Cryogenic Valves Market Growth and Restrain Factors Analysis Report

"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 2024 to 2031 according to a new report by InsightAce Analytic.

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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:
The global cryogenic valves market is projected to experience significant growth over the forecast period, primarily driven by rising demand from the chemical sector. The rapid expansion of the chemical industry is expected to elevate the need for cryogenic valves, which are essential for handling various industrial gases such as liquid oxygen, liquid nitrogen, and other cryogenic fluids. These valves play a critical role across multiple industries, including healthcare, electronics, and manufacturing, where the safe and efficient management of low-temperature substances is vital.

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)

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.

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Cryogenic Valves Market Dynamics:
Market Drivers: Growing Automation in Industries and Rising Demand for Cryogenic Valves
The rising emphasis on automation across various industrial sectors is a key driver for the growing demand for cryogenic valves. As manufacturers aim to enhance operational efficiency and productivity, automated valves are increasingly favored over conventional options. Additionally, the surge in demand for advanced valve technologies, specialized casting, and precision finishing processes is further contributing to market growth.

Challenges: Operational Design And Performance Parameters Associated With Cryogenic Valves Procedures
Despite their advantages, cryogenic valves face operational challenges that may hinder market expansion. Common issues include susceptibility to leaks, component replacement requirements, and complexities in design, particularly in extended stem or bonnet configurations. These designs often demand more installation space, leading to inefficiencies in time and resource allocation.

North America Is Expected To Grow With The Highest CAGR During The Forecast Period
North America is anticipated to witness the highest compound annual growth rate (CAGR) in the cryogenic valves market during the forecast period. This growth is largely driven by increasing demand for liquefied natural gas (LNG)-based power generation projects. With gas consumption expected to rise due to ongoing industrialization and expansion in the power generation sector, an estimated 70 GW of new gas-fired power capacity was projected as of 2020. The region's robust investments in the oil and gas sector, particularly in gas extraction and export activities, are expected to significantly contribute to the growing demand for cryogenic valves and related equipment.

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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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This release was published on openPR.