According to the report by Expert Market Research (EMR), the Global Cryogenic Valve Market Size reached a value of USD 3.71 billion in 2022. Aided by the growing demand for low-temperature applications and the rising utilisation of cryogenic valves in diverse industries, the market is projected to further grow at a CAGR of 6.10% between 2023 and 2028 to reach a value of USD 5.27 billion by 2028.
Cryogenic valves, engineered to function at extremely low temperatures, are primarily used in applications involving liquefied natural gas (LNG), liquid helium, liquid oxygen, and other cryogenic gases. They are integral to processes requiring controlled flow and pressure relief in cryogenic systems. Aside from their functional attributes, cryogenic valves also offer superior leak tightness and durability, making them essential in a variety of industrial applications including energy and power, chemical, and healthcare sectors.
The rising demand for low-temperature applications is driving the growth of the global cryogenic valve market growth. As industries increasingly harness the unique properties of cryogenic gases, the need for specialised valves capable of operating in low-temperature conditions has surged. Additionally, the growing emphasis on energy efficiency and safety in handling cryogenic gases has further fueled the adoption of cryogenic valves.
The increasing utilisation of cryogenic valves across various industries also significantly contributes to the cryogenic valve market expansion. In the energy and power industry, cryogenic valves are integral to LNG production, storage, and transportation processes. In the chemical industry, these valves find use in managing the flow of cryogenic chemicals. Moreover, in the healthcare sector, cryogenic valves are critical for storage and transport of cryogenic biological materials.
Moreover, the growing global focus on LNG as a cleaner, sustainable fuel alternative is expected to further spur the cryogenic valve market. As nations worldwide pivot to more eco-friendly energy sources, the production, storage, and distribution of LNG – a process heavily reliant on cryogenic valves – is expected to increase, thereby augmenting the cryogenic valve market growth.
Technological advancements and product innovations in the cryogenic valve industry are also expected to provide growth opportunities. Manufacturers are continually improving design and materials to enhance valve performance and durability in extreme conditions, aligning with the evolving demands of various industrial sectors.
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Cryogenic Valve Market Segmentation
The market can be divided based on type, gas, end use, application, and region.
Market Breakup by Type
• Globe Valve
• Gate Valve
• Check Valve
• Ball Valve
Market Breakup by Gas
Market Breakup by End Use
• Energy and Power
• Food and Beverage
Market Breakup by Application
• Tanks and Cold Boxes
• Transfer Lines
• Manifolds and Gas Trains
Market Breakup by Region
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cryogenic valve companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Flowserve Corporation
• HEROSE GMBH
• Emerson Electric Co
• Samson Controls Inc.
• Cryofab, Inc
• Habonim Industrial Valves & Actuators Ltd.
• Powell Valves
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