Press release
cryogenic control valve Market size to surpass around US$ 3.5 billion by 2031
cryogenic control valve Market
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The global cryogenic control valve market was valued at US$ 2.3 billion in 2021 and it is anticipated to grow up to US$ 3.5 billion by 2031, at a CAGR of 4.3% during the forecast period.
Globally, natural gas extracted from the source is transported and stored at the end-user industries for several applications. Natural gas can be liquefied by over 600 times, making its transportation and storage more economical by using carriers on ships and large storage tanks and trucks. It is achieved by liquefying it at a temperature as low as -196 C. To maintain this temperature, suitable pipes, valves, and fittings that can withstand the cryogenic temperature are used. The cryogenic control valve is a major part of the cryogenic systems, maintaining the temperature and pressure setting of the overall system.
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Key Players
BAC VALVES, S.A. (Spain)
Baker Hughes Company (U.S.)
Emerson Electric Co. (U.S.)
Flowserve Corporation (U.S.)
KORVAL Co., Ltd. (South Korea)
L&T Valves Limited (India)
Richards Industrials (U.S.)
SAMSON AG (Germany)
Valmet Oyj (Finland)
Velan Inc. (Canada)
Global Cryogenic Control Valve Market Segmentation
By Type
Globe Control Valves
Ball Control Valves
Butterfly Control Valves
Others
By Application
Power Generation
Oil and Gas
Food and Beverages
Others
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Market Drivers and Trends
Recently, the demand for floating production storage and offloading (FPSO) units and floating storage regasification units (FSRU) has increased considerably. An FPSO unit is widely utilized for the processing and production of hydrocarbon and oil storage by the oil & gas industry. For the transfer and transition of liquefied natural gas (LNG) through oceanic channels, an FSRU is required. According to the Organization of the Petroleum Exporting Countries (OPEC), global oil demand is predicted to grow from 38 million barrels per day to 115 million barrels per day by 2025, with an annual average growth of 1.6 million barrels per day, or 1.7%, from 2002 to 2025. Considering technology feasibility, mobility, availability, scheduling, commercial flexibility, and lower cost, FSRUs are gaining popularity worldwide. With the increasing use of natural gases, Asia pacific is anticipated to be the largest FSRU market in the coming years.
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