Cryogenic Valve Market Size Analysis & Forecasts, 2018-2023 | Key Players

Schlumberger, Emerson Electric, Parker Hannifin, Flowserve, & Weir Group plc: Radiant Insights, Inc.

SAN FRANCISCO, Aug. 20, 2019 /PRNewswire/ -- The worldwide Cryogenic Valve Market is projected to showcase a staggering CAGR during the forecast period. Cryogenic valves are the special-purpose valves that find usage in transporting and storing a different gas that takes up smaller space or when cooled at cryogenic temperatures. The gases such helium, oxygen, hydrogen, natural gas, and nitrogen are exclusively preferred in cryogenic valves.

Rising propagation in the "energy" and "power" vertical, increasing investments in the LNG sector, rapid industrialization in emerging economies are anticipated to boost the cryogenic valve market growth. However, stringent safety and quality related standards that need to be followed with respect to production are likely to hamper the market growth in the future.

As of 2017, India is the third-largest consumer of oil in the world. The country has 43.8 trillion cubic feet of natural gas reserves and 600 million metric ton (MMT) of oil reserves. Moreover, investments from oil and gas industries in the country are anticipated to spur demand for the valve.

The Weir Group Plc acquired ESCO on July 17, 2018. ESCO started operating as an exclusive statement adjoining "Minerals" and "Oil & Gas" since then.

Asia-Pacific is a leading region in the cryogenic valve market. It is likely to maintain its dominance in the forecast period owing to increasing demand from India, China, Australia, and Japan as they have surged in LNG imports and significant development in end-users such as food & beverage, energy & power, and chemicals in the region will spur demand throughout the forecast period (2018-2023).

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Emerson Electric Co., a main player in the cryogenic valves market, is transforming the abilities of valves employed in carrying LNG. The company, of late, announced the launch of new pressure relief valves that assist LNG marine transportation customers. Mergers, expansions, acquisitions, and new product growth are some of the most extensively accepted policies by industry players, both small and large scale in the cryogenic valve market.