Cryogenic Valves Market Report, By Product Type (Globe Valves, Gate Valves, Ball Valves, Butterfly Valves, Check Valves), By Application (LNG Terminals, Storage Tanks, Transportation Systems, Aerospace & Defense, Healthcare), and Regions 2024-2032

Market Overview:

"The global cryogenic valves market size reached US$ 3.8 billion in 2023. Looking forward, Reports and Insights expects the market to reach US$ 6.5 billion in 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032."

Cryogenic valves are specially designed valves used in cryogenic applications that involve extremely low temperature environment. Primary function of these valves is to regulate flow of cryogenic fluids, such as liquefied gases or supercooled liquids, and ensure reliable and safe operation in cryogenic systems. These valves are crucial in maintaining integrity of the system by preventing leaks, controlling pressure, and enabling efficient transfer of cryogenic fluids.

Importance of cryogenic valves is increasing as these valves offer ability to handle unique challenges of extreme low temperatures, and are used in various industries and applications, including cryogenic storage and transportation, aerospace, medical and pharmaceutical, research and development, and energy sectors. Cryogenic valves play a vital role in enabling storage, distribution, and utilization of cryogenic fluids, supporting critical processes and applications.

The global cryogenic valves market is expected to register rapid revenue growth rate during the forecast period, due to various factors such as rising demand for cryogenic applications in industries such as healthcare, energy, and aerospace. Increasing adoption of Liquefied Natural Gas (LNG) as an alternative energy source is also boosting demand for cryogenic valves. Moreover, continuously increasing advancements in cryogenic technology and rising need for efficient and safe handling of cryogenic fluids are contributing to market revenue growth.

However, high cost associated with cryogenic valves and complexity of the design are factors that could hamper market revenue growth. In addition, stringent regulations and safety standards can further have a negative impact on revenue growth of the market. Nonetheless, growing focus on research and development activities and emergence of new applications present lucrative opportunities for market players.

Cryogenic Valves Market Report Overview:

The global cryogenic valves market research report provides comprehensive insights into driving factors, restraints, opportunities, and trends, with provision of in-depth supporting information, data, and statistics and actionable insights. Though covered and provided extensively across the report, the data and information format are simple, yet dynamic in order to ensure ease of reading and understanding, as well as presenting and maximizing leverage and use.

Revenues and market share are provided in detail for previous years in order to showcase the evidence upon which our estimations and forecasts are based. Revenue growth rates and differences, as well as comparisons and relatable data are provided to further support all findings. Data points are provided for each year – from historical to end of forecast period – and this format is followed for each segment region and respective countries, as well as sub-segments and others. Vital details of major companies in the market are provided in the company profile section of the report. Cover includes financials, recent developments, strategies, product launches, agreements, expansion, mergers & acquisitions, and others. 

The global cryogenic valves market research report is segmented on the basis of product type, application, and regions and countries. Regional segmentation includes North America (United States and Canada); Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe); Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific); Latin America (Brazil, Mexico, Argentina); Middle East & Africa (Saudi Arabia, South Africa, United Arab Emirates, Israel).

Cryogenic Valves Market Trends and Drivers:

Global cryogenic valves market research has been exhaustive and the report provides in-depth details of the various factors, trends, patterns, and scenarios and aspects that have a direct or indirect impact, near-term or far-term on the market and products and services etc.

Increasing demand for LNG infrastructure: Demand for liquefied natural gas is rising globally as it is considered a cleaner energy source. This is leading to development of infrastructure for LNG, including terminals, storage tanks, and transportation systems. Thus, demand for cryogenic valves in these applications is growing to ensure safe and efficient handling of LNG, which is positively impacting market revenue growth.

Advancements in valve technology: Technological advancements in cryogenic valve design and materials have improved product performance and reliability. Innovations such as enhanced sealing systems, improved cryogenic materials, and advanced actuation mechanisms have contributed to better valve functionality, lower leakage rates, and increased operational efficiency. These advancements is a major factor that is expected to drive market revenue growth as industries seek valves that can withstand extreme temperature conditions and provide reliable operations.

Expansion of healthcare applications: Cryogenic valves play a crucial role in various healthcare applications, such as cryosurgery, cryopreservation, and medical gas systems. Increasing advancements in medical technology, is resulting in high demand for cryogenic valves in the healthcare sector. In addition, growing adoption of cryogenic systems in medical research, biobanking, and assisted reproductive technologies is driving market revenue growth.

Stringent safety regulations and standards: Companies in the cryogenic industry need follow stringent safety regulations and standards to ensure proper handling and storage of cryogenic fluids. Compliance with these regulations requires use of reliable and high-quality cryogenic valves, and need for safety and adherence to these regulations, which is driving demand for cryogenic valves, and contributing to market revenue growth.

Growing investment in space exploration and aerospace applications: Operations in the aerospace industry, including space exploration, satellite launches, and rocket propulsion systems, rely on cryogenic fluids for propulsion and cooling purposes. Growing aerospace sector, is creating need and demand for cryogenic valves in these applications, thereby driving market revenue growth.

