Press release
Soaring Demand Set to Propel Cryogenic Valve Assembly Market to $6.76 Billion by 2029
Cryogenic Valve Assembly Market
Cryogenic Valve Assembly Market Size Growth Forecast: What to Expect by 2025?
In recent times, there has been a significant expansion in the market size of cryogenic valve assembly. The market is projected to escalate from $4.51 billion in 2024 to $4.90 billion in 2025, marking an impressive compound annual growth rate (CAGR) of 8.7%. The growth witnessed during the historic period is largely credited to the amplified utilization of natural gas in power generation, augmented investment in infrastructure for liquefied natural gas (LNG), escalating demand for industrial gases in sectors like healthcare and electronics, increased use of cryogenics in space exploration, and a growing dependency on clean energy technologies.
How Will the Cryogenic Valve Assembly Market Size Evolve and Grow by 2029?
The market for cryogenic valve assembly is projected to experience significant expansion in the coming years, expected to reach $6.76 billion in 2029 with a compound annual growth rate (CAGR) of 8.4%. The predicted growth can be credited to the escalating demand for effective gas flow control systems, a heightened emphasis on the safe handling of cryogenic liquids, increasing investment in hydrogen economy projects, expansion of Liquefied Natural Gas (LNG) terminals worldwide, and the growing use of cryogenics in food preservation and biotech industries. Emerging trends anticipated during the forecast period include the incorporation of smart valve technology for real-time observation, evolutions in modular valve assembly systems, enhancements in valve materials designed for severe conditions, implementation of automation in valve operations, and the development of compact and lightweight valve design.
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What Drivers Are Propelling the Growth of Cryogenic Valve Assembly Market Forward?
The surge in the requirement for Liquefied Natural Gas is propelling the expansion of the market, attributed to escalating consumption of LNG and its environmental benefits.
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What Are the Key Trends Driving Cryogenic Valve Assembly Market Growth?
Key industry players in the cryogenic valve assembly market are concentrating their efforts on the creation of technologically superior items, like quarter-turn floating ball valves. These innovative products aim to improve the sealing performance, curtail fugitive emissions, and increase dependability for high-demand applications within liquefied natural gas (LNG), hydrogen, and other sectors requiring ultra-low temperatures. A quarter-turn floating ball valve is a specific kind of valve uses a freely floating ball that is rotated 90 degrees by an actuator or handle in order to manage fluid flow, with the ball pressing onto the seat to create an effective seal. For example, the US industrial valve manufacturer, Flowserve Corporation, in November 2023 introduced their Worcester Cryogenic series. This new range of quarter-turn floating ball valves are specifically engineered for reliability in LNG, hydrogen, and a broad spectrum of industrial gas and cryogenic uses. Characterized by a robust stem and an innovative live-loaded stem seal, these valves deliver exceptional fugitive emissions control. The modular bolted bonnet design of these valves not only provides increased operational versatility, but also reduces the need for spare parts and thus leads to a lower overall total cost of ownership (TCO).
What Are the Key Segments in the Cryogenic Valve Assembly Market?
The cryogenic valve assembly market covered in this report is segmented
1) By Valve Type: Ball Valve, Butterfly Valve, Check Valve, Gate Valves, Globe Valve
2) By Cryogenic Medium: Liquid Nitrogen, Liquid Oxygen, Liquid Argon, Liquefied Natural Gas (LNG), Liquid Hydrogen, Other Cryogenic Medium
3) By Construction Materials: Stainless Steel, Nickel Alloys, Stellite, Polytetrafluoroethylene (PTFE), Polychlorotrifluoroethylene (PCTFE), Graphite
4) By Application: Cryogenic Air Separation Unit (CASU), Non-Cryogenic Air Separation Unit (Non-CASU)
5) By End-User Industry: Metallurgy, Energy And Power, Chemicals, Electronics, Transportation, Other End-User Industries
Subsegments:
1) By Ball Valve: Trunnion Mounted Ball Valve, Floating Ball Valve, Rising Stem Ball Valve
2) By Butterfly Valve: Wafer Type Butterfly Valve, Lug Type Butterfly Valve, Double Flanged Butterfly Valve, Triple Offset Butterfly Valve
3) By Check Valve: Swing Check Valve, Lift Check Valve, Dual Plate Check Valve, Ball Check Valve
4) By Gate Valve: Rising Stem Gate Valve, Non-Rising Stem Gate Valve, Slab Gate Valve, Wedge Gate Valve
5) By Globe Valve: Tee Pattern Globe Valve, Angle Pattern Globe Valve, Wye Pattern Globe Valve
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Who Are the Key Players Shaping the Cryogenic Valve Assembly Market's Competitive Landscape?
Major companies operating in the cryogenic valve assembly market are Baker Hughes Incorporated, Parker-Hannifin Corporation, Emerson Electric Co., Valmet Oyj, Flowserve Corporation, Crane Co., KITZ Corporation, Bürkert Fluid Control Systems, Bray International Inc., Powell Valves Limited, INOXCVA S.A., Habonim Industrial Valves Ltd., Meca-Inox S.A., Cryofab Inc., Herose GmbH, Rochelles Technomatics India Pvt. Ltd., DomBor Industrial Valves, XHVAL Valves, SVR Global LLC, Brans Valves India Pvt. Ltd.
What Geographic Markets Are Powering Growth in the Cryogenic Valve Assembly Market?
Asia-Pacific was the largest region in the cryogenic valve assembly market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in cryogenic valve assembly report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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