Cryogenic Valves Market Size, Share & Trends Analysis Report By Product (Ball, Check, Gate, Globe), By End Use (Oil & Gas, Chemical, Food & Beverages, Medical), By Region, And Segment Forecasts, 2024 - 2030

Cryogenic Valves Market Size & Trends

The global cryogenic valves market size was estimated at USD 3.41 billion in 2023 and is forecasted to grow at a CAGR of 6.8% from 2024 to 2030. This growth is attributed to the rising usage of cleaner energy sources, such as liquefied natural gas (LNG), as an alternative to traditional fossil fuels. As countries strive to reduce carbon emissions, the use of LNG in transportation, power generation, and industrial applications is expected to grow, thereby driving the need for reliable cryogenic infrastructure. In addition, the innovations in biotechnology sectors and healthcare, where cryogenic systems are essential for storing and transporting medical gases and biological materials, are further likely to contribute to the rising demand for these specialized valves.

Technological advancements include developing more efficient materials, such as high-performance alloys and composites, which improve durability and performance at extremely low temperatures. Innovations in sealing technologies, like improved elastomers and advanced metal-to-metal sealing, have significantly reduced leakage rates, increasing safety and reliability.

In addition, incorporating smart valve technologies, including sensors and automation systems, allows for real-time monitoring and remote control, improving operational efficiency and maintenance predictability. These advancements are anticipated to improve the valves' safety, performance, and cost-effectiveness, thereby fueling their adoption in various end-use industries.

Key players operating in the market are adopting several strategies to gain market share, including high investments in research and development to innovate and improve product performance. They are expanding their product portfolios to cater to diverse industry needs.  Moreover, these players are forming strategic partnerships and collaborations to enhance their distribution networks and market reach.

Product Insights

Based on product, the market is segmented into ball valve, check valve, gate valve, globe valve, and others. Among these, ball valve dominated the market with a revenue share of 42.09% in 2023 and is further expected to grow significantly over the forecast period. This is due to LNG's growing adoption as a cleaner alternative to traditional fossil fuels. As global energy markets shift towards more sustainable solutions, LNG's role in reducing greenhouse gas emissions becomes critical. Moreover, advancements in cryogenic technologies and the expansion of LNG infrastructure, such as transportation and storage facilities, are further expected to drive the need for reliable and efficient cryogenic valves.

Demand for gate cryogenic valve manufacturing is expected to grow fastest from 2024 to 2030. This is due to the growing global focus on energy transition and the rising demand for LNG. As countries attempt to reduce carbon emissions, there is a shift towards cleaner energy sources like LNG, which requires specialized equipment for storage and transportation at extremely low temperatures. Gate cryogenic valves are essential for handling such conditions and ensuring safe and efficient operations in the LNG supply chain.

End Use Insights

Based on end use, the market is segmented into oil & gas, chemicals, food & beverages, medical, and others. Among these, oil & gas end use accounted for the largest revenue share of 42.75% in 2023. This is due to the rising global demand for natural gas, often transported and stored in its liquefied form LNG, to improve logistics and reduce volume. The need for reliable cryogenic valves is expected to increase due to the growing infrastructure for LNG production, storage, and distribution, which can handle extremely low temperatures and ensure safe and efficient flow control, which becomes critical. Furthermore, the push for cleaner energy solutions leads to higher investments in LNG projects, thereby driving the demand for advanced cryogenic valves in the oil and gas sector.

Chemical applications are anticipated to grow fastest over the forecast period.The demand for cryogenic valves in chemical applications is expected to increase due to the expansion of the chemical industry, which increasingly relies on cryogenic processes to produce, store, and transport various chemicals. These valves are essential for handling extremely low temperatures required to process gases such as oxygen, nitrogen, and hydrogen. As industries prioritize safety and efficiency, the adoption of cryogenic technologies is growing, driven by the need for precise temperature control and robust handling of volatile substances.

