The Global Cryogenic Valve Market is projected to grow at a CAGR of 4.51%, to reach a market size of USD 3.75 Billion by 2023 from USD 3.00 Billion in 2018. Rising trade of LNG and high demand for industrial gases are the major factors driving the cryogenic valve market. 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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The energy & power segment is expected to hold the largest share of the cryogenic valve market, by function during the forecast period. The energy & power segment led the cryogenic valve market in 2017 and is projected to dominate the market during the forecast period. Cryogenic valves are widely used in the energy & power industry. They are installed for the process of liquefaction, transportation, and regasification. The rise in the trade of LNG across the world is one of the major drivers of the energy & power segment.
LNG is expected to be the fastest growing segment of the cryogenic valve market. The LNG segment is expected to hold the largest market share during the forecast period from 2018 to 2023. It is considered as the major source of energy. LNG is also being used in power generation in the automotive sector, while many countries are adopting LNG as its fuel for various applications in other industries as well. LNG is primarily used in shipbuilding, power generation, and automotive industries.
Some of the leading players in the cryogenic valve market include: Schlumberger (US), Emerson (US), Parker (US), Flowserve (US), and Weir Group (Scotland). Contracts & agreements and acquisitions were the most adopted strategies by players to ensure their dominance in the cryogenic valve market.
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The Cryogenic Valve Market has been analyzed with respect to five regions, namely, Asia Pacific, Europe, North America, the Middle East & Africa, and South America. The market in Asia Pacific is expected to lead the global cryogenic valve market during the forecast period due to the substantial growth in end-user industries, such as chemicals, electronics, metallurgy, and food & beverage in the region.High demand from the chemical industry and increase in the energy demand can lead to opportunities in the cryogenic valve market. Volatile metal price can act as a restraint for the cryogenic valve market, leading to declining profits.