Cryogenic Valve Market

• Increased demand from the oil and gas industry propels market growth

The pharmaceutical industry also makes use of cryogenic technologies. The medications and vaccinations are made and stored at extremely low temperatures. Recently, the expansion of COVID-19 and its vaccine delivery's demand for lower storage and shipping temperatures have pushed governments to engage in developing the cryogenic cold chain in the pharmaceutical business. total pharmaceutical sales are predicted to exceed USD 1.58 trillion by 2024, according to IQVIA Institute forecasts released in March 2020.

Experts predict that by 2024, five of the top ten best-selling pharmaceuticals will require 2-8°C cold-chain storage and handling. The FDA's Centre for Biologic Evaluation and Research (CBER), which reviews vaccines and blood products, authorised 22 licences for novel biologic goods in 2019, 21 of which required cold-chain handling.

Cryogenic valves used in the biotech and pharmaceutical industries are also designed and proven to work in sanitary and clean steam applications at low temperatures. As a result, rising applications in the chemical and pharmaceutical industries are boosting demand for cryogenic valves.

Furthermore, a growing emphasis on expanding the use of liquefied gases in a variety of industry verticals is projected to boost industry growth. The increasing utilisation potential is driving a surge in the deployment of customised on-site liquefaction facilities to effectively produce, transmit, and store cryogenic. For example, Japan-based Kawasaki Heavy Industries announced in March 2020 that it would outfit a maritime vessel with a liquid hydrogen storage tank for low-emission propulsion. The business also indicated that further outfitting operations, such as plumbing installations, will be completed by October 2020.

The concept is consistent with its Hydrogen Energy Supply Chain (HESC) initiative, which includes hydrogen liquefaction, transmission, storage, and offloading terminals.

Technological innovations are significantly influencing the Global Cryogenic Valve Market Industry, enhancing the performance and reliability of cryogenic valves. Advances in materials science, such as the development of high-performance alloys and polymers, contribute to improved durability and resistance to extreme temperatures. Furthermore, automation and smart valve technologies are gaining traction, enabling better control and monitoring of cryogenic processes. These advancements not only optimize operational efficiency but also reduce maintenance costs, thereby attracting investments. As a result, the market is poised for steady growth, with a projected CAGR of 3.43% from 2025 to 2035, indicating a robust future driven by continuous innovation.

The Global Cryogenic Valve Market Industry is experiencing a notable surge in demand driven by the liquefied natural gas (LNG) sector. As countries increasingly shift towards cleaner energy sources, LNG has emerged as a preferred option, necessitating efficient cryogenic valves for storage and transportation. In 2024, the market is projected to reach 3.13 USD Billion, reflecting the critical role of cryogenic valves in ensuring safety and efficiency in LNG applications. This trend is expected to continue as the global energy landscape evolves, with projections indicating a market size of 4.54 USD Billion by 2035, highlighting the long-term growth potential in this sector.

The Global Cryogenic Valve Market Industry is witnessing an expansion in industrial applications, particularly in sectors such as aerospace, healthcare, and food processing. Cryogenic valves are essential for managing gases and liquids at extremely low temperatures, which is crucial in these industries. For instance, in aerospace, cryogenic valves are utilized in rocket propulsion systems, while in healthcare, they are vital for the storage of cryogenic fluids used in medical procedures. This diversification of applications is likely to propel market growth, as industries increasingly recognize the importance of reliable cryogenic solutions. The anticipated growth in these sectors further underscores the market's potential.

Regulatory frameworks promoting clean energy initiatives are significantly impacting the Global Cryogenic Valve Market Industry. Governments worldwide are implementing policies to reduce carbon emissions and encourage the use of alternative energy sources, including LNG and hydrogen. These regulations often mandate the use of advanced cryogenic technologies to ensure safety and efficiency in energy production and distribution. As a result, the demand for cryogenic valves is expected to rise, driven by compliance with these regulations. This supportive environment is likely to foster market growth, with projections indicating a market size of 4.54 USD Billion by 2035, reflecting the alignment of industry practices with regulatory expectations.

The Global Cryogenic Valve Market Industry is characterized by dynamic market forces and a competitive landscape that influences growth trajectories. Key players are continuously innovating and expanding their product offerings to meet the evolving needs of various industries. This competitive environment fosters collaboration and partnerships, enhancing technological advancements and market penetration. Additionally, the presence of established manufacturers alongside emerging players creates a diverse marketplace, driving competition and potentially leading to price fluctuations. Understanding these dynamics is crucial for stakeholders aiming to navigate the market effectively and capitalize on growth opportunities.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Cryogenic Valve Market area will dominate this market, due to growth in the power industry. In addition increasing investments in the oil and gas industry, including gas production and exports, will increase demand for Cryogenic Control Valve and equipment throughout the forecast period.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Cryogenic Valve Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe’s Cryogenic Valve Market accounts for the second-largest market share owing to the installation of new particle accelerator projects in the region. Further, the German Cryogenic Valve Market held the largest market share, and the UK Cryogenic Valve Market was the fastest growing market in the European region

The Asia-Pacific Cryogenic Valve Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the economic development in the region. Moreover, China’s Cryogenic Valve Market held the largest market share, and the Indian Cryogenic Valve Market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Cryogenic Valve Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Cryogenic Valve industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Cryogenic Valve industry to benefit clients and increase the market sector. In recent years, the Cryogenic Valve industry has offered some of the most significant advantages to medicine. Major players in the Cryogenic Valve Market, including Samson Controls Inc. (US), Cryocomp (US), Parker Hannifin Corp (US), The Weir Group PLC, (UK), Velan Inc (Canada), Bray International (US) and others, are attempting to increase market demand by investing in research and development operations.

The Flowserve Corporation is a worldwide corporation based in the United States that is one of the major producers of industrial and environmental machinery such as pumps, valves, end face mechanical seals, automation, and services to the power, oil, gas, chemical, and other industries. Flowserve is headquartered in Irving, Texas, a Dallas suburb, and employs over 18,000 people in 55 nations. Flowserve sells products and provides aftermarket services to engineering and construction firms, OEMs, distributors, and end users.

In October 2021, Flowserve Corporation, one of the major producers of industrial and environmental machinery, introduced the Valtek Multi Z Anti cavitation control valve to minimise cavitation in high-pressure drop settings.

The Abu Dhabi National Exhibitions Company (ADNEC) owns and operates the Abu Dhabi National Exhibition Centre, the Middle East's largest exhibition site. It is a subsidiary of a worldwide venue development and business management firm that also manages the Abu Dhabi National Exhibition Centre, ExCeL London, Al Ain Convention Centre, Capital Gate, and Capital Centre. It is also known as the ADNEC Group.

November 2022 - At the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022, Baker Hughes and PETRONAS inked a memorandum of understanding (MOU) to work together on industrial and oil and gas artificial intelligence (AI) technologies to advance the sustainability goals of the energy giant.