Cryogenic Valves Market, By Product Type, By Gas, By End-User Industry, and By Geography

The global cryogenic valves market is projected to reach around US$ 2,879.4 Millions by the end of 2030, in terms of revenue, growing at CAGR of 4.3% during the forecast period (2023-2030).

Global Cryogenic Valves Market Share (%) By Region, in 2023

Cryogenic valves are designed to be used in very cold applications. Hence, these are mostly found to be useful in companies that work with compressed natural gas (CNG) and liquefied natural gas (LNG). They are increasingly used in various end-use industries. Cryogenic valves are kept in a naturally closed position to keep cryogenic gases or medium secure and safely contained. Cryogenic valves are available in a variety of shapes and sizes to be able to function under different pressure ranges. Some of the commonly used cryogenic valves are ball valve, check valve, gate valve, and globe Valve.

Cryogenic valves are designed to be used in very cold applications. They are thus most popularly used by companies that work with Liquefied Natural Gas (LNG) or Compressed Natural Gas (CNG). For instance, the oil and gas industry frequently uses cryogenic temperature ranges starting at -150°C (-238°F). Additionally, some gasses aren't labelled 'cryogenic' because of their temperature, but rather because they require more than a simple pressure increase to compress their volume. Cryogenic valves are built to help transport and store such cryogenic gasses safely and efficiently.

Cryogenic valves are constructed to store such gases safely and also work great during transportation due to their ability to function efficiently in pressure settings as high as 52 bar (750 psi) and temperature as low as -196°C (-320°F).

Cryogenic valves are kept in a natural closed position to keep cryogenic gasses or other medium secure and safely contained. A cryogenic valve is generally designed to react to high pressure which pushes the valve into the open position to allow the gas or other media to flow readily through. Such open flow will continue until the pressure again decreases, at which point it will swing back and become seal with a special metal seat bubble-tight shutoff to prevent any leaking.

Market Dynamics

The increase in oil and gas exploration activities around the world has increased the demand for cryogenic valves from various end-use industries such as, increase in energy demand, increase in consumption of industrial and natural gases. Also favorable government initiatives are some major factors expected to aid in the growth of the global cryogenic valves market.

The Government of India has adopted several policies to meet the increasing demand. It has allowed 100% foreign direct investment (FDI) in many segments of the sector, including natural gas, petroleum products and refineries.

In May 2022, Oil and Natural Gas Corporation (ONGC) is an Indian central public sector undertaking under the ownership of Ministry of Petroleum and Natural Gas, Government of India, planned to invest US$ 4 billion from FY22-25 to increase its exploration efforts in India. In November 2021, ONGC announced that it invested up to Rs. 6,000 crore (US$ 800 million) in its petrochemicals arm (ONGC Petro Additions Ltd.) to meet its equity requirements.

Key features of the study:

• This report provides in-depth analysis of the global cryogenic valves market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2023-2030), considering 2022 as the base year
• It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global cryogenic valves market based on the following parameters - company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• Key companies covered as a part of this study Velan Inc., Samson AG, Parker Hannifin Corp., L&T Valves Limited, Herose GmbH, Flowserve Corporation, Emerson Electric Co., ECI LLC, Cryofab, Bray International, Baker Hughes (General Electric), Bac Valves, Powell Valves, Meca-Inox, and Habonim Industrial Valves & Actuators Ltd., among others.
• Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, technology up gradation, market expansion, and marketing tactics
• The global cryogenic valves Market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Global Cryogenic Valves market

Cryogenic Valves Market Detailed Segmentation:

• By Product Type:
  • Ball Valve
  • Check Valve
  • Gate Valve
  • Globe Valve
  • Others
• By Gas:
  • Liquefied Natural Gas
  • Liquid Nitrogen
  • Hydrogen
  • Oxygen
  • Other Gases
• By End-User Industry:
  • Chemicals
  • Oil and Gas
  • Energy and Power
  • Food and Beverages
  • Medical
  • Other End-user Industries
• By Region:
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America
• Company Profiles
  • Velan Inc.
  • Samson AG
  • Parker Hannifin Corp.
  • Meca-Inox
  • L&T Valves Limited
  • Herose GmbH
  • Flowserve Corporation
  • Emerson Electric Co.
  • ECI LLC
  • Cryofab
  • Bray International
  • Baker Hughes (General Electric)
  • Bac Valves
  • Powell Valves
  • Habonim Industrial Valves & Actuators Ltd.