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Cryogenic Valves Market Powering the Future: Cryogenic Valves in the LNG and Renewable Energy Sectors

07-11-2024 03:14 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: InsightAce Analytic Pvt.Ltd

/ PR Agency: InsightAce Analytic Pvt.Ltd
Cryogenic Valves Market Powering the Future: Cryogenic Valves

Cryogenic Valves Market to reach over USD 6.5 billion by the year 2031 - Exclusive Report by InsightAce Analytic

"Cryogenic Valves Market" in terms of revenue was estimated to be worth $4.0 billion in 2023 and is poised to reach $6.5 billion by 2031, growing at a CAGR of 6.45% from 2023 to 2031 according to a new report by InsightAce Analytic.

Get Free Sample Report @ https://www.insightaceanalytic.com/request-sample/1650

Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global Cryogenic Valves Market are:
• Growing global demand for LNG for energy production.
• Increased use of cryogenic valves in industrial gas applications
• Growth in the aerospace sector and space exploration activities

The following are the primary obstacles to the Cryogenic Valves Market's expansion:
• High-cost maintenance of cryogenic valves
• Shortage of skilled technicians and engineers familiar with cryogenic valve technology.
• The complexity of cryogenic valve design and manufacturing

Future expansion opportunities for the global Cryogenic Valves Market include:
• Expansion of liquefied natural gas (LNG) infrastructure
• Advancements in materials and valve technologies
• Ongoing investments in R&D for cryogenic technologies

Key Industry Insights & Findings from the Report:
• The demand for automation is increasing as manufacturers focus on improving operational performance, pushing the market for automation valves and outperforming traditional valves.
• Growing demand from the chemical industry is projected to increase the cryogenic valves market in the coming years.
• North America dominated the market and accounted for a revenue share of global revenue in 2023.
• Concerns about the safety of liquefied gas operations are likely to impede market growth.

Market Analysis:
Increasing demand from the chemical sector is likely to drive growth in the worldwide cryogenic valves market over the forecast period. For example, with the rapid expansion of the chemical industry, demand for cryogenic valves is predicted to rise. Cryogenic valves are required for the management of a variety of industrial gases, including liquid oxygen, liquid nitrogen, and other cryogenic fluids used in industries such as healthcare, electronics, and manufacturing.

List of Prominent Players in the Cryogenic Valves Market:
• 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 (U.S.)
• Habonim (Israel)
• Herose Gmbh (Germany)
• KITZ Corporation (Japan)
• L&T Valves Limited (India)
• Neles Corp. (Finland)
• Parker Hannifin Corp (U.S.)
• Phpk Technologies (U.S.)
• Powell Valves (U.S.)
• Schlumberger (U.S.)
• The Weir Group PLC (U.K.)
• Valco Group (France)
• Velan Inc (Canada)
• Weir Group (Scotland)

Cryogenic Valves Market Report Scope:

Report Attribute Specifications
Market size value in 2023 USD 4.0 billion
Revenue forecast in 2031 USD 6.5 billion
Growth rate CAGR CAGR of 6.45% from 2024 to 2031
Quantitative units Representation of revenue in US$ Bn, and CAGR from 2024 to 2031

Historic Year 2019 to 2023
Forecast Year 2024-2031
Report coverage The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments covered By Application, Type, Gas And End User
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Recent Developments:
• In February 2023, The formal agreement between Flowserve Corporation and Velan Inc. was signed, and Flowserve will purchase Velan. By acquiring Velan's well-known brands, rich tradition, and technical skill across a wide range of end markets, Flowserve broadens its valve portfolio and improves its existing assets.

• December 2021, Valcor Engineering Corporation, a specialized precision fluid manufacturer based in the United States, released a new whitepaper titled Cryogenic Launch Vehicle Valves. The study discusses the numerous issues involved in building complicated fluid control systems for space launch vehicles (L.V.s), with a focus on cryogenic rocket propellants.

• In October 2021, Flowserve Corporation, one of the major producers of industrial and environmental machinery, introduced the Valtek Multi Z Anti cavitation control valve, which eliminates cavitation under high-pressure drop settings.

Curious about this latest version of the report? @ https://www.insightaceanalytic.com/enquiry-before-buying/1650

Cryogenic Valves Market Dynamics:
Market Drivers: Growing Automation in Industries and Rising Demand for Cryogenic Valves
The demand for automation is increasing as manufacturers focus on improving operational performance, pushing the market for automation valves and outperforming traditional valves. Furthermore, the need for high-tech valves is increasing, as is the need for specialized casting, as well as working and finishing processes.

Furthermore, several nations are focused on building modern facilities to boost their national physics research infrastructure, which is driving the worldwide cryogenic valve market growth.

Challenges: Operational Design And Performance Parameters Associated With Cryogenic Valves Procedures
Aside from the numerous benefits of these goods, their susceptibility to operational issues such as leaks, replacement, and design of various valve sections may impede market growth.

The items are widely accepted in the extended bonnet or extended stem designs, which need a large room for installation, resulting in an unfavorable investment of time and space. Furthermore, the orientations are highly susceptible to deformation or bending caused by length miscalculations or actuator movements.

North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North America Cryogenic Valves Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is attributable to rising demand for LNG-based power projects. Gas demand is expected to rise due to expansion in the industrial and electricity sectors, with 70 G.W. of new gas-fired power plants anticipated for 2020.

As a result, as the power industry expands, so will the demand for valves. Increasing investments in the oil and gas industry, including gas production and exports, are the primary revenue-generating industries driving the need for cryogenic valves and equipment over the projection period.

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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InsightAce Analytic Pvt. Ltd.
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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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