What Factors Are Restraining Growth of Cryogenic Valves Market? 

Revenue growth of the global cryogenic valves market could be restrained by various factors, some of which are provided in some detail below:

High cost of cryogenic valves: Cryogenic valves are designed to withstand extreme temperature conditions and maintain tight seals, which require specialized materials and manufacturing processes. This leads to higher production costs, making cryogenic valves relatively expensive compared to standard valves. High product cost can discourage price-sensitive customers and limit adoption of these valves, especially in industries with tight budget constraints.

Complex installation and maintenance requirements: Cryogenic valves require specialized installation procedures and maintenance practices to ensure proper functioning and prevent leakage. These procedures may often involve additional safety measures and specialized training for personnel, thereby increasing operational complexity and costs. Complex installation and frequent maintenance requirements are factors resulting in higher costs, and could discourage some from adopting cryogenic valves. This is another factor that could hamper market revenue growth to some extent.

Limited material options and compatibility: Cryogenic valves must be constructed with materials that can withstand extremely low temperatures without becoming brittle or losing sealing properties. This limited selection of suitable materials may restrict design options and compatibility with certain process fluids. In some cases, compatibility issues can arise between valve materials and cryogenic fluids being handled, leading to corrosion or other operational issues.

Safety and regulatory compliance: Cryogenic systems involve handling and storing hazardous substances, such as liquefied gases, in compliance with stringent safety regulations and compliance requirements. Meeting these safety standards can involve additional costs for ensuring proper valve design, installation, and ongoing monitoring. It is crucial for end users to carefully consider these factors when implementing cryogenic valves, as non-compliance with safety regulations can lead to legal consequences and damage company’s reputation.

Limited market awareness and education: Cryogenic valves are relatively specialized products, and usage of these valves is confined to specific industries such as energy, healthcare, and aerospace. Limited awareness and understanding of cryogenic valve technology among potential end users can hamper market revenue growth. Educating customers about benefits, applications, and best practices associated with cryogenic valves is crucial in order to increase adoption rate.

What are the Opportunities for Leading Cryogenic Valves Manufacturer?

Companies operating in the global cryogenic valves market can leverage various opportunities and revenue streams to drive growth and profitability. Below are some avenues and insights:

Growing demand for LNG: Increasing demand for LNG as a cleaner energy source is creating significant revenue opportunity for cryogenic valve manufacturers. LNG terminals, storage facilities, and transportation systems require a wide range of cryogenic valves for safe and efficient operation. Rising demand for LNG globally, is resulting in a corresponding need for cryogenic valves, creating revenue opportunities for companies operating in the global cryogenic valves market.

Expansion of healthcare applications: Cryogenic valves are used in wide-range of applications in the healthcare sector, including cryosurgery, cryopreservation, and medical gas systems. Growing adoption of cryogenic technologies in fields such as medical research, biobanking, and assisted reproduction techniques is expected to create revenue opportunities for cryogenic valve manufacturers. Providing specialized valves designed for these healthcare applications can cater to specific needs of the industry and generate additional revenue profits.

Emerging markets and industrial applications: Number of industrial applications in industries such as food and beverage, electronics, chemicals, and research laboratories is increasing due to focus of companies on exploring cryogenic processes for various applications, and these factors are driving market revenue growth. These industries require specialized cryogenic valves to handle low-temperature fluids effectively, and by targeting these emerging markets and providing tailored solutions, companies can capitalize on new revenue streams.

Aftermarket and service opportunities: Companies in the cryogenic valves market are offering services beyond initial product sales. Providing aftermarket services, including maintenance, repair, and spare parts, can present lucrative revenue opportunities as well as build long-term relationships with customers. As end users seek cost-effective solutions to ensure proper functioning of cryogenic systems, offering comprehensive service packages and establishing long-term customer relationships can generate recurring revenues and enhance customer loyalty.

Regional Analysis:

Regional analysis plays a crucial role in understanding the global cryogenic valves market. Key regions such as North America, Europe, Asia Pacific, and Middle East & Africa represent robust potential due to infrastructure developments, industrialization, and urbanization. Countries such as the United States, China, Germany, India, and the United Kingdom are registering significant sales volumes, driven by increasing demand and preference for advanced technologies, sustainability initiatives, and supportive government policies. Ongoing developments in these regions present lucrative opportunities for market growth and expansion.

What are the factors driving the growth of cryogenic valves market in North America region?

North America market is expected to account for significantly large revenue share in the global market during the forecast period, driven by presence of major industries such as oil and gas, healthcare, and aerospace. Demand for cryogenic valves in North America is increasing due to growing LNG infrastructure, increasing healthcare applications, and expanding space exploration activities. End-use industries in the region prefer high-quality valves that offer reliable performance and comply with stringent safety standards. Presence of well-established valve manufacturers and robust supply chain, ensures a steady supply of cryogenic valves. In addition, ongoing investments in infrastructure development and technological advancements by companies is another factor driving revenue growth of the market in this region.

Why is Europe a prominent market for cryogenic valves?

