Cryogenic Valves market size to reach USD 3.75billion by 2023.

Based on the type, the ball valve subsegment led the cryogenic valve market in 2017. The features of ball valves, such as high flow rate and easy operation compared to other valve types, have resulted in the largest share of the ball valve segment in the cryogenic valve market., Moreover, these valves are designed accordingly and are used in transportation, liquefied gas production, and storage applications. Based on application, the transfer lines subsegment held the largest market share in 2017 and is projected to dominate the market during the forecast period. The growing production and demand for liquefied gases is likely to drive the market for cryogenic valves, globally. Based on the end-user segment, the energy & power subsegment led the cryogenic valve market in 2017 and is projected to dominate the market during the forecast period. The increasing LNG demand for power generation applications has led to the largest share of the energy & power segment in 2018.

“The cryogenic valve market is projected to grow at a CAGR of 4.51% to 2023.”

The cryogenic valve market was estimated to be USD 3.00 billion in 2018 and is projected to reach USD 3.75 billion by 2023, at a CAGR of 4.51%, from 2018 to 2023. Rising investments in the LNG sector is the key factor driving the cryogenic valve market. Rising trade of LNG and high demand for industrial gases are the major factors driving the cryogenic valve market. The rising LNG trade has led to the growing demand for storage and transportation of cryogenic gases, which in turn has boosted the demand for cryogenic valves.Moreover, the increasing demand for Floating Production Storage and Offloading (FPSO) vessels is further expected to boost the growth of the cryogenic valve market. Volatile metal price can act as a restraint for the cryogenic valve market, leading to declining profits.

“The Energy & Power subsegment of the end-user segment is expected to grow at the highest CAGR, from 2020 to 2023.”

The energy & power subsegment of the end-user segment is expected to grow at the highest CAGR, during the forecast period due to the increasing LNG production. The LNG subsegment held the largest market in 2020 and is expected to grow at the fastest CAGR from 2020 to 2023. In Asia Pacific, countries such as China, India, South Korea, and Southeast Asian countries are the major importers of LNG to meet the growing power generation and domestic sector demand.

Based on the type, the ball valve subsegment led the cryogenic valve market in 2020. The features of ball valves, such as high flow rate and easy operation compared to other valve types, have resulted in the largest share of the ball valve segment in the cryogenic valve market., Moreover, these valves are designed accordingly and are used in transportation, liquefied gas production, and storage applications.

Based on application, the transfer lines subsegment held the largest market share in 2020 and is projected to dominate the market during the forecast period. The growing production and demand for liquefied gases is likely to drive the market for cryogenic valves, globally. Based on the end-user segment, the energy & power subsegment led the cryogenic valve market in 2020 and is projected to dominate the market during the forecast period. The increasing LNG demand for power generation applications has led to the largest share of the energy & power segment in 2020.

“Asia Pacific: The largest market for cryogenic valves in 2023”

The market in Asia Pacific is currently the largest market for cryogenic valves followed by the North American market. The substantial growth in end-user industries, such as chemicals, electronics, metallurgy, and food & beverage, is expected to drive the cryogenic valve market in the Asia Pacific region.