The latest report by IMARC Group, titled "Cryogenic Valves Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global cryogenic valves market size reached US$ 1.88 Billion in 2021. Cryogenic valves are designed to be used in chemical, air separation, and liquified natural gas (LNG) plants. Some commonly available valves include ball, check, gate, globe, butterfly, relief, manual, automatic, and solenoid valves. They open in high-pressure situations and allow the free flow of the gases until the pressure decreases. They also help to minimize the heat entering the valve from outside, keeping the packed gland temperature above 0 degrees Celsius and preventing the stem and parts above the bonnet from frosting or freezing. At present, they are available in a variety of sizes and shapes to function under different pressure ranges, which are widely utilized across chemicals, oil and gas, energy and power, food and beverage (F&B), medical, and other industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cryogenic Valves Market Trends:
The market is primarily driven by the escalating demand for cryogenic valves in the oil and gas industry. This can also be attributed to the increased recovery of oil production activities. In addition, cryogenic valves are employed to store and transport cryogenic gases safely and efficiently. They are designed explicitly for suitable integrity pressure protection and emergency shutdowns in temperatures as low as -196 degrees Celsius. Moreover, the expanding food and beverage industry and the increasing utilization of these valves, as they are effective and relatively inexpensive, and do not affect the taste, flavor, and color of the food, represent another major growth-inducing factor. Besides this, the increasing product adoption for cryosurgery in the healthcare industry is positively influencing the sales of cryogenic valves worldwide. Furthermore, the escalating demand for industrial gases is accelerating the product adoption rate. Other factors, including the increasing product applications in theater stages and rock concerts and the implementation of favorable policies, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 2.43 Billion by 2027, exhibiting a CAGR of 4.3% during the forecast period (2022-2027).
- Based on the product, the market has been segmented into ball, check, gate, globe, and other valves.
- On the basis of gas, the market has been classified into liquid nitrogen, liquid helium, hydrogen, oxygen, and others.
- Based on the end use industry, the market has been segregated into chemical, oil and gas, energy and power, food and beverages (F&B), medical, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, with the profiles of the key players being Bac Valves, Bray International Inc., Cryofab, Emerson Electric Co., Flowserve Corporation, Habonim, Herose GmbH, L&T Valves Limited (Larsen & Toubro Limited), Parker-Hannifin Corporation, Powell Valves, Samson Aktiengesellschaft, Schlumberger Limited, The Weir Group PLC and Velan Inc.
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