Market Leader - Cryogenic Valve Market
The global cryogenic valve system market is projected to reach USD 3.74 Billion by 2023, growing at a CAGR of 4.51%, from an estimated USD 3.00 Billion in 2018. The growth of the cryogenic valve market is majorly driven by the growing trade of LNG across the globe and increasing demand for industrial gases.
Asia Pacific is expected to be the fastest growing market for cryogenic valves from 2018 to 2023. Countries such as China, India, Australia, and Japan have huge demand for LNG, electronic equipment, chemicals, and metallurgy processes to meet the growing demand from residential and industrial sectors. In addition to that, industrial gases such as nitrogen, oxygen, hydrogen, and many more are used in various applications in industries. Thus, increasing trade of LNG and demand of industrial gases is likely to enhance the cryogenic valve market in Asia Pacific.
The market in China is expected to be the fastest in Asia Pacific for cryogenic valves, during the forecast period. The country is the largest steel producer in the world. The market for cryogenic valves in the country is driven by increased investments in LNG and industrial gases. According to EIA, in 2017, China imported approximately 5 billion cubic feet per day (Bcf/d) of LNG. Due to the government initiatives and policies for the reduction of pollution, the country has increased the natural gas consumption. All these factors are expected to influence the cryogenic valve market in the country.
The report segments the cryogenic valve market, by gas, into LNG, nitrogen, oxygen, and others. The others segment includes argon, hydrogen, helium, and carbon dioxide. The LNG segment is expected to grow at the highest CAGR during the forecast period. The segment is mainly used for power generation in the automotive sector, while many countries are adopting LNG as its fuel for various applications in other industries as well.
The cryogenic valve market, by type, is segmented into ball valve, globe valve, gate valve, check valve, and others. The others segment includes control valves, safety valves, butterfly valves, and angle valves. The ball valve segment is expected to hold the largest market share during the forecast period due to better flow characteristics than other type of valves.
The cryogenic valve market, by end-user, is segmented into energy & power, chemicals, food & beverage, healthcare, and others. The others segment includes aerospace, electronics, metallurgy, and transportation. The energy & power segment is expected to grow at the highest CAGR during the forecast period. The segment is mainly driven due to the increase in demand for LNG across all the countries. This is likely to drive the cryogenic valve market.
Related Reports:
Cryogenic Valve Market by Gas (LNG, Oxygen, Nitrogen), Type (Globe, Gate, Ball), End-User (Energy & Power, Food, Chemicals), Application (Tanks & Cold Boxes, Transfer Lines, Manifolds & Gas Trains), And Region - Global Forecast to 2023
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