Cryogenic Valve Market Worth 3.75 Billion USD by 2023
PUNE, India, May 2, 2018 /PRNewswire/ --
According to a new market research report "Cryogenic Valve Market by Gas (LNG, Oxygen, Nitrogen), Type (Globe, Gate, Ball), End-User (Energy & Power, Food, Chemicals), Application (Tanks & Cold Boxes, Transfer Lines, Manifolds & Gas Trains), And Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to grow from an estimated USD 3.00 Billion in 2018 to USD 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.
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Browse 73 Tables and 35 Figures spread through 126 Pages and in-depth TOC on "Cryogenic Valve Market"
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The energy & power segment is expected to hold the largest share of the Cryogenic Valve Market, by function during the forecast period
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 liquefication, transportation, and regasification. The rise in the trade of LNG across the world is one of the major drivers of the energy & power segment.
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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 ball valve segment is expected to be the fastest growing segment of the Cryogenic Valve Market
The ball valve segment is expected to be the fastest growing market from 2018 to 2023. These valves have 90-degree rotation, which opens and closes the valve, giving them a reliable and airtight sealing. They have better flow characteristics than globe valves. Ball valves are quick and simple to operate and preferred for automation. Ball valves are less suitable, where tight shut-off is required.
Asia Pacific: The leading market for cryogenic valve system
In this report, the Cryogenic Valve Market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is expected to hold for the largest market share in the global Cryogenic Valve Market in 2018. 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.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Cryogenic Valve Market. These players include Schlumberger(US), Emerson (US), Parker (US), Flowserve (US), and Weir Group (Scotland). The leading players adopted various strategies to increase their market shares such as contracts & agreements, new product launches, and mergers & acquisitions.
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