Cryogenic Valve Market

Cryogenic Valve Market

Growth Factors of Cryogenic Valve Market

The cryogenic valve market size was valued at USD 4.14 billion in 2023, and the market is now projected to grow from USD 4.45 billion in 2024 to USD 9.73 billion by 2032, exhibiting a CAGR of 10.26% during the forecast period of 2024-2032.

The outbreak of COVID-19 especially affected the cryogenic valve market growth drastically since manufacturing plants were being closed and the overall oil and gas industry was severely impacted. Due to the downturn, most participants in the market have experienced lower-than-expected revenues. Also due to high supply and low demand for natural gas, production activities were reduced and this led to price instabilities after affecting the market investment.

This increasing requirement of industrial automation is increasing the onus required on intricate cryogenic valves market share in sectors such as energy, chemicals, auto and so on. These valves are important as they have exceedingly low coefficients of expansion and thus can function efficiently in very low temperatures which will be useful in petrochemical and aerospace industries. Their incorporation into the new generations of manufacturing facilities improves product quality, which in turn increases their requirements in the major industrial segments.

Additionally, increased research in nuclear and particle physics is fueling the consumption of cryogenic valves required for the maintenance of low temperatures in refrigeration systems and superconducting electromagnets. Cryogenic solutions will be further required to construct new colossal lab facilities such as CERN’s Future Circular Collider. With high-energy particle experiments expanding, more refrigeration capability is needed and this will aid the market expansion in this area.

Comprehensive Analysis of Cryogenic Valve Market

The cryogenic valve market is growing rapidly due to detailed market segmentation and the power & energy sector is also growing significantly. This expansion enables robust regional reviews that incorporate precisely the supply side and demand side factors shaping the power industry. The segmentation of the market by types, by cryogen types, and by end-users also helps to better see the prospects and changes happening in the market. The type include, Gate Valve, Globe Valve, Ball Valve, Butterfly Valve and Others. The cryogen type include, nitrogen, oxygen, argon, liquefied natural gas (LNG), hydrogen, helium and others. However, the end user include, oil & gas, metallurgy, power generation, chemical & petrochemical, marine and others.

Asia Pacific is dominating the cryogenic valve market due to the increasing energy generation from gas-based power plants and increasing regulatory measures towards emissions standards in the region. This is due to China’s vast hydrogen infrastructure, advanced air separation plants and ongoing construction of additional research facilities. For instance, the China Spallation Neutron Source (CSNS) project is a testament to this as it invested USD 83 million in 2021 to help propel the country forward in high-energy physics.

The leading competitors in the market are involved in the power and energy industry guaranteeing industrial prospectus and establishing the market trend. These players include Schlumberger (U.S.), Flowserve Corp. (U.S.), Baker Hughes (U.S.), Emerson Electric Co. (U.S.), Neles Corp. (Finland), KITZ Corporation (Japan), Cryostar GmbH (France), Bray International (U.S.), HEROSE GmbH (Germany), Cryocomp (U.S.), Velan Inc (Canada), Phpk Technologies (U.S.) and ACME Cryogenics (U.S.). These market players contribute to a balanced and competitive landscape.

In April 2022, Habonim is one of the leading companies that offer a wide range of industrial valves and actuators, generating USD 44 million in net annual sales income in 2021 ITT bought Habonim.

Segmentation Table

Global Cryogenic Valve Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 10.26% from 2024 to 2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Type, Cryogen Type, End-user, and Region

By Type - Gate Valve

- Globe Valve

- Ball Valve

- Butterfly Valve

- Others

By Cryogen Type - Nitrogen

- Oxygen

- Argon

- Liquefied Natural Gas

- Hydrogen

- Helium

- Others

By End-user - Oil & Gas

- Metallurgy

- Power Generation

- Chemical & Petrochemical

- Marine

- Others

By Region - North America (By Type, Cryogen Type, End-user, Country)

• U.S. (By End-user)
• Canada (By End-user)

- Europe (By Type, Cryogen Type, End-user, Country)

• U.K. (By End-user)
• Germany (By End-user)
• France (By End-user)
• Italy (By End-user)
• Russia (By End-user)
• Rest of Europe (By End-user)

- Asia Pacific (By Type, Cryogen Type, End-user, Country)

• China (By End-user)
• India (By End-user)
• Japan (By End-user)
• Australia (By End-user)
• Southeast Asia (By End-user)
• Rest of Asia Pacific (By End-user)

- Middle East and Africa (By Type, Cryogen Type, End-user, Country)

• GCC (By End-user)
• South Africa (By End-user)
• Rest of the Middle East & Africa (By End-user)

- Latin America (By Type, Cryogen Type, End-user, Country)

• Brazil (By End-user)
• Mexico (By End-user)
• Rest of Latin America (By End-user)


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