The Cryogenic Valve Assembly Industry is expected to grow due to the demand for liquefied natural gas (LNG), increased investments in space exploration, and the rising acceptance and use of cryogenic technologies for medical and industrial applications. Expanding applications in energy storage and transit will continue to foster growth, along with market concerns regarding safety and risks associated with extremely low temperatures in cryogenic technology. The ongoing advancement in valve technology and the global shift towards cleaner energy sources will also be beneficial for market expansion.
According to recent research report, the global market for cryogenic valve assembly is projected to reach USD 7.21 billion by 2029, growing from an estimated USD 4.83 billion in 2024 at a CAGR of 8.3% during the forecast period.
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The valve body, by component
The valve body segment accounts for a significant share of the cryogenic valve assembly market due to its importance in withstanding low temperatures and high pressures. The demand for stronger and more reliable materials in LNG, industrial gas, and aerospace applications drives the need for the valve body. Technological advances in valve body design and materials enhance durability and safety. Furthermore, maintaining a functional cryogenic storage and transportation infrastructure contributes to additional demand. Additionally, regulations and standards emphasize high-performance valve components, bolstering the case for market expansion.
Ball valve, by type
The ball valve segment has the largest share of the cryogenic valve assembly market because it provides a better seal, lower torque, and quick shutoff when dealing with cryogenic fluids. They also have a small footprint and minimum leakage. It is ideal for LNG, industrial gases, and aerospace applications. Growth in the market for cryogenic valves is due to a growing need for effective flow control in extreme temperatures, an increase in LNG infrastructure development, and an increase in the prevailing focus on operational safety and reliability.
Regional Analysis
The Asia Pacific region is projected to be the fastest-growing market for cryogenic valve assemblies due to various factors, including rapid industrialization, urbanization, and growing energy demand in emerging economies such as China and India. The growth of LNG infrastructure, increased investments in clean energy projects, and the growing adoption of cryogenic technology in the healthcare and electronics industries all contribute to the market’s growth. In addition, government regulations and initiatives, more activities in space exploration, and the presence of key manufacturing hubs in the region are all contributing to this need.
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Key Market Players
Some of the prominent players in the cryogenic valve assembly market are PARKER HANNIFIN CORP (US), Emerson Electric Co. (US), Flowserve Corporation (US), Bray International (US), Valmet (Finland), and Crane Company (US), L&T Valves Limited (India), KITZ Corporation (Japan), and Baker Hughes (US).
