November 06, 2023 06:42 ET | Source: The Insight Partners The Insight Partners
Pune, India, Nov. 06, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Cryogenic Control Valve Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Globe Control Valves, Ball Control Valves, Butterfly Control Valves, Others); Application (Power Generation, Oil and Gas, Food and beverages, others), and Geography,” the market is projected to reach US$ 3.11 billion by 2028 from US$ 2.26 billion in 2021; it is expected to grow at a CAGR of 4.7% during the forecast period of 2021 to 2028. Wcb
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Cryogenic Control Valve Market: Competitive Landscape and Key Developments
Baker Hughes Company.; Boeing; Emerson Electric Co.; Flowserve Corporation; Larsen & Toubro Limited; KORVAL Co., Ltd.; and Neles Corporation are among the key market players in the global cryogenic control valve market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In 2021, Emerson Electric Co. has announced the latest Clarkson KS1 Knife Gate Valve. This latest product is designed to extend service intervals and valve life and decrease the total cost of ownership in heavy slurry applications.
Global Cryogenic Control Valve Market Scope:
Surging Use in Health Care Sector to Propel Cryogenic Control Valve Market Growth in Coming Years
With the growing demand for medicines across the world, the requirement for respective cryogenic control valve is rising notably. Cryogenic control valve are used in manufacturing, testing, and experimenting of various ingredients used for making a medicine. In the ongoing COVID-19 pandemic, Flowserve was providing cryogenic ball valves to Pfizer for helping expand the production capacities of COVID-19 vaccine. For facilitating mass production of COVID-19 vaccine, Flowserve’s Cookeville, Tennessee facility agreed to supply more than 200 Worcester cryogenic ball valves which are capable of handling rigorous temperature requirements. Also, the growing need for oxygen is resulting in construction of large number of oxygen plants, especially in India. Defence Research and Development Organisation (DRDO) announced that it is going to set 500 oxygen plants all over India from PM CARES fund program. Thus, owing to increase in manufacturing of oxygen plants, medicines, and drugs, the cryogenic ball valves market is expected to grow rapidly in the near future.
Cryogenic Control Valve market: Type Overview
Based on type, the cryogenic control valve market can be categorized into globe control valves, ball control valves, butterfly control valves, and others. Cryogenic control valve are susceptible to extreme temperatures. Leakage of liquefied gas is dangerous for workers and plant safety. These gases are also expensive, considering the high cost of converting gases into cryogens. Standard valves expand and contract at varying rates when exposed to extreme temperatures. This expansion and contraction causes breaks in the seal and further results in leakage. To address this challenge, several types of cryogenic control valve are available in the market.
Cryogenic Control Valve market: Application Overview
In terms of application, the cryogenic control valve market is further classified into power generation, oil and gas, food and beverages, and others. Cryogenic control valve safely transport and assist in storing cryogenic liquid gasses at extremely low temperatures. Cryogenic control valve must be designed to precise tolerances and be of an extremely high quality in order to contain these cryogenic liquids and gases safely and reliably.
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There is an increase in demand for industrial gases in developed as well as developing countries such as the UK, the US, Australia, Germany, India, and China. Various industrial gases are produced for specific applications in various industries. Some of the majorly used industrial gases are oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, and acetylene, among others. Cryogenic control valve are widely used for transport, use, and storage of liquefied gases such as compressed natural gas (CNG) and liquefied natural gas (LNG). In India, CNG car sales recorded 49% year-on-year growth in FY 2021 and its market share has grown from 4% in 2020 to 6% in 2021. The demand for liquefied gases such as liquid nitrogen, is increasing in cryo therapy for removing skin abnormalities, transportation and freezing of food products, cooling of superconductors, and cryo preservation of blood.
For the production of oxygen, cryogenic control valve are used in air separation plants on a large scale. Growing requirement of oxygen in recent times is also a driving factor contributing toward the growth of the cryogenic control valves market. Various types of cryogenic control valve required for the gas industry are gate valve, check valve, globe valve, lift check valve, ball valve, pinch valve, stop check valve, butterfly valve, tilting-disc check valve, plug valve, diaphragm valve, safety valve, and pressure relief valve. With the rise in requirement for industrial gases in various industries like chemicals, petrochemicals, steelmaking, mining, environmental protection, metals, medicine, biotechnology, pharmaceuticals etc., demand for mentioned valves is also anticipated to increase considerably.
North America is the largest producer of natural gas. Hence, the region is expected to hold the significant share of the cryogenic control valve market in coming years. Further, Europe comprises major natural gas producing countries such as Russia, Norway, and the UK. Therefore, the region is expected to hold a notable amount of market share during the forecast period. Russia is the world’s second largest natural gas producing country. As per the BP Statistical Review of World Energy 2020, the country produced 679 billion cubic meters natural gas in 2019. APAC comprises world’s fastest growing countries such as India and China. The region is becoming one of the major consumers of natural gas products. It is also witnessing rapid industrialization and urbanization, which is causing rise in the consumption of natural gas for various utilities. Hence, the APAC cryogenic control valve market is expected to grow at the significant rate in coming years. Further, the cryogenic control valve market in MEA and SAM is expected to grow with the decent rate as both regions are exploring natural gas products, which will increase the application of cryogenic control valve in future.
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