Cryogenic Valve Market Size was valued at USD 3.01 Billion in 2023. The Cryogenic Valve Market industry is projected to grow from USD 3.13 Billion in 2024 to USD 4.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.43% during the forecast period (2024 - 2032). Transport of cryogenic gases, as well as increased demand from the energy and electricity industries are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for cryogenic valve is being driven by the increased demand from the oil and gas industry. Cryogenic valves are widely utilised in the oil and gas industry, including the upstream, midstream, and downstream sectors. Upstream valves control the flow of natural gas and crude oil from high-pressure injection systems to choke valves and blow-out preventers at the top of wells. New sources of oil and gas, such as tar sands and shale formations, have increased demand for cryogenic valves, as they need compressing oil and gas to high pressure and low temperature before transporting it to processing facilities. Oil and gas resources are stored and transported from remote sources, such as deepwater fields in Alaska's tundra or the North Sea, where shallow temperatures are required to convert natural gas into natural gas liquids (GL), which are then transported from remote gas fields to the market for gas consumption. Unique cryogenic valve designs are required for loading/unloading terminals, oil and gas storage tanks, and cryogenic temperatures. This opens up new potential for valve suppliers.
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.
The Cryogenic Valve Market segmentation, based on gas includes LNG, Oxygen, Nitrogen And Others. The LNG category dominated the market and is expected to grow at a 4.6% CAGR during the forecast period. Unlike many cryogenic applications, the reason for employing LNG is not the availability of lower temperatures, but rather the huge volume reduction (more than a factor of 600 between natural gas at atmospheric pressure and temperature and LNG.
Figure 1: Cryogenic Valve Market, by Gas, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Cryogenic Valve Market segmentation, based on type includes globe valve, gate valve, ball valve, check valve and others. The gate valve segment dominated the market. A gate valve, also known as a sluice valve, opens by lifting a round or rectangular gate or ledge above the flow path of the fluid. A gate valve is distinguished by the sealing surfaces in the same plane that connect the gate and the seats. A gate valve also has a rising stem (the section of the valve to which the handwheel is attached) and a non-rising handwheel. The platter is totally retracted when a gate valve is completely opened. A gate valve is used for on/off applications. It should not, however, be used for repetitive operation or throttling, since this may cause seat erosion.
The Cryogenic Valve Market segmentation, based on end-user, includes energy & power, food & beverage, chemicals and others. In 2022, the energy & power category is estimated to account for a significant portion of the market. When biological tissues, such as blood, organs, and tissue samples, are transported or stored at high temperatures, they are endangered. Cryogenics is the use of freezing temperatures to preserve tissues. The technique's ability to reduce cell oxygen intake, allowing for longer-term storage without injury or degradation, has led to its widespread use in medical science for preservation. Cryogenic valves are widely utilised, particularly in the food and beverage processing industries' brewing and bottling sectors.
The Cryogenic Valve Market segmentation, based on application includes tanks & cold boxes, transfer lines, manifolds & gas trains. The transfer lines segment led the market and will continue to do so over the projection period. The growing demand for LNG fuels the expansion of the transfer lines segment.
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, MRFR 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.
In June 2020,Valtek Valdisk is a new line of butterfly control valves introduced by Flowserve Corporation. The advanced product line is designed to provide low pressure loss, high capacity, high-performance throttling, and decreased maintenance costs. It is intended to function in temperatures ranging from -268°C to 427°C and can be used in a variety of setups and applications such as air separation, Pressure Swing Adsorption (PSA), oil and gas, chemical refining, and many more.
In November 2019,LESE GmbH revealed intentions to build a new facility to perform cryogenic testing of safety valves under actual operational circumstances. Its novel test idea features a 1,000 litre cryogenic cylinder filled with liquid nitrogen and tested at -196°C. To ensure product integrity, the cryogenic safety valves are subjected to three consecutive opening and shutting cycles at a test pressure of 16 bar.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 3.01 Billion |
| Market Size 2024 | USD 3.13 Billion |
| Market Size 2032 | USD 4.1 Billion |
| Compound Annual Growth Rate (CAGR) | 3.43% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Gas, Type, End-User, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Flowserve Corporation (US), Herose Gmbh (Germany), Emerson Electric Co (US). L&T Valves Limited. (India), Samson Controls Inc. (US), Cryocomp (US), Parker Hannifin Corp (US), The Weir Group PLC, (UK), Velan Inc (Canada), Bray International (US), Bac Valves (Spain), Powell Valves (US), and Valco Group (France). |
| Key Market Opportunities | Cryogenic gas transportation. |
| Key Market Dynamics | Rising demand from the energy and power industries. |
Cryogenic Valve Market Highlights:
Frequently Asked Questions (FAQ) :
The Cryogenic Valve Market size was valued at USD 3.01 Billion in 2023.
The market is projected to grow at a CAGR of 3.43% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Samson Controls Inc. (US), Cryocomp (US), Parker Hannifin Corp (US), The Weir Group PLC, (UK), Velan Inc (Canada), Bray International (US).
The gate value category dominated the market in 2022.
The Power & energy had the largest share in the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
