The global cryogenic valves market is set to be valued at USD 3,552.3 million in 2023 and is anticipated to expand at a CAGR of 4.9% from 2023 to 2033. It is likely to reach a valuation of USD 5,731.4 million by 2033.
Low temperature and high-pressure working are some of the key features of cryogenic valves. They also operate under low-temperature conditions in various end-use sectors, as compared to other substitutes such as industrial valves.
According to FMI, Europe is anticipated to continue to be the most lucrative cryogenic valve market, making up more than one-fourth of global sales by 2022. By valve type, the gate valve category is anticipated to experience strong market growth between 2023 and 2033 in terms of volume.
Key players in the global market are anticipated to participate in exhibitions and events to showcase their new products to attract a large consumer base. For instance, in August 2022, Vogt Valves declared that it would exhibit its new liquid hydrogen product lines at Gastech 2022, an international gas technology event.
The company’s innovative C-330 series of Bellows Sealed Globe valves are mainly designed for the aerospace industry.
With rising investment in research & development activities, as well as in transportation and pipelines for natural gas, demand for cryogenic valves is increasing in the global market. The cryogenic valves market accounts for nearly 4 to 6% of the global industrial valves market.
Top Trend Pushing Sales in the Global Market
The ongoing expansion of the oil & gas infrastructure has positively impacted oil production activities, which is also helping to boost the production of petrochemicals globally.
For safe and effective storage and transportation of cryogenic gasses, valves are used. Their primary functions include suitable integrity pressure protection, emergency shutdowns, and operation in -196 °C temperatures.
Apart from that, the food & beverage industry is demanding cryogenic valves. Competitive pricing and efficient working of these valves are making them an ideal choice in the food & beverage industry.
Besides, these valves do not change the food's flavor, color, or other sensory qualities due to which they are highly preferred by the aforementioned end user. The market is also being supported by the increasing utilization of unique valves in the healthcare sector for cryosurgery.
The development of IoT and smart valves has boosted the demand in the global market. Other factors such as the rapid expansion of the healthcare sector and the transportation of industrial gasses due to ongoing industrialization are also driving the market.
Which Factors Are Hindering Growth in the Global Market?
In the era of rapid technological development and advancement, several competing products may have an impact on market expansion. In addition, numerous stringent regulations pertaining to the manufacturing and maintenance of valves may have a minor but noticeable influence on the market.
Given the large number of both global and local players in the market, the cost of cryogenic valves is a key factor. Local competitors are offering low-cost valves that have a negative effect on well-known competitors' sales in the next decade.
| Attributes | Details |
|---|---|
| Cryogenic Valves Market CAGR (2023 to 2033) | 4.9% |
| Cryogenic Valves Market Size (2023) | USD 3,552.3 million |
| Cryogenic Valves Market Size (2033) | USD 5,731.4 million |
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From 2018 to 2022, the global cryogenic valves market exhibited growth at 2.7% CAGR and is projected to grow at a CAGR of 4.9% in the forecast period. Growth in gas-based power generation due to the increasing implementation of emission regulations across various regions is set to drive the market.
Increasing demand for industrial cryogenic gasses due to the rising development of refrigeration units, especially in the chemical and food & beverage sectors further boosts the demand for cryogenic valves across the globe.
Demand for cryogenic valves has significantly increased as a result of the rising adoption of automation in the industrial sector. The development of state-of-the-art valves by renowned companies also propels the global market.
In February 2022, for instance, Demaco Netherlands BV introduced a new line of Demaco Cryogenic Valves. The range includes control valves, pneumatic on/off, and manual on/off features. It also guarantees a long service life and contains a self-adjusting spindle gasket with a wiper, intermediate relief, and V-seal.
| Country | Market Share (2023) |
|---|---|
| United States | 20% |
| Germany | 9.8% |
| Japan | 5.1% |
| Australia | 1.4% |
The United States is anticipated to exhibit impressive growth in the North American market through 2033, helping the region to account for nearly 1/5th of the total sales by 2022. The United States has a vast network of gas-based power plants, which is set to drive the market.
Apart from that, rapid industrial developments and increasing LNG distribution across the country is likely to aid growth. The United States Energy Information Administration (EIA) states that in 2021, the country imported nearly 99.8% of LNG to Trinidad & Tobago and 0.8% to Canada. As per FMI, sales of cryogenic valves are expected to surpass USD 5,523.5 million by the end of 2033 in the United States.
By the end of 2033, India is expected to grow at a CAGR of 5.7% in the South Asia & Pacific region, says FMI. The Indian government is planning to implement a large number of programs to improve the power distribution infrastructure and accelerate industrial development in order to meet the increasing demand for power in both urban and rural areas.
As per the India Brand Equity Foundation (IBEF), as of April 2021, India is the second-leading consumer and third-leading producer of electricity in the world with an installed power capacity of 401.01 GW. It is likely to grow at a rapid pace in the evaluation period with the rising number of government-led development projects, thereby fueling growth.
