Global Cryogenic Control Valve Market to Reach US$ 3.5 BN by 2031, driven by the Surge in Demand for FSRU and FPSO: Global Insight Services
New York, November 2022: According to a new research study by Global Insight Services (GIS), the cryogenic control valve market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 3.5 billion by 2031.
Globally, natural gas extracted from the source is transported and stored at the end-user industries for several applications. Natural gas can be liquefied by over 600 times, making its transportation and storage more economical by using carriers on ships and large storage tanks and trucks. It is achieved by liquefying it at a temperature as low as -196 C. To maintain this temperature, suitable pipes, valves, and fittings that can withstand the cryogenic temperature are used. The cryogenic control valve is a major part of the cryogenic systems, maintaining the temperature and pressure setting of the overall system.
Cryogenic control valves are used in extremely cold conditions. The valves are popularly utilized by companies working with Compressed Natural Gas (CNG) or Liquefied Natural Gas (LNG). For example, many oil and gas companies frequently use cryogenic temperature, where its range starts at −150 degrees Celsius (−238 degrees Fahrenheit). Cryogenic valves store and transport cryogenic gasses efficiently and safely. The ball control valve is the most used type of control valve.
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Global Cryogenic Control Valve Market: Key Drivers and Trends
Recently, the demand for floating production storage and offloading (FPSO) units and floating storage regasification units (FSRU) has increased considerably. An FPSO unit is widely utilized for the processing and production of hydrocarbon and oil storage by the oil & gas industry. For the transfer and transition of liquefied natural gas (LNG) through oceanic channels, an FSRU is required. According to the Organization of the Petroleum Exporting Countries (OPEC), global oil demand is predicted to grow from 38 million barrels per day to 115 million barrels per day by 2025, with an annual average growth of 1.6 million barrels per day, or 1.7%, from 2002 to 2025. Considering technology feasibility, mobility, availability, scheduling, commercial flexibility, and lower cost, FSRUs are gaining popularity worldwide. With the increasing use of natural gases, Asia pacific is anticipated to be the largest FSRU market in the coming years. Cryogenic valves of respective types are broadly used at FPSO units and FSRUs. This is expected to drive the cryogenic control valve market across the globe.
Global Cryogenic Control Valve Market: Market Restraints and Challenges
Increasing overall maintenance and repair cost of cryogenic control valves and likely restraining market revenue growth in the forecast period. Further, increasing volatility in raw material prices and the high maintenance cost of cryogenic control valves are anticipated to hinder market growth during the forecast period. Growing volatility in raw material prices negatively influences the ability of manufacturers to produce cryogenic control valves based on specific requirements.
Global Cryogenic Control Valve Market Report Findings
The others segment is likely to hold the major share of the market in 2021
Based on type, it is segmented into globe control valves, ball control valves, butterfly control valves, and others. The others segment is expected to be the largest segment in the cryogenic control valve market in 2021. The others segment includes plug valves, gate valves, pinch valves, and diaphragm valves, among others. Gate valves use linear stem motion to open and close a valve. These valves use parallel or wedge-shaped discs as closure members that provide tight sealing. This type of valve is suitable for oil, gas, air, heavy liquids, steam, non-condensing gases, and abrasive and corrosive liquids. Due to above mentioned factors, the others segment is expected to hold a major market share in 2021.
The oil and gas segment is likely to hold the major share of the market in 2021
Based on application, it is segmented into power generation, oil and gas, food and beverages, and others. The oil and gas segment is expected to be the largest segment in the cryogenic control valve market in 2021. Many oil and gas companies use globe valves for controlling the pressure, flow, and temperature of process water, fluid, or gas. Further, several oil & gas exploring and production (E&P) companies have started to discover new oil rigs globally, which is expected to boost the demand for cryogenic storing and transportation tanks as well as cryogenic valves in coming years. Thus, the oil and gas segment is expected to hold a major market share in 2021.
The Asia Pacific region is accounted for the majority of market share in 2021
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to hold the majority of the market share in 2021. The chemical industry plays a crucial role in most sectors of regional economies, including oil & gas, paper, and personal care. In the food & beverage industry, the growing population, rising incomes, increase in the number of working professionals, and urbanization has led to an increased demand for packaged- foods in the region, especially from countries such as India and China. Thus, it propels the growth of the cryogenic control valve market in Asia Pacific.
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The key players studied in the global cryogenic control valve market are BAC VALVES, S.A. (Spain), Baker Hughes Company (U.S.), Emerson Electric Co. (U.S.), Flowserve Corporation (U.S.), KORVAL Co., Ltd. (South Korea), L&T Valves Limited (India), Richards Industrials (U.S.), SAMSON AG (Germany), Valmet Oyj (Finland), and Velan Inc. (Canada).
Global Cryogenic Control Valve Market: Recent Developments
- June 2021, Baker Hughes and Borg CO2 announced memorandum of understanding regarding collaboration on a carbon capture and storage project. This project will serve as a hub for the decarbonization of industrial spaces in the Viken region of Norway.
- March 2021, Emerson introduced a series of three way and two-way solenoid valves that support original equipment manufacturers’ requirement to develop more compact equipment and machines without compromising on fluid control performance.
Global Cryogenic Control Valve Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global cryogenic control valve market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future global cryogenic control valve market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global cryogenic control valve market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global cryogenic control valve industry.
Global Cryogenic Control Valve Market Segmentation
- Globe Control Valves
- Ball Control Valves
- Butterfly Control Valves
- Power Generation
- Oil and Gas
- Food and Beverages
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East
- BAC VALVES, S.A. (Spain)
- Baker Hughes Company (U.S.)
- Emerson Electric Co. (U.S.)
- Flowserve Corporation (U.S.)
- KORVAL Co., Ltd. (South Korea)
- L&T Valves Limited (India)
- Richards Industrials (U.S.)
- SAMSON AG (Germany)
- Valmet Oyj (Finland)
- Velan Inc. (Canada)