The global cryogenic valves market is set to be valued at US$ 3,457.4 Mn in 2022 and is anticipated to grow at a CAGR of 4.8% from 2022 to 2032. It is likely to reach a valuation of US$ 5,523.5 Mn by 2032.
Some of the key characteristics of cryogenic valves include their ability to operate at high pressure and low temperature. When compared to other alternatives like industrial valves, they can also function in low-temperature environments across a range of end-use industries.
Europe is expected to continue to be the most lucrative cryogenic valves market, accounting for more than one-fourth of global sales by 2022, according to FMI. It is anticipated that between 2022 and 2032, the volume of the market for gate valves will grow significantly. A large consumer base is also expected to be attracted by key players in the global market showcasing their new products at exhibitions and other events.
From 2017 to 2021, the global cryogenic valves market exhibited growth at 2.0% CAGR and is projected to grow at a CAGR of 4.8% in the forecast period. Growth in gas-based power generation due to increasing implementation of emission regulations across various regions is set to drive the market. Increasing demand for industrial cryogenic gases due to the rising development of refrigeration units, especially in the chemical and food & beverage sectors would further boost the demand for cryogenic valves across the globe.
Cryogenic valve demand has significantly increased as a result of the industrial sector’s growing adoption of automation. The global market would also be boosted by well-known companies creating cutting-edge valves. For instance, Demaco Netherlands BV unveiled a new line of Demaco Cryogenic Valves in February 2022. Control valves, pneumatic on/off, and manual on/off features are all part of the range. Additionally, it features a self-adjusting spindle gasket with a wiper, intermediate relief, and V-seal and guarantees a long service life.
The U.S. is anticipated to exhibit impressive growth in the North America market through 2032, helping the region to account for nearly 1/5th of the total sales by 2022. The U.S. has a vast network of gas-based power plants, which is set to drive the market. Apart from that, rapid industrial developments and increasing LNG distribution across the country would aid growth. The U.S. Energy Information Administration (EIA) states that in 2021, the country imported nearly 99.8% of LNG to Trinidad & Tobago and 0.8% to Canada. As per FMI, sales of cryogenic valves is expected to surpass US$ 5,523.5 Mn by the end of 2032 in the U.S.
- Weir Group
- Powell Valves
- Mack Valves
- YPS Valves Ltd
- OMB Valves SpA