Los Angeles, November 20, 2019 –QY Research has announced the addition of a new report on the global cryogenic valve market to its repository of machinery and equipment market research studies. Carrying the title “Global Cryogenic Valve Market Professional Survey Report 2019,” the report offers comprehensive and accurate analysis of the global cryogenic valve market. As per the report, the total size of the global cryogenic valve market is projected to increase to more than US$1,000 Mn by 2025 from over US$800 Mn reached in 2018. Between 2018 and 2025, the global cryogenic valve market is predicted to grow at a CAGR of 3.26%.
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High Export of LNG Predicted to Augment Demand for Cryogenic Valve
Increase in the demand and export of liquefied natural gas (LNG) is predicted to significantly contribute to the growth of the global cryogenic valve market. Apart from energy and power, the chemicals industry could create demand for cryogenic valve in future. High consumption of cryogenic valve in the oil and gas and petrochemicals industries is expected to strengthen the growth of the global market. Need for safe and efficient storage and transportation of cryogenic gasses could continue to increase the demand for cryogenic valve in the coming years.
Requirement for Cryogenic Valve Expected to Increase with Growing Use of LNG
On the basis of product, the global cryogenic valve market is segmented into helium, hydrogen, nitrogen, oxygen, LNG, and others. High use of LNG in industrial and other applications because of its relatively lower greenhouse gas emissions is expected to help increase the market share of the LNG segment in the coming years. By application, the global cryogenic valve market is segmented into healthcare, food and beverage, chemicals, energy and power, and others. Rising LNG production could be one of the significant factors augmenting the demand for cryogenic valve in energy and power applications. LNG is widely used to produce electricity.
Demand for Cryogenic Valve Anticipated to Grow in Asia Pacific with Increasing Energy Needs
The demand for cryogenic valve is anticipated to increase in Asia Pacific because of industrial advancement, high demand for energy increasing the requirement for LNG, and considerable growth of key end-use industries. Expansion of the energy and power sector could also positively impact the cryogenic valve market in the region. High use of petrochemicals is expected to increase the demand for cryogenic valve in Asia Pacific countries. Cryogenic valve finds use in oil and gas and petrochemical applications.
Cryogenic Valve Manufacturers Likely to Form Collaborations to Gain Competitive Advantage
The report covers key players of the global cryogenic valve market. These include Emerson, Meca-Inox, Flowserve, Valco Group, Schlumberger (Cameron), Kitz, Velan, Habonim Industrial Valves and Actuators, KSB, Bac Valves, Herose, Zhejiang Petrochemical Valve, Parker Bestobell, Bray, Samson, L&T Valves, and Powell Valves. Players are expected to adopt collaboration, partnership, and acquisition as leading strategies to strongly compete in the global cryogenic valve market.
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