Cryogenic Valves Market by End-user and Geography - Forecast and Analysis 2022-2026

The cryogenic valves market share is expected to increase by USD 828.94 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.4%.

This cryogenic valves market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers cryogenic valves market segmentations by end-user (oil and gas, chemicals, energy and power, food and beverage, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The cryogenic valves market report also offers information on several market vendors, including 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, Acme Cryogenics Inc, BAC Valves SA, Blackhall Engineering Ltd., Bray International Inc., Cryofab Inc., Emerson Electric Co., Flowserve Corp., and HEROSE GmbH among others.

What will the Cryogenic Valves Market Size be During the Forecast Period?

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Cryogenic Valves Market: Key Drivers, Trends, and Challenges

The increase in oil and gas drilling E&P operations is notably driving the cryogenic valves market growth, although factors such as volatility in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cryogenic valves industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Cryogenic Valves Market Driver

• The increase in oil and gas drilling E&P operations is one of the key drivers supporting the cryogenic valves market growth.
• E&P is an upstream oil and gas operation that has undergone several improvements with recent technological advances. For example, the development of data-oriented and sensitive equipment has helped in the accurate identification of the underlying reserves without the need to undertake actual drilling.
• E&P operations are implemented based on the data obtained from seismic acquisitions. Therefore, such E&P operations are becoming more common in recent times. 
• Unconventional oil and gas E&P operations are increasingly becoming an alternative to conventional production. Major unconventional oil and gas reserves have been identified in countries such as the US, Canada, China, and Argentina.
• Significantly, the increase in E&P operations by large oil and gas companies in unconventional oil and gas production has propelled the demand for cryogenic valves.

Key Cryogenic Valves Market Trend

• Growing investments in the energy and power industry is one of the key cryogenic valves market trends contributing to the market growth.
• Players in the energy and power industry seek process equipment that can help them increase power generation efficiency and, at the same time, maximize power performance. 
• Every power generation application has a unique set of flow control requirements. Moreover, cryogenic valves made from materials such as stainless steel, carbon steel, and cast steel are built to handle low temperatures and cryogenic conditions.
• In recent years, there have been growing investments in natural gas-fired power plants globally. This has also led to the completion of many natural gas-fired power plant expansion projects in the past few years. For instance, according to the US Energy Information Administration (EIA), in the US, 27.3 gigawatts (GW) of power are expected to be generated from new natural gas-fired power plants during the forecast period. 
• In 2021, natural gas was the largest source of electricity generation in the US and accounted for about 38.3% of the total electricity generated in the country. Thus, the increasing demand for electricity generation is driving the growth of the power generation industry. 

Key Cryogenic Valves Market Challenge

• Volatility in oil and gas prices is one of the factors hampering the cryogenic valves market growth.
• As per the International Energy Agency (IEA), the average cost of crude oil was $73.6/bbl in October 2018. However, in April 2020, due to the global economic contraction driven by the COVID-19 pandemic and an oil market collapse, the benchmark price for US crude oil briefly decreased. 
• The IEA reported that the oil and gas revenues for various prominent oil and gas producers declined by between 50 and85% in 2020, compared with 2019.
• According to the Asian Development Bank (ADB), the global demand for oil decreased by 25% year-over-year (y-o-y) in April 2020, largely due to a sharp drop in domestic and global transport activities. However, with lower demand for oil, their producers had to store surplus crude oil and stocks, reaching an all-time high in June 2020.
• The combination of insufficient cost deflation and considerable upfront capital spending has demotivated companies from greenfield investments in the sector. Thus, the global price of crude oil exhibits high volatility, which hinders potential investments and negatively impacts the demand for cryogenic valves. 

This cryogenic valves market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global cryogenic valves market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cryogenic valves market during the forecast period.

Who are the Major Cryogenic Valves Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• 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
• Acme Cryogenics Inc
• BAC Valves SA
• Blackhall Engineering Ltd.
• Bray International Inc.
• Cryofab Inc.
• Emerson Electric Co.
• Flowserve Corp.
• HEROSE GmbH

 

This statistical study of the cryogenic valves market encompasses successful business strategies deployed by the key vendors. The cryogenic valves market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• larsentoubro.com - The infreastructure segment of the company deals with providing infrastructure solutions such as building and factories, heavy civil infrastructure, transportation infrastructure, and water effluent treatment businesses.
• larsentoubro.com - The company offers cryogenic valves through its subsidiary Cryocomp.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The cryogenic valves market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Cryogenic Valves Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the cryogenic valves market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Cryogenic Valves Market?

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41% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the cryogenic valves market in North America. Market growth in this region will be slower than the growth of the market in APAC.

The growth of key end-user industries, such as oil and gas, chemicals, energy and power, and food and beverage industries will facilitate the cryogenic valves market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 pandemic negatively impacted the regional market. However, in H2 2021, due to the introduction of vaccines, the number of COVID-19 cases in the region declined. This led to the lifting of restrictions and the resumption of manufacturing operations in the region. Thus, the recovery of regional end-use industries from the negative impact of COVID-19 is expected to increase the demand for cryogenic valves from these end-use industries, which, in turn, will fuel the growth of the regional market during the forecast period.

What are the Revenue-generating End-user Segments in the Cryogenic Valves Market?

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The cryogenic valves market share growth by the oil and gas segment will be significant during the forecast period. Natural gas storage and transportation applications contribute significantly to the dominance of the oil and gas segment in the global cryogenic valves market. Furthermore, the increasing trade of liquefied natural gas (LNG) and compressed natural gas (CNG) due to irregularities in natural gas reserves and supplies will lead to the growth of the oil and gas segment during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the cryogenic valves market size and actionable market insights on post COVID-19 impact on each segment.

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Cryogenic Valves Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 4.4%
Market growth 2022-2026	$ 828.94 million
Market structure	Fragmented
YoY growth (%)	3.8
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 41%
Key consumer countries	US, Canada, China, Germany, and UK
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	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, Acme Cryogenics Inc, BAC Valves SA, Blackhall Engineering Ltd., Bray International Inc., Cryofab Inc., Emerson Electric Co., Flowserve Corp., and HEROSE GmbH
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, and Market condition analysis for the forecast period.
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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What are the Key Data Covered in this Cryogenic Valves Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive cryogenic valves market growth during the next five years
• Precise estimation of the cryogenic valves market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the cryogenic valves industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of cryogenic valves market vendors

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