Market Research Future published a raw research report Global Cryogenic Valve Market that contains the information from 2018 to 2023. The Global Cryogenic Valve Market Size is expected to grow at 4.49% CAGR from 2018 to 2023.
Cryogenic valves are the valves designed for operating under low temperature or extreme cold applications. There are various type of cryogenic valves which differ in terms of construction, features and their applications. These valves are built to transport and store the cryogenic gases for safe and efficient conveyance. Different valves are used for the liquefied natural gas (LNG), nitrogen, oxygen, argon, and helium which operate at different temperatures. Cryogenic valves are widely used in vertical of industries such as food & beverage, storage equipment, air separation plant, aerospace, chemical, pharmaceutical industries etc. for piping and storage purpose.
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The increasing demand for cryogenic valve market is attributed to the rising need for LNG and other industrial gases. The increasing LNG trade across the globe, due to its eco-friendly nature has led to the rising demand for storage and transportation of cryogenic gases, which has driven the market growth globally. The increasing number of on-site cryogenic trailer repair and cylinder fill plant for producing industrial gases is also on a rise, which enhances the market growth. However, one of the major restraints for the global cryogenic valve market is the stringent quality and safety standards which incurs the manufacturing cost of the valves.
The market for global cryogenic valve market is segmented based on gas as LNG, oxygen, nitrogen, and others. LNG segment dominates the market due to increase in LNG trading owing to shift from long term contracts to spot market trade.
Many developing economies are investing into industrial development and infrastructure which boost the demand for cryogenic valve market. Asia-Pacific has high growth potential for the global cryogenic valve market, as these valves are extensively used in end user industries owing to rising use of natural gas in power generation, steel manufacturing, electronics, transportation, and storage applications.
For instance, according to world LNG report, 45 MTPA of regasification capacity was added during 2017 with major contribution from Asia-Pacific, Hence, global cryogenic valve market is anticipated to have significant growth rate in the forecast period.
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The key players of the global cryogenic valve market are Flowserve Corporation (US), Herose Gmbh (Germany), Emerson Electric Co (US), L&T Valves Limited. (India), Samson Controls Inc. (US), Cryocomp (US), Parker Hannifin Corp (US), The Weir Group PLC, (UK), Velan Inc (Canada), Bray International (US), Bac Valves (Spain), Powell Valves (US), and Valco Group (France).
Scope of the Report
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global cryogenic valve market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis
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