Regional Insights

North America dominated the cryogenic valves market with a revenue share of 19.89% in 2023. This is due to the region's robust energy. The North American healthcare and biotechnology industries heavily rely on cryogenic systems to store and transport medical gases and biological materials. The push for cleaner energy solutions, coupled with government incentives and increasing investments in cryogenic technology, is further anticipated to stimulate the demand for advanced cryogenic valves in various industrial applications across the region.

U.S. Cryogenic Valves Market Trends

The cryogenic valves market in the U.S. is growing at a CAGR of 6.8% over the forecast period. The U.S. has become a leading LNG exporter, driven by abundant natural gas reserves and infrastructure investments, which are expected to create regional product opportunities. In addition, ongoing industrial developments, particularly in the aerospace and automotive sectors, require efficient cryogenic solutions for various applications, contributing to the overall growth in demand for these valves.

Europe Cryogenic Valves Market Trends

The cryogenic valves market in Europe is growing at a CAGR of 6.5% from 2024 to 2030. Europe's increasing focus on renewable energy sources and sustainable practices drives investments in LNG infrastructure as a cleaner alternative to conventional fuels. This shift is bolstered by stringent environmental regulations aimed at reducing carbon emissions. In addition, the advancements in healthcare and pharmaceutical sectors across Europe require reliable cryogenic systems for storing and transporting medical gases and biological materials, which is further anticipated to boost the demand for specialized cryogenic valves in the region.

Asia Pacific Cryogenic Valves Market Trends

The cryogenic valves market in Asia Pacific is expected to grow at the highest CAGR over the forecast period. This is due to the region's rapid industrialization and urbanization, which is driving up energy consumption and demanding the expansion of liquefied natural gas (LNG) infrastructure for power generation and industrial applications. Countries like China and India invest heavily in LNG terminals and distribution networks to meet their growing energy demands while transitioning to cleaner fuels. Technological advancements, coupled with supportive government policies promoting LNG adoption and healthcare infrastructure development, are likely to further propel the demand for cryogenic valves in the Asia-Pacific region in the coming years.

Key Cryogenic Valves Company Insights

Some of the key players operating in the market include Velan Inc. and Emerson Electric Co.

• Velan Inc. is a leading producer of industrial valves, including cryogenic valves, serving diverse industries such as oil and gas, power generation, and chemical processing. The company has established a strong global presence with manufacturing facilities and sales offices in key markets worldwide. Velan's cryogenic valves offer various benefits, including advanced sealing technologies and the ability to operate effectively in extreme temperatures, meeting stringent performance requirements.

• Emerson Electric Co. is a global leader in engineering and technology, providing innovative solutions for customers in industrial, commercial, and residential markets. The company operates through two main business segments, including automation solutions, which help industries optimize their production processes and ensure efficient operation, and commercial & residential solutions, which deliver products and services that enhance comfort, improve energy efficiency, and ensure food quality and safety.

Herose GmbH and Parker Hannifin Corporation are some of the emerging participants in the market.

• Herose GmbH is a leading producer based in Germany specializing in valves and fittings for cryogenic applications. The company's product range includes cryogenic valves for LNG terminals, industrial gases, and medical applications. This includes globe valves, angle valves, gate valves, fill clusters, ball valves, actuated valves, pressure regulators, check valves, overflow valves, change-over valves, strainers, and cryogenic safety valves.

• Parker Hannifin Corporation is a U.S.-based precision-engineered solutions provider and manufacturer of motion and control technologies, including a range of valves for cryogenic applications in aerospace, semiconductor manufacturing, digital, healthcare & life sciences, HVAC & refrigeration, industrial manufacturing equipment, oil & gas, transportation, energy, and medical industries.

Recent Developments

• In September 2023, Flowserve Corporation announced a new product launch of the Worcester cryogenic series of reduced ports. These valves are designed for use in industrial gas, hydrogen, and liquefied natural gas applications. They meet global fire safety standards and tests, including hydrogen gas. Consequently, they support energy transition initiatives and hydrogen production while effectively containing fugitive emissions.

Cryogenic Valves Market Report