The Europe cryogenic valves market is expected to account for considerably large revenue share in the global market due to high product adoption by industries, including energy, healthcare, research, and manufacturing. Markets in Germany, the United Kingdom, and France are key revenue contributors in the Europe market owing to increasing demand for cryogenic valves among the end-use industries in this region as these valves provide excellent temperature control, reliability, and compliance with safety regulations. Increasing emphasizes on sustainability and energy efficiency is also driving demand for environmentally friendly cryogenic valve solutions.

What are the factors driving the growth in cryogenic valves in Asia Pacific region?

The Asia Pacific market is expected to register rapid revenue growth rate during the forecast period in the global cryogenic valves market, driven by growing industrial sector in countries such as China, India, and Japan. Rising energy demands, rapid growth of the LNG infrastructure, and increasing investments in the healthcare sector are key factors contributing to cryogenic valves market revenue growth in this region. Rising awareness regarding benefits offered such as cost-effective yet reliable, increasing adoption of valves by emerging markets such as healthcare, electronics, and food industries, rapid infrastructure developments, and continuous technological advancements by major companies are other factors driving revenue growth of the market in this region.

What is the outlook on cryogenic valves in Latin America? 

Latin America market is expected to account for moderately large revenue share in the global market during the forecast period, owing to growing demand for cryogenic valves in end-use industries such as oil and gas, chemicals, and healthcare. Markets in countries such as Brazil, Mexico, and Argentina are key revenue contributors to the market in this region. Cryogenic valves offer robust performance, durability, and compliance with safety standards; thus, its demand is increasing in rapidly developing LNG infrastructure and healthcare infrastructure.

Why Middle East & Africa region is characterized by a diverse market landscape?

In the Middle East & Africa, the cryogenic valves market revenue is expected to be driven by industries such as oil and gas, petrochemicals, and healthcare. Rising demand for cryogenic valves from countries such as Saudi Arabia, the United Arab Emirates, and South Africa as these valves can withstand extreme temperatures, offer excellent sealing capabilities, and ensure reliable performance in critical applications is driving revenue growth of the market in this region. Ongoing investments in energy infrastructure and expansion of healthcare facilities, and increasing collaborations among local manufacturers and partnerships with international players are factors expected to drive supply of cryogenic valves in the Middle East & Africa market, thereby supporting revenue growth of the market in this region.

Major Companies & Competitive Landscape:

The cryogenic valves market features a landscape with several key players competing for larger market share. These companies focus on product innovation, expansion of their product portfolios, and strategic partnerships to strengthen their position. They emphasize technological advancements to offer valves with enhanced performance, improved reliability, and increased safety features. In addition, companies in the global cryogenic valves market strive to meet stringent industry standards and regulations, ensuring compliance and customer satisfaction. Brand reputation, strong distribution networks, and customer-centric approaches are crucial factors contributing to the competitive advantage of these players.

Company List:

• Emerson Electric Co.
• Flowserve Corporation
• Schlumberger Limited
• Parker Hannifin Corporation
• Velan Inc.
• Herose GmbH
• Chart Industries, Inc.
• Cryogenic Limited
• L&T Valves Limited
• Bray International, Inc.
• Powell Valves
• Habonim Industrial Valves & Actuators
• Valco Group
• Samson AG
• Valvesco AG

Research Scope:

Report Metric	Report Details
Market size available for the years	2021-2032
Base Year	2023
Forecast Period	2024-2032
Compound Annual Growth Rate (CAGR)	6.2%
Segment covered	Paper Type, Application, and Regions
Regions Covered	North America:  The U.S. & Canada Latin America: Brazil, Mexico, Argentina, & Rest of Latin America Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe The Middle East & Africa:  Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA
Fastest Growing Country in Europe	Germany
Largest Market in Asia Pacific	China
Key Players	Emerson Electric Co., Flowserve Corporation, Schlumberger Limited, Parker Hannifin Corporation, Velan Inc., Herose GmbH, Chart Industries, Inc., Cryogenic Limited, L&T Valves Limited, Bray International, Inc., Powell Valves, Habonim Industrial Valves & Actuators, Valco Group¸Samson AG, Valvesco AG

Market Segmentation:

 By Product Type:

• Globe Valves
• Gate Valves
• Ball Valves
• Butterfly Valves
• Check Valves
• Others

 By Application:

• LNG Terminals
• Storage Tanks
• Transportation Systems
• Aerospace & Defense
• Healthcare
• Others

Market Segmentation By Region:

North America

• United States
• Canada

Europe:

• Germany
• United Kingdom
• France
• Italy
• Spain
• Russia
• Poland
• BENELUX
• NORDIC
• Rest of Europe

Asia Pacific:

• China
• Japan
• India
• South Korea
• ASEAN
• Australia & New Zealand
• Rest of Asia Pacific

Latin America:

• Brazil
• Mexico
• Argentina
• Rest of Latin America

Middle East & Africa:

• Saudi Arabia
• South Africa
• United Arab Emirates
• Israel
• Rest of MEA