From 2023 to 2033, China is estimated to grow at a CAGR of 5.5%. Demand for cryogenic valves is expected to remain high in the country during the forecast period with the rising need to develop hydrogen infrastructure, as well as the industrial and chemical sectors. The surging development of air separation plants in China is another key factor pushing growth in the country.
According to the International Energy Agency (IEA), in 2019, the final consumption of electricity reached 7154.27 TWh, which is a surge from 1134.24% generated in 1990. These numbers are likely to grow in the next decade with the rising number of infrastructure development plans in China, thereby pushing the market.
Principal Consultant
Gate Solenoid Valves to Hold a Prominent Market Share
Demand for gate valves is projected to increase at a CAGR of 5.9% in terms of value from 2023 to 2033, with a share of 43.2% in 2023 says FMI. Gate valves work with highly viscous fluids or slurries more efficiently as compared to other types of valves.
Thus, these valves are extensively used in the power and chemical industries. As per FMI, the gate valves segment is projected to create an absolute dollar opportunity of USD 203.7 million between 2023 and 2033.
Energy & Power Sector to Utilize the Cryogenic Safety Relief Valves sector with an expected share of 32.5% in 2023.
The energy and power segment is projected to create an absolute dollar opportunity of USD 128.8 million between 2023 and 2033, finds FMI. Valves serve a large application for LNG and CNG gasses in the power generation sector.
The growing population and implementation of strict regulations for controlling emissions have created new growth opportunities for gas-based power plants, which drive the segment.
Over the past few years, increasing acquisition and expansion activities have been witnessed worldwide to improve the supply chain of cryogenic valves. Key manufacturers are providing a wide range of customized valves depending on the requirement of end users.
They are also offering services that are customized for each unique customer. The market is set to witness the entry of start-up companies in the next decade.
For instance:
Flowserve, L&T, and Weir Are on a Mission to Change the Green Hydrogen Space with Sustainable Valves
Flowserve owns the most comprehensive fluid motion control portfolio in the valve space, allowing customers to spend less time shopping and assessing. Even better, it enables the company to provide the best standard and custom solutions for clients.
The company has a complete array of fluid motion and control products in the world. Its unique flow management business provides various sectors with an enhanced experience.
Flowserve modified the bearing housing of the HPX centerline-mounted process pump to improve performance and value. The redesigned inner slinger increases bearing lubrication, while a finned upper bearing housing surface promotes heat dispersion.
For instance, the company introduced a new line of butterfly control valves called Valtek Valdisk. The advanced product line is designed to provide minimal pressure loss, high capacity, high-performance throttling, and decreased maintenance costs.
It is intended for use in temperatures ranging from -268°C to 427°C and may be utilized in a variety of configurations and applications, including air separation, pressure swing adsorption (PSA), oil & gas, chemical refining, and many others.
Similarly, L&T's technological strength is a smart combination of in-house Research and Development and the competence of its joint venture partners. The company has entered into a distribution arrangement that allows Kemrock products to be supplied and promoted in the Indian market.
The company also signed a collaboration arrangement to accelerate the green hydrogen sector in India. L&T and ReNew collaborate to develop, own, execute, and manage green hydrogen projects in India under this arrangement.
Besides, in August 2022, L&T announced that the new green hydrogen plant is intended for an electrolyzer capacity of 800 kW, with both alkaline (380 kW) and PEM (420 kW) technologies. It is supplied by a 990kW peak DC rooftops solar plant and a 500kWh battery energy storage system (BESS).
Likewise, Weir Minerals has joined hands with miners to increasingly rely on its experience to discover an integrated solution that optimize the whole process. The company continues to help in making mining smarter, more efficient, and more sustainable.
Research and Development investments are critical in the development of innovative wear materials that aid in these efforts. In August 2022, Weir Minerals and Eriez Flotation, which is a global leader in specialized flotation equipment, announced a collaboration to design and develop coarse particle flotation (CPF) systems.
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During 2018 to 2022, the market registered a CAGR of 2.7%.
The market is estimated to reach USD 5,731.4 million by 2033.
Energy and power sector holds high revenue potential.
The United States, Japan, and the United Kingdom dominate the global market.
The market is forecast to register a CAGR of 4.9% through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Valve Type 5.1. Globe Valve 5.2. Gate Valve 5.3. Check Valve 5.4. Ball Valve 5.5. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Gas Type 6.1. Nitrogen 6.2. LNG 6.3. Oxygen 6.4. Hydrogen 6.5. Liquid Petroleum 6.6. Ethylene 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Food & Beverage 7.2. Healthcare 7.3. Chemicals 7.4. Energy & Power 7.5. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Flowserve 18.2. Heroes 18.3. Emerson 18.4. L&T 18.5. Samson 18.6. Cryocomp 18.7. Habonim 18.8. Parker 18.9. Bray 18.10. Velan 18.11. Weir Group 18.12. Powell Valves 18.13. BAC 18.14. Kitz 18.15. Mack Valves 18.16. YPS Valves Ltd 18.17. OMB Valves SpA 19. Assumptions & Acronyms Used 20. Research Methodology
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Cryogenic Valves Market
