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Increasing demand for liquefied natural gas (LNG) and liquid nitrogen: The demand for cryogenic valves is expected to increase due to the growing demand for LNG and liquid nitrogen. Cryogenic valves are used to regulate the flow of these gases, and as more LNG and liquid nitrogen production facilities come online, the demand for cryogenic valves will increase.
Rising adoption of automation and control systems: As industrial processes become more automated, the demand for cryogenic valves with integrated automation and control systems will increase. These valves can be remotely controlled and monitored, improving efficiency and reducing downtime.
Advancements in material and manufacturing technologies: The development of new materials and manufacturing technologies is expected to lead to the development of more durable and efficient cryogenic valves. For example, the use of composite materials can reduce the weight of valves while maintaining their strength.
Increasing use in the aerospace industry: Cryogenic valves are used in a variety of aerospace applications, including rocket engines and cryogenic storage tanks. With the growing demand for space exploration, the use of cryogenic valves in the aerospace industry is expected to increase.
Growing focus on energy efficiency and environmental sustainability: As the world becomes more focused on energy efficiency and environmental sustainability, the demand for cryogenic valves that can reduce the amount of energy required to maintain cryogenic temperatures will increase. This is expected to drive innovation in valve design and materials.
Cryogenic Valve Market Overview:
The Cryogenic Valve Market size is likely to undergo a major expansion and growth with a CAGR of 4.02% during the period and hence, reach a global market value worth USD 3.75 billion by the end of the forecast period in 2030.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global cryogenic valve market based on gas, application, end user, and type.
By gas, the global cryogenic valve market is segmented into nitrogen, oxygen, LNG, and others. Of these, the LNG segment will lead the market over the forecast period.
By type, the global cryogenic valve market is segmented into check, ball, gate, globe, and others. Of these, the ball segment will dominate the market over the forecast period.
By end user, the global cryogenic valve market is segmented into chemicals, food and beverage, energy and power, and others. Of these, the energy and power segment will spearhead the market over the forecast period.
By application, the global cryogenic valve market is segmented into manifolds and gas trains, transfer lines, and tanks and cold boxes. Of these, the transfer lines segment will have the lions share in the market over the forecast period.
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Regional Analysis
Geographically, the global cryogenic valve market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the APAC region will command the largest share in the market over the forecast period at a high CAGR. Growing need for such valves from Japan, Australia, India, and China as they have increase in LNG imports, generation of power from natural gas and storage applications, substantial growth in end user industries like food and beverage, metallurgy, electronics, and chemicals, huge consumer base, cheap labor, dependable supply chain, and economic development are adding to the global cryogenic valve market growth in the region.
In North America and Europe, the global cryogenic valve market is predicted to have healthy growth over the forecast period for the technological growth on the industrial front coupled with the presence of several industry players.
In RoW, the global cryogenic valve market is predicted to have stable growth over the forecast period.
