Energy & Power segment holds the major share in the cryogenic valve market

Date: 15 April 2020

According to a research report published by Azoth Analytics in March 2020, the Global Cryogenic Valve Market was valued at USD 3068.8 Million in the year 2019. The positive outlook of Cryogenic Valve industry can be credited to variables such as increasing global LNG trade that has led to the demand for storage and transportation of cryogenic gases and surge in the demand of industrial gases.

Leading Cryogenic Valve manufacturers are focusing on the development of new products. For example, in July 2019, renowned industrial valve manufacturer, XHVAL has introduced its latest product, the cryogenic floating ball valve for low temperature and cryogenic applications. It includes LNG (liquefied natural gas) that has now turned into a growing alternative energy source. 

Also, SNRI, member of Valco Group, has reinforced its leader position in Cryogenic valves with the confirmation of purchase orders for 14 vessels recently granted by DSME and HHI. SNRI has received USD 5.3 Million orders for LNG tankers and FSRUs. Additionally, in March 2019, The Indian Shipping Ministry has issued guidelines for setting up Floating Storage Regasification Unites (FSRU) for handling Liquefied Natural Gas (LNG) cargo at major port trusts.

According to the Azoth Analytics Research Report on GlobalCryogenic Valve Market (2020 Edition), the Asia Pacific region has the largest market in year 2019 while it is estimated that Asia Pacific will remain dominant during the forecast period with China being the leading country in the region followed by Japan and South Korea. Factors fuelling the growth of the region are growing consumer awareness towards the use of cleaner energy fuel. Also, the fast-emerging economies results in higher purchasing power of consumers.

Among the Type segment in the Cryogenic Valve market (Ball, Globe, Gate, Check, Others), Ball Type segment has been gaining popularity among various other segments and is expected to keep major market share in the forecast period owing to the fact that these valves possess better flow characteristics, are simple and quick to operate, and favoured for automation. Based on Gas segment, LNG segment dominates the market share in year 2019 and is also expected to show dominance during the forecast period because of the rising demand of LNG from the emerging economies coupled with the growing investments from government towards the clean and secure environmental.

Based on End-User segment, Energy & Power segment holds the major share in the cryogenic valve market followed by Chemicals and Food & Beverage segment. Cryogenic valves are extensively utilized in the energy and power industry. These valves are installed for regasification, transportation, and liquefaction. The increase in the trade of LNG is a key driver of this segment.