Global Cryogenic Control Valve Market report from Global Insight Services is the single authoritative source of intelligence on Cryogenic Control Valve Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
The global cryogenic control valve market was valued at US$ 2.3 billion in 2021 and it is anticipated to grow up to US$ 3.5 billion by 2031, at a CAGR of 4.3% during the forecast period.
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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.
Market 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.
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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 by Type
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.
Global Cryogenic Control Valve Market by Application
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.
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Major Players in the Global Cryogenic Control Valve Market
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).
COVID-19 Impact
In 2020, the COVID-19 pandemic resulted in economic challenges owing to subsequent lockdowns. In 2020, the manufacturing industry was severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. A swift decline in manufacturing revenues due to virtually nonexistent manufacturing demand and slow production capabilities had limited the expenditure on the production of cryogenic control valves worldwide. Thus, the COVID-19 pandemic negatively affected the global cryogenic control valve market in 2020.
However, in 2021, the manufacturing industry started recovering from the significant labor and supply chain challenges that triggered the production of cryogenic control valves.
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