- LNG is expected to be the fastest growing segment of the cryogenic valve market.
- The energy & power is expected to the leading end user industry of the cryogenic valve.
- Asia Pacific is expected to be the largest market for cryogenic valves from 2018 to 2023.
The cryogenic valve market is expected to grow from an estimated $3 billion in 2018 to $3.75 billion by 2023, at a CAGR of 4.51%, from 2018 to 2023. This growth is primarily due to the rising production and trade of LNG to meet the LNG demand from various countries globally. High demand for industrial gases (nitrogen, oxygen, argon, helium, and others) from industries such as food & beverage, electronics, and chemicals is further expected to boost the cryogenic valve market.
LNG is expected to be the fastest growing segment of the cryogenic valve market
The LNG segment is expected to hold the largest market share during the forecast period from 2018 to 2023. It is considered as the major source of energy. LNG is also being used in power generation in the automotive sector, while many countries are adopting LNG as its fuel for various applications in other industries as well. LNG is primarily used in shipbuilding, power generation, and automotive industries.
The energy & power is expected to the leading end user industry of the cryogenic valve
The cryogenic valve is use into energy & power, chemicals, food & beverage, healthcare, and others industries. The others include aerospace, electronics, metallurgy, and transportation. The energy & power segment led the cryogenic valve market in 2017 and is projected to dominate the market during the forecast period. Cryogenic valves are widely used in the energy & power industry. They are installed for the process of liquefaction, transportation, and regasification. The rise in the trade of LNG across the world is one of the major drivers of the energy & power segment. The increasing LNG demand for power generation applications has led to the largest share of the energy & power segment in 2018.
Asia Pacific: The largest market for cryogenic valve
Asia Pacific is expected to be the largest market for cryogenic valves from 2018 to 2023. Countries such as China, India, Australia, and Japan have huge demand for LNG, electronic equipment, chemicals, and metallurgy processes to meet the growing demand from residential and industrial sectors. In addition to that, industrial gases such as nitrogen, oxygen, hydrogen, and many more are used in various applications in industries. Thus, increasing trade of LNG and demand of industrial gases is likely to enhance the cryogenic valve market in Asia Pacific.
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The market in China is expected to be the fastest in Asia Pacific for cryogenic valves, during the forecast period. The country is the largest steel producer in the world. The market for cryogenic valves in the country is driven by increased investments in LNG and industrial gases. According to EIA, in 2017, China imported approximately 5 billion cubic feet per day (Bcf/d) of LNG. Due to the government initiatives and policies for the reduction of pollution, the country has increased the natural gas consumption. All these factors are expected to influence the cryogenic valve market in the country.
The cryogenic valves ecosystem comprises equipment manufacturers, such as, Flowserve (US), Herose (Germany), Emerson (US), L&T (India), Schlumberger (US), Samson (Germany), Cryocomp (US), Habonim (Israel), Parker (US), Bray (US), Velan (Canada), Weir Group (Scotland), Powell Valves (US), and BAC (Spain).