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The cryogenic valves market size is forecast to increase by USD 850.5 million, at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth due to the increase in oil and gas drilling and exploration and production (E&P) operations. The energy and power industry is witnessing substantial investments, leading to a swell in demand for cryogenic valves in applications such as natural gas-fired processing and liquefied natural gas (LNG) production. Additionally, volatility in oil and gas prices has driven the need for efficient and cost-effective cryogenic valve solutions. These factors, combined with the growing demand for cleaner energy sources, are expected to boost market growth in the coming years. Furthermore, advancements in materials science and technology are leading to the development of more durable and reliable cryogenic valves, addressing the challenges of extreme temperatures and high pressures. Overall, the cryogenic valves market is poised for strong growth, driven by these key trends and factors.
The global cryogenic valves market is expected to experience significant growth due to the increasing demand for compressed natural gas (CNG) and liquefied natural gas (LNG) in the oil and gas industry. The manufacturing sector, particularly in advanced manufacturing systems and industrial automation, also contributes to the market growth. The use of cryogenic fluids such as nitrogen in industrial gases, hydrogen refueling stations, and onsite liquefaction facilities is driving the demand for cryogenic valves. The healthcare sector is another major end-user, with applications in the cold chain for preserving biologic goods. The IoT and smart valves are gaining popularity in various industries for automation and control, leading to an increase in demand for cryogenic valves. Energy and power industries, including clean steam applications, sanitary applications, and liquefied gases, also utilize cryogenic valves. The market includes various types of cryogenic valves such as gate valves and ball valves, used in pneumatic and energy applications.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The oil and gas segment is estimated to witness significant growth during the forecast period. The global Cryogenic Valves market is witnessing significant growth due to the increasing demand for industrial gases such as Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), and other cryogenic fluids like Nitrogen, Oxygen, Hydrogen, Argon, and Helium in various industries. These gases find extensive applications in manufacturing plants, oil and gas exploration and production, power generation, and chemical and petrochemical sectors. The growing trend towards advanced manufacturing systems and industrial automation is further boosting the market's growth. In the energy sector, cryogenic fluids are used in hydrogen refueling stations, power generation, and carbon negative technologies.
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The oil and gas segment was valued at USD 1.39 billion in 2018 and showed a gradual increase during the forecast period. The hydrogen infrastructure market's expansion is expected to drive the demand for cryogenic valves in the coming years. Moreover, the increasing focus on reducing carbon emissions and the growing adoption of renewable energy sources are creating new opportunities for the market. The market is also witnessing significant growth in marine applications, energy and power, and healthcare sectors. The integration of IoT and smart valves in industrial processes is further enhancing the market's growth potential. The market's competitive landscape is fragmented, with major players offering a range of cryogenic valves such as gate valves, globe valves, ball valves, butterfly valves, control valves, and pneumatic valves. The market's future growth is expected to be driven by the increasing demand for customized liquefaction plants, petrochemicals, and the expansion of hydrogen infrastructure.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The global Cryogenic Valves Market is experiencing significant growth due to the increasing demand for industrial gases such as Natural Gas, Liquefied Natural Gas (LNG), and hydrogen in various sectors. The oil and gas industry, manufacturing plants, power generation, and chemical and petrochemical industries are major consumers of cryogenic fluids like Nitrogen, Oxygen, Hydrogen, Argon, and Helium. The construction of advanced manufacturing systems and industrial automation is driving the need for cryogenic valves in these industries. In the energy sector, the shift towards renewable power and the expansion of hydrogen infrastructure for energy and power applications are creating new opportunities for cryogenic valves. The healthcare sector, IoT, and smart valves are also emerging areas of application for cryogenic valves. The growing focus on carbon negative technologies and reducing carbon emissions is further boosting the demand for cryogenic valves in LNG and customized liquefaction plants. Cryogenic valves find extensive use in various applications such as hydrogen refueling stations, marine applications, and nuclear research projects. The market is witnessing a trend towards the development of advanced gate valves, globe valves, ball valves, butterfly valves, and control valves for improved efficiency and performance. Pneumatic valves are also gaining popularity due to their ease of operation and low maintenance requirements. Overall, the global cryogenic valves market is expected to grow significantly in the coming years, driven by the increasing energy demand, expansion of hydrogen infrastructure, and the need for advanced automation and control systems.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
An increase in oil and gas drilling E&P operations is notably driving market growth. The global Cryogenic Valves Market is witnessing significant growth due to the increasing demand for liquefied gases in various industries. Cryogenic valves are essential components in Air Separation Plants (ASPs), which are used to extract gases like nitrogen, oxygen, and argon from the air. The rising adoption of Green Hydrogen as a clean energy source is another major factor driving the market growth. In the oil and gas sector, cryogenic technologies are increasingly being used in High-pressure Injection Systems for Enhanced Oil Recovery (EOR) in Tar Sands and Shale Formations. Furthermore, the expansion of the Cold Chain industry for transporting and storing Biologic Goods and pharmaceuticals requires advanced fluid motion control systems, including cryogenic valves.
Moreover, the increasing usage of cryogenic valves in Clean Steam Applications, Onsite Liquefaction Facilities, and transfer lines for Industrial Machinery is fueling the market growth. The integration of Artificial Intelligence (AI) and advanced technologies in the design and manufacturing of Gate Valves, Globe Valves, Ball Valves, and Check Valves is enhancing their efficiency and reliability. The growing sustainability goals and the need for energy efficiency are also propelling the demand for cryogenic valves in the production and transfer of Liquefied Gases, including cryogenic chemicals and gases like CO2, nitrogen, oxygen, and hydrogen. Thus, such factors are driving the growth of the market during the forecast period.
Growing investments in energy and power industry is the key trend in the market. In the energy and power sector, the quest for enhancing power generation efficiency and optimizing performance drives the demand for advanced process equipment. Each power generation application presents distinct flow control requirements. Cryogenic valves, crafted from materials like stainless steel, carbon steel, and cast steel, are engineered to manage low temperatures and cryogenic conditions. These valves are instrumental in regulating the flow of cryogenic fluids, which maintain temperatures below -196 degrees Celsius.
Further, these valves are indispensable in applications such as Air Separation Plants, Green Hydrogen production, High-pressure Injection Systems for Tar Sands and Shale Formations, Cryogenic Technologies for Cold Chain, Biologic Goods, Sanitary Applications, Clean Steam Applications, Liquefied Gases, Onsite Liquefaction Facilities, and the transfer of Chemicals and Industrial Machinery. The integration of Artificial Intelligence and Sustainability Goals in the design and manufacturing of these valves further underscores their relevance and importance in the industry. Thus, such trends will shape the growth of the market during the forecast period.
Volatility in oil and gas prices is the major challenge that affects the growth of the market. The global cryogenic valves market is significantly influenced by the oil and gas industry, with a major application in Air Separation Plants (ASPs) for producing liquefied gases such as oxygen, nitrogen, and argon. The market is witnessing a shift towards the use of renewable energy sources, including Green Hydrogen, which is expected to boost the demand for cryogenic valves in the coming years. Fluid Motion Control is a crucial aspect of cryogenic technologies, and various types of valves including Gate Valve, Globe Valve, Ball Valve, and Check Valve are extensively used in transfer lines for industrial machinery and onsite liquefaction facilities. The market also caters to various sectors such as Sanitary Applications, Clean Steam Applications, and Biologic Goods, among others. Cryogenic valves find extensive applications in the production of Liquefied Gases from Crude Oil, Tar Sands, and Shale Formations.
Further, the integration of Artificial Intelligence and Sustainability Goals in the industrial processes is expected to provide significant growth opportunities for the market players. Despite the challenges posed by the volatility in crude oil prices, the market is expected to witness steady growth, driven by the increasing demand for cryogenic valves in various industries and applications. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global cryogenic valves market is expected to experience significant growth due to increasing demand for compressed natural gas (CNG) and liquefied natural gas (LNG) in power generation and industrial applications. The oil and gas industry, including manufacturing plants and hydrogen refueling stations, is a major consumer of cryogenic fluids such as nitrogen, oxygen, hydrogen, argon, and helium. The market is also driven by the expansion of advanced manufacturing systems, industrial automation, and power generation in the energy and power sector. The growing demand for hydrogen infrastructure, nuclear research, and particle accelerator projects further boosts the market. The energy demand for carbon negative technologies, LNG, and customized liquefaction plants in the chemical and petrochemical industry is also contributing to the market growth. The marine applications segment is expected to witness growth due to the increasing adoption of cryogenic fluids in marine propulsion systems. The market is further expected to be influenced by the Internet of Things (IoT) and the development of smart valves, including gate valves, globe valves, ball valves, butterfly valves, control valves, and pneumatic valves. The healthcare sector is also expected to provide opportunities for market growth due to the increasing use of cryogenic gases in medical applications.
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Market Scope |
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Report Coverage |
Details |
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Page number |
143 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market Growth 2024-2028 |
USD 850.5 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.2 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 42% |
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Key countries |
US, Germany, UK, China, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Acme Cryogenics Inc, BAC Valves SA, Blackhall Engineering Ltd., Bray International Inc., Cryofab Inc., Emerson Electric Co., Flowserve Corp., HEROSE GmbH, Hy Lok Corp., IMI Plc, ITT Inc., KITZ Corp., Larsen and Toubro Ltd., Parker Hannifin Corp., Powell Valves, SAMSON AG, Schlumberger Ltd., The Weir Group Plc, Velan Inc., and Weka AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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