US and Canada. Countries in the region witness sizable
investments in energy infrastructure and research activities involving
liquefied gases.
Fastest Growing Region
Asia Pacific displays the fastest growth in the cryogenic valves market spurred
by rapid industrialization and infrastructural expansion in India and China.
Burgeoning demand for liquefied natural gas in transportation and power
generation applications has driven the sales of cryogenic valves across the
region. Economic development programs of various governments aim to strengthen
domestic manufacturing capabilities and increase reliance on clean fuels.
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Valves Market
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