Cryogenic Valves Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Germany, UK, China, Canada - Size and Forecast 2024-2028

Cryogenic Valves Market Size 2024-2028

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 witnessing significant growth due to the increasing demand for gases such as Oxygen, Hydrogen, Argon, and Helium in various industries. The power generation sector, particularly in coal-fired power plants, is a major consumer of these gases. In the chemical and petrochemical industry, cryogenic gases are used extensively in the production of fertilizers, steel, and other chemicals. In marine applications, cryogenic gases are used for refrigeration and as fuel. The market is driven by factors such as the rise in oil and gas drilling and E&P operations, growing investments in the energy and power industry, and volatility in oil and gas prices. Gate valves, Globe valves, Ball valves, and Butterfly valves are the major types of cryogenic valves used in these applications. The use of cryogenic valves ensures efficient and safe handling of these gases, making them an essential component in various industries. The market is expected to continue its growth trajectory in the coming years, driven by the increasing demand for these gases and the need for safe and efficient handling solutions.

What will be the Size of the Market During the Forecast Period?

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• The market is witnessing significant growth due to the increasing demand for cryogenic fluids in various industries. Cryogenic valves are essential components in handling and processing cryogenic fluids such as nitrogen, hydrogen, and other industrial gases. These valves are designed to operate in extreme low temperatures, making them indispensable in applications like manufacturing plants, oil and gas, hydrogen refueling stations, advanced manufacturing systems, and industrial automation. The market for cryogenic valves is driven by the expanding use of cryogenic fluids in diverse sectors. In the energy and power sector, cryogenic fluids are utilized in power generation and energy storage systems. In the healthcare sector, they are employed in the production and storage of medical gases and biologic goods. In the food industry, cryogenic fluids are used in the cold chain to preserve perishable goods. The integration of Internet of Things (IoT) technology in cryogenic valves is a notable trend in the market.
• Smart valves equipped with IoT sensors enable real-time monitoring and predictive maintenance, enhancing operational efficiency and reducing downtime. Furthermore, the adoption of automation and control systems in industrial processes is fueling the demand for cryogenic valves. Cryogenic valves find extensive applications in various industries, including energy and power, healthcare, food and beverage, and manufacturing. In the energy and power sector, cryogenic valves are used in onsite liquefaction facilities to liquefy natural gas for transportation and storage. In the healthcare sector, they are employed in sanitary applications, clean steam applications, and in the production and storage of medical gases. In the food industry, cryogenic valves are used in the cold chain to preserve perishable goods.

How is this market segmented and which is the largest segment?

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.

• End-user
  • Oil and Gas
  • Chemicals
  • Energy and power
  • Food and beverage
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
  • South America
  • Middle East and Africa

By End-user Insights

• The oil and gas segment is estimated to witness significant growth during the forecast period.

Cryogenic valves play a crucial role in various industries, particularly in power generation, chemical and petrochemical, and marine applications. In these sectors, cryogenic gases such as Oxygen, Hydrogen, Argon, and Helium are widely used. Among these gases, Hydrogen and Natural Gas, specifically in the form of Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG), dominate the market. The increasing demand for clean energy sources and the growing popularity of hydrogen as a fuel in power generation are significant factors driving the market growth. Furthermore, the transportation of LNG and CNG due to the volatility of natural gas reserves and supplies necessitates the use of cryogenic valves.

These valves help maintain the extreme low temperatures required to keep these gases in their liquid state during transportation and storage. Gate valves, Globe valves, Ball valves, and Butterfly valves are the primary types of cryogenic valves used in various industries. The choice of valve type depends on the specific application requirements, such as the temperature range, flow rate, and pressure. For instance, Gate valves are suitable for high-pressure applications, while Ball valves are ideal for applications requiring frequent opening and closing. In conclusion, the market is expected to witness significant growth due to the increasing demand for clean energy, the growing popularity of hydrogen as a fuel, and the need for LNG and CNG transportation.

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The oil and Gas segment was valued at USD 1.37 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• 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.

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The North American market is experiencing significant growth due to the expansion of key industries, including oil and gas, chemicals, energy and power, and food and beverage sectors, in the United States, Canada, and Mexico. The US, as a technological hub, leads the innovations and advancements in industrial machinery, such as cryogenic valves. As the largest exporter of industrial machinery, the US market holds a prominent position in the global arena. Regulatory standards set by the Environmental Protection Agency (EPA) and substantial investments in the chemical and petrochemical, as well as the oil and gas industries, driven by the shale gas revolution, are major factors fueling the demand for cryogenic valves in the US through the forecast period.

In the realm of industrial gases, applications of cryogenic valves span across industrial gases such as CNG, air separation plants, and green hydrogen. Fluid motion control is a critical aspect of these industries, and the integration of automation and control valves, including pneumatic valves, plays a pivotal role in optimizing processes and enhancing efficiency.

Market Dynamics

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.

What are the key market drivers leading to the rise in the adoption of the Cryogenic Valves Market?

An increase in oil and gas drilling E&P operations is the key driver of the market.

• The energy and processing (E&P) industry has witnessed significant advancements, particularly in data-driven techniques that enable accurate identification of oil and gas reserves without the necessity for drilling. Seismic acquisitions provide essential data for E&P operations, leading to an increase in their implementation. The expanding demand for oil and natural gas has resulted in a rise in offshore drilling projects worldwide. This trend is projected to boost the demand for cryogenic valves, given their essential role in various applications. High-pressure injection systems are integral to E&P operations, including those in tar sands and shale formations. Cryogenic technologies are increasingly utilized in these systems to optimize performance and efficiency.
• The cold chain industry, which includes the transportation and storage of biologic goods, also relies on cryogenic valves for maintaining low temperatures. Sanitary applications and clean steam applications are other sectors that utilize these valves. Liquefied gases, such as nitrogen, oxygen, and argon, are essential in numerous industries, including manufacturing, healthcare, and food processing. Onsite liquefaction facilities employ cryogenic valves to ensure the safe and efficient handling of these gases. Gate valves, a type of cryogenic valve, are widely used due to their ability to handle large volumes of fluid and their tight shut-off capabilities. In conclusion, the expanding E&P industry, driven by advancements in data-oriented technologies, is leading to an increase in offshore drilling projects.

What are the market trends shaping the Cryogenic Valves Market?

Growing investments in energy and power industry is the upcoming trend in the market.

• In the energy and power sector, there is a continuous quest for equipment that enhances power generation efficiency while optimizing performance. Each power generation application presents distinct flow control needs. Cryogenic valves, crafted from materials like stainless steel, carbon steel, and cast steel, are designed to manage low temperatures and cryogenic conditions. XHVAL Valve Co. Ltd., a leading company based in China, provides cryogenic globe valves that are commonly employed in power generation facilities. These valves regulate the flow of cryogenic fluids, which maintain temperatures below -196 degrees Celsius.

What challenges does the Cryogenic Valves Market face during its growth?

Volatility in oil and gas prices is a key challenge affecting the market growth.

• The market is experiencing challenges due to the unpredictable nature of crude oil prices. The industry's financial health is significantly influenced by oil price fluctuations, which can impact investment decisions and project execution. In 2023, the oil industry faced a downturn, causing crude oil prices to plummet to record lows. This situation forced many companies to postpone their projects to minimize capital expenditures. Crude oil price instability negatively affected the profitability and efficiency of oil and gas companies in the US.
• According to the International Energy Agency (IEA), the average crude oil price was USD 81 in 2023. This price volatility has raised concerns for the market, which is integral to the transfer of chemicals and industrial machinery in the oil and gas sector. To navigate this challenging environment, companies are focusing on sustainability goals and integrating advanced technologies like Artificial Intelligence (AI) to optimize their operations and reduce costs. Cryogenic valves, such as Globe Valves, Ball Valves, and Check Valves, play a crucial role in maintaining the efficiency and safety of transfer lines in the oil and gas industry. Implementing energy-efficient valve technologies and implementing predictive maintenance strategies can help companies mitigate the impact of oil price fluctuations on their bottom line.

Exclusive Customer Landscape

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

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• 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.
• Weka AG

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.

Research Analyst Overview

The market is witnessing significant growth due to the increasing demand for cryogenic fluids in various industries. Cryogenic fluids, such as nitrogen, oxygen, hydrogen, argon, and helium, play a crucial role in power generation, chemical and petrochemical processes, oil and gas exploration, and industrial automation. The energy sector, particularly in power generation and hydrogen infrastructure, is a major consumer of cryogenic fluids. Advanced manufacturing systems, including air separation plants and customized liquefaction plants, require the use of cryogenic valves for fluid motion control. In addition, the healthcare sector uses cryogenic fluids for medical applications, such as cryopreservation and oxygen therapy.

Further, the IoT and smart valves are also gaining popularity in the market due to their ability to improve efficiency and reduce maintenance costs. The growing focus on sustainability goals, such as reducing carbon emissions and promoting carbon negative technologies, is driving the demand for cryogenic technologies in various industries. The use of cryogenic fluids in hydrogen refueling stations, LNG, and CNG is expected to increase significantly in the coming years. Marine applications, nuclear research, and particle accelerator projects are other emerging areas for the market. The market is witnessing the development of advanced cryogenic valves, including gate valves, globe valves, ball valves, butterfly valves, check valves, and pneumatic valves, to meet the specific requirements of various industries.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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