Global Cryogenic Valve Market Analysis
The global cryogenic valve market is predicted to grow at a 4.49% CAGR over the forecast period (2018-2023), states the new Market Research Future (MRFR) report. 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 Size. 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.
Cryogenic Valve 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.
By end user, the cryogenic valve market is segmented into chemicals, food and beverage, energy and power, and others.
By application, the cryogenic valve market is segmented into manifolds and gas trains, transfer lines, and tanks and cold boxes.
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.
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
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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