Cryogenic Valve Market Size

Cryogenic Valve Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The cryogenic valve market is expected to grow steadily. The market size is expected to reach $ 3.13 billion by 2024, and is forecast to reach $ 4.1 billion by 2032. This represents a CAGR of 3.43% during the forecast period. Cryogenic valves are increasingly used in the liquefied natural gas (LNG) industry, which is expanding. The cryogenic valve market is also driven by the development of cryogenic technology and the increasing demand for efficient energy solutions in various industries such as aviation, medical, chemicals, etc. Also, the development of new high-tech materials and the automation of valve production are driving the market. The main players in the market, such as Emerson Electric Co., Parker Hannifin, Valvitalia SpA, etc., have mainly launched new products and entered into strategic cooperation to expand their market share. The recent investment in the R & D of cryogenic valves is expected to meet the end-users' needs for more durable and efficient valves, and thus drive the market growth.

Regional Market Size

Regional Deep Dive

The cryogenic valves market is growing at a significant rate in many regions of the world, driven by the increasing demand for liquefied natural gas (LNG), the technological advancements in cryogenic valves and the increasing industrial applications. North America is a key market for cryogenic valves, with a strong energy sector and significant investments in the development of the natural gas industry. Europe is focused on sustainable and energy-efficient practices, which is driving the development of cryogenic systems. The Asia-Pacific region is undergoing rapid industrialization and urbanization, which is driving the demand for cryogenic valves in a variety of applications. Middle East and Africa is investing in its natural gas reserves, and Latin America is gradually adopting cryogenic technology to enhance its energy sector.

North America

• The United States is the main supplier of valves for cryogenic applications, with companies like Emerson and Flowserve investing heavily in research and development.
• Recent regulations, aimed at reducing the emission of greenhouse gases, have led to the development of more efficient cryogenic systems, thus increasing the demand for high-performance valves.
• The expansion of the liquefied natural gas industry, especially in the Gulf of Mexico, is creating a great need for cryogenic valves. These industries need special equipment to handle low-temperature fluids.

Europe

• Cryogenics and the European Green Deal.
• KSB SE & Co. KGaA, for example, is developing a new valve design for cryogenic valves, which is both energy-efficient and in compliance with the regulations.
• Having focused on hydrogen as a clean energy source, the region has been developing cryogenic valves that can handle hydrogen at low temperatures, thus opening up new market opportunities.

Asia-Pacific

• China's rapid industrialization and urbanization has brought about a great increase in the demand for cryogenic valves in such industries as Liquefied Natural Gas (LNG), Petrochemicals and Medicine.
• The Indian government is promoting the use of L.G. as a cleaner substitute for coal, resulting in the development of cryogenic and valve technology.
• The Kitz-Brill Group is expanding its operations in the region in order to meet the growing demand and at the same time reduce costs.

MEA

• The discovery of new gas deposits in the Middle East has led to the development of cryogenic technology for the processing and transport of liquefied gas.
• In the region of the country, the cryogenic systems are also being introduced in the energy industry.
• Valvitalia has entered into associations with local firms to obtain a better understanding of the needs of the locality and to adapt their products to local conditions.

Latin America

• Brazil is a major player in the cryogenic valve market. Its investments in the Liquefied Natural Gas (LNG) infrastructure and its energy diversification efforts make it a major player in this field.
• The cryogenic industry is now firmly established in the petroleum and gas industries.
• In order to meet the local needs, the local valve makers have begun to design new valves.

Did You Know?

“The cryogenic valves are designed to operate at -196°C and are mainly used for liquified gas applications, such as liquified natural gas and liquid nitrogen.” — Cryogenic Engineering Conference

Segmental Market Size

The cryogenic valve market is currently growing at a steady rate, driven by a growing demand from the Liquefied Natural Gas (LNG) sector, the aeronautical sector and medical applications. The cryogenic valve market is mainly driven by the increasing need for cryogenic systems in support of the energy transition and by the increasingly stringent safety regulations for handling cryogenic fluids. Further developments in valve technology, such as improved materials and designs, also lead to an increase in demand.

In the meantime, cryogenic valves have reached a mature stage of development, and companies like Emerson and Parker Hannifin have developed advanced solutions for use in LNG terminals and the aeronautics industry. Their primary application is in the storage and transport of LNG, where they ensure the safe and efficient control of gaseous and liquid gas flow. The trend towards greener energy and the government's drive to reduce CO2 emissions have accelerated the growth of this market. In addition, automation and the Internet of Things are shaping the future of cryogenic valves, enabling them to operate more efficiently and safely.

Future Outlook

Cryogenic valve market will grow steadily from 2024 to 2032. The market value will increase from $3.13 billion to $4.1 billion, with a CAGR of 3.43%. This growth is mainly driven by the increasing demand for liquefied natural gas (LNG) and the widening cryogenic application industry, including aerospace, medical, and energy. Cryogenic valves are widely used in the industry for energy conservation and high performance. By 2032, the market penetration rate will reach about 25% in the main industry, and it will be higher than the 18% used in 2024.

Cryogenic valves are expected to be the focus of major innovation, driven by technological advances such as the development of more durable and efficient materials. Moreover, stricter government regulations and carbon emission policies are likely to lead to increased adoption of LNG as a cleaner energy source, driving demand for cryogenic valves. In addition, the integration of smart and automatic technology into valve systems is expected to further improve operational efficiency and reliability, which in turn will increase the popularity of cryogenic valves. Consequently, the cryogenic valve industry is expected to experience significant growth over the next few years. In this evolving market, the industry must remain agile to take advantage of these developments and meet the growing demand for high-performance cryogenic valves.