Press release
Hydrogen Valve Market Top Players - Westport Fuel Systems Inc., KITZ Corporation, PARKER HANNIFIN CORP, Baker Hughes Company.
Hydrogen Valve Market
According to the latest research by InsightAce Analytic, the Global Hydrogen Valve Market is valued at US$ 306.2 Mn in 2023, and it is expected to reach US$ 513.2 Mn by 2031, with a CAGR of 6.9% during the forecast period of 2024-2031.
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A hydrogen valve is a special tool designed to control the flow of hydrogen gas or liquid in different systems. The need for hydrogen valves is being driven by the growing need for sustainable energy sources, which has drawn more attention to hydrogen as one such source, therefore lowering carbon emissions. Governments all around are helping this change by providing rules and subsidies to encourage hydrogen infrastructure, so there are growing investments in hydrogen manufacturing, storage, and transportation technologies for different sectors. Another growing factor is that hydrogen valve market players are collaborating on cutting-edge valve tech with the energy, automotive, and manufacturing industries. Innovation and regulatory compliance in the hydrogen business are also driven by partnerships between research institutions, government organizations, and producers, which is driving the overall growth. Furthermore, the use of hydrogen valves in hydrogen storage is encouraged by the government's supportive regulations and thorough reimbursement systems, which will contribute to the expansion of the industry in the coming years.
List of Prominent Players in the Hydrogen Valve Market:
• Emerson Electric Co.
• SLB
• IMI
• Valmet
• Crane Company
• Westport Fuel Systems Inc.
• KITZ Corporation
• PARKER HANNIFIN CORP.
• Baker Hughes Company
• Swagelok Company
• GSR Ventiltechnik Gmbh & Co. Kg
• High-Pressure Equipment Company
• Velan Inc.
• Rotarex
• Maximator Gmbh
• Kevin Steel
• Jaksa D.O.O.
• Vexve Oy
• Cam S.P.A.
• Oliver Valves Ltd.
• Adams Armaturen Gmbh
• Hartmann Valves Gmbh
• OMB Saleri S.P.A.
• GEFA Processtechnik Gmbh
• Habonim
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Market Dynamics:
Drivers-
The growing demand for hydrogen valves is fueled by numerous factors, including the rising use of hydrogen in many sectors, including the energy, automotive, and manufacturing industries, as well as the worldwide trend toward renewable energy sources, are driving demand for hydrogen valves. Additionally, hydrogen infrastructure expenditures and government programs are increasing the demand for safe and efficient valve technologies. In addition, more and more crucial applications are finding ways to incorporate hydrogen valves, which provide dependable control and management of hydrogen flow in high-pressure situations due to developments in hydrogen storage and transportation systems.
Challenges:
The high cost of the advanced materials and technologies needed to safely handle hydrogen, which is very dangerous and works at high pressure, is a big problem for the hydrogen valve market. Additionally, hydrogen valves are not widely used because of these prices, especially in smaller markets. Manufacturers also have trouble because hydrogen infrastructure is complicated and requires strict safety rules and certifications. Furthermore, operating costs are also raised by the need for specialized knowledge in maintaining valves, which slows market growth even more.
Regional Trends:
The North American hydrogen valve market is anticipated to register a major revenue share. It is projected to grow at a high CAGR in the near future because of the growing number of hydrogen-related investments, robust governmental backing for renewable energy initiatives, and the widespread use of hydrogen in various energy, transportation, and industrial settings in the area. Besides, Asia Pacific had a remarkable share of the market because the hydrogen infrastructure was well-established, and there were big investments in hydrogen technologies. This is because the government strongly supports clean energy projects. In addition, the market is growing in Europe for a number of reasons, including favourable government reimbursement systems and government regulations.
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Recent Developments:
• In January 2024, Baker Hughes highlighted multiple milestones to advance the hydrogen economy, aligning with the company's comprehensive approach in new energy. The accomplishments were disclosed at the 24th Baker Hughes Annual Meeting in Florence, Italy, highlighting breakthroughs in the company's hydrogen enabling technologies, progress in implementing various client hydrogen projects, and new collaborations within the sector.
Segmentation of Hydrogen Valve Market-
By Valve Type-
• Needle Valve
• Ball Valve
• Check valve
• Pressure Relief Valve
• Globe Valve
• Flow control Valve
• Others
By Material-
• Stainless steel
• Aluminum
• Others
By Pressure Range-
• Upto 50 bar
• 50-350 bar
• 350-700 bar
• 700-1500
• More than 1500 bar
By Size-
• Below 1 Inch
• 1-6 Inch
• 6-12 Inch
• 12-20 Inch
• More than 20 Inch
By Implementation Type-
• New Installation
• Retrofit Installation
By Application-
• Hydrogen Production
o Grey Hydrogen
o Blue, Brown, and Black Hydrogen
o Green Hydrogen
• Hydrogen Fueling Station
• Hydrogen Storage
• Hydrogen Transportation
• Hydrogen Fuel Cells
By End-Use Industry-
• Oil & Gas
• Energy & Power
• Pharmaceutical
• Chemical
• Metals & Mining
• Food & Beverage
• Automotive
• 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
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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 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.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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