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Cryogenic Valves Market Beyond Oil and Gas: The Expanding Landscape of the Cryogenic Valves Market

07-11-2024 03:01 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: InsightAce Analytic Pvt.Ltd

/ PR Agency: InsightAce Analytic Pvt.Ltd
Cryogenic Valves Market Beyond Oil and Gas: The Expanding

Cryogenic Valves Market to reach over USD 6.53 billion by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Cryogenic Valves Market Size, Share & Trends Analysis Report By Gas (LNG, Oxygen, Nitrogen), Type (Globe, Gate, Ball), End-User (Energy & Power, Food, Chemicals), Application (Tanks & Cold Boxes, Transfer Lines, Manifolds & Gas Trains)- Market Outlook And Industry Analysis 2031"

The global cryogenic valves market is estimated to reach over USD 6.53 billion by 2024-2031, exhibiting a CAGR of 6.24% during the forecast period.

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Cryogenic valves for safe and efficient transfer of gases
Cryogenic valves play a crucial role in various industries, including oil and gas, security, and printing, by enabling the safe transfer of cryogenic gases. These valves are specifically designed to handle extremely cold temperatures. Cryogenic safety valves play an important role in preventing pressure build-up of volatile chemicals, oils, vapors, and other substances.

Rising demand in the oil and gas sector
The increasing demand for oil and gas is driving global drilling activity to explore new resources. However, as easily accessible oil reserves have already been discovered, wells drilled today are becoming increasingly complex and require greater depth. This trend, along with the rise in deep and ultra-deep water drilling operations, is expected to fuel the growth of the cryogenic valve market throughout the forecast period.

Growth beyond oil and gas
The market for cryogenic valves is expanding beyond the oil and gas sector due to rising industrialization and growing demand from the food and chemical industries. The chemical sector, in particular, is witnessing a significant increase in demand for cryogenic valves, driven by the rising demand for chemical products. This trend is expected to continue over the forecast period, creating substantial growth opportunities in the cryogenic valve market.

Overall, the demand for cryogenic valves is expected to rise due to increased focus on safe and efficient transportation, storage, and operation of these valves across various industries.

List of Prominent Players in the Cryogenic valves Market:
• The Weir Group PLC (UK)
• Valco Group (France)
• Velan Inc (Canada)
• Weir Group (Scotland)
• ACME Cryogenics (U.S.)
• BAC (Spain)
• Baker Hughes (U.S.)
• Bray International (U.S.)
• Cryocomp (U.S.)
• Cryostar GmbH (France)
• Emerson Electric Co. (U.S.)
• Flowserve Corporation (US)
• Habonim (Israel)
• Herose Gmbh (Germany)
• KITZ Corporation (Japan)
• L&T Valves Limited (India)
• Neles Corp. (Finland)
• Parker Hannifin Corp (US)
• Phpk Technologies (U.S.)
• Powell Valves (US)
• Schlumberger (US)
Market Dynamics:
Drivers-
One of the critical aspects that will propel the market forward is the sharp increase in demand for industrial gases, which is being seen in the market. The statistics indicate that there will be a significant increase in demand from the chemical sector trend between 2023 and 2031.

The market will significantly expand due to this growth in the following years, which will help it achieve its objectives and meet its expansion requirements. Another significant factor that will benefit the market's growth and pace by the end is the expanding trade of LNG. The global market for cryogenic valves from various end-use sectors, including energy & power, petrochemical, food & beverage, healthcare, and others, can be credited to the market's expansion. Also, this industry is expanding as cryogenic valves are increasingly being used in emerging nations.

Challenges:
Global market expansion and growth are only achievable once market participants and innovations successfully address any obstacles preventing the market from expanding, as predicted by the forecast period, which will finish in 2028. With each passing day, the level of safety concerns around the activities carried out for liquefied gases is rising, which could impede the market's expansion.

Regional Trends:
The North American cryogenic valves market is expected to witness a significant market share in revenue and is projected to grow at a increased CAGR soon. Natural gas is widely produced and exported in the region, and the region's expanding need for LNG is anticipated to be the main force behind the industry in North America.

Besides, Asia Pacific had a substantial share of the market. The market goods and services utilization would be highest in these regions over the projected period due to the expanding oil and gas production lines, growing demand for food and beverages, and improving chemical industries in nations like China, Japan, and India.

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Key Developments:
• In Feb 2023, Flowserve Corporation and Velan Inc. announced the signing of a formal agreement that will result in Flowserve's acquisition of Velan. Velan brings considerable value to Flowserve's current valves portfolio and bolsters Flowserve's existing assets with the acquisition of Velan's renowned brands, solid legacy, and technical competence in broad end markets.

Segmentation of Cryogenic valves Market-
By Application
• Tanks & Cold Boxes
• Liquefiers
• Transfer lines
• Manifolds & Gas Trains
By Type
• Globe Value
• Gate Value
• Check Value
• Bail Value
• Others
By Gas
• LNG
• Oxygen
• Nitrogen
• Others
By End User
• Energy & Power
• Chemicals
• Food & Beverage
• Healthcare
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions.
Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products.
Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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