Pune, India, July 25, 2019 (GLOBE NEWSWIRE) -- Market Research Future published a research report on global Cryogenic Valve market. Cryogenic valves are used in extremely cold or very low-temperature applications to transport or store the LNG in different industries. Durability, reliability, extreme corrosion-resistance qualities, and outstanding performance are some of its fundamental characteristics. These valves have a vast range of applications in biotechnology, pharmaceuticals, aerospace, and many other low-temperature services.
Various factors are propelling the cryogenic valve market growth. These factors, as specified by the Market Research Future (MRFR) report, include increasing demand for industrial gases, increasing trade of LNG, and an increase in on-site production plants for industrial gases. Additional factors pushing market growth include burgeoning demand for industrial gases (helium, argon, oxygen, nitrogen, and others) from chemicals, electronics, and food and beverage industries and use in different applications such as LPG, CNG, Propylene, and Liquefied Ethylene applications.
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Market Segmentation:
The Market Research Future report provides a wide segmental analysis of the cryogenic valve market based on type, gas, end user, and application.
By type, the cryogenic valve market is segmented into check valve, ball valve, gate valve, globe valve, and others. Of these, the ball valve segment will have the largest share in the market over the forecast period. Ball valves have a 90-degree rotation that opens and closes the valve, offering them an airtight and reliable sealing. These valves possess better flow characteristics, are simple and quick to operate, and favored for automation.
By end user, the cryogenic valve market is segmented into chemicals, food and beverage, energy and power, and others. Among these, the energy and power segment will dominate the market over the forecast period. Cryogenic valves are extensively utilized in the energy and power industry. These valves are installed for regasification, transportation, and liquefication. The increase in the trade of LNG is a key driver of this segment.
By application, the cryogenic valve market is segmented into manifolds and gas trains, transfer lines, and tanks and cold boxes. Of these, the transfer lines segment will have the maximum share in the market over the forecast period.
By gas, the cryogenic valve market is segmented into nitrogen, oxygen, LNG, and others. Of these, the LNG segment will lead the market over the forecast period. LNG is a major source of energy, which is also utilized in power generation in the automotive sector. Besides, it is also used in shipbuilding.
Regional Analysis:
Based on the region, the Cryogenic Valve Market report covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Of these, the APAC region will have the lion’s share in the market over the forecast period. This is chiefly owing to the increasing demand for cryogenic valves from Japan, Australia, India, and China, an increase in LNG imports, and power generation from natural gas as well as storage applications.
The cryogenic valve market in Europe and North America is predicted to grow at a rapid pace during the forecast period. This is owing to technological growth on the industrial front and the presence of several key players.
The cryogenic valve market in the Rest of the World will have a steady growth over the forecast period.
Key Players:
Leading players profiled in the cryogenic valve market report include Valco Group (France), Powell Valves (US), Bac Valves (Spain), Bray International (US), Velan Inc (Canada), The Weir Group PLC, (UK), Parker Hannifin Corp (US), Cryocomp (US), Samson Controls Inc. (US), L&T Valves Limited. (India), Emerson Electric Co (US), Herose Gmbh (Germany), and Flowserve Corporation (US). The key players have used several strategies to create a foothold in the market, such as partnerships, mergers, acquisitions, product launch, and more.
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Latest Industry News:
July 2019: Renowned industrial valve manufacturer, XHVAL has introduced its latest product, the cryogenic floating ball valve for low temperature and cryogenic applications. It will include LNG (liquefied natural gas) that has now turned into a growing alternative energy source.
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Cryogenic Equipment Market Research Report by Product Type (Valve, Tank, Vaporizer and Pump), Cryogen type (Oxygen, Nitrogen, Liquified Natural Gas and Argon), End-Use (E and P, Chemical, Electronics and Metallurgical) and Region - Forecast till 2024
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Cryogenic Valve Market Research Report: Information by Type (Centrifugal, and Positive Displacement), Gas (Nitrogen, Oxygen, Argon, and LNG), End-Use (Energy & Power, Chemicals, Metallurgy, Electronics, and Others), and Region – Global Forecast till 2023
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