The "Cryogenic Valve Market by gas (LNG, Oxygen, Nitrogen), type (globe, gate, ball), end-user (energy and power, food, chemicals), application (tanks and cold boxes, transfer lines, manifolds and gas trains), and region – global forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global cryogenic valve market is projected to grow at a CAGR of 4.51%, to reach a market size of US$3.75 billion by 2023 from US$3 billion in 2018.
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.
The report segments the cryogenic valve market, by gas, into LNG, nitrogen, oxygen, and others. The LNG subsegment held the largest market in 2017 and is expected to grow at the fastest CAGR from 2018 – 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 and 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 and power segment in 2018.
The market in Asia Pacific is expected to lead the global cryogenic valve market during the forecast period due to the substantial growth in end-user industries, such as chemicals, electronics, metallurgy, and food and beverage in the region.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24072018/cryogenic-valves-us375-billion-worldwide-market-opportunity-and-challenge-outlook-to-2023/