The cryogenic valve 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.
Browse 73 market data Tables and 35 Figures spread through 126 Pages and in-depth TOC on "Cryogenic Valve Market"
The energy & power segment is expected to hold the largest share of the cryogenic valve market
The energy & power segment is 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.
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 the major source of energy. LNG is also 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 commonly used in shipbuilding, power generation, and automotive industries.
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Asia Pacific: The leading market for the 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 large largest market share in the global cryogenic valve market in 2018. Countries such as China, India, Australia, and Japan have a 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).
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Cryogenic Valve Market to exceed $3.75 Billion by 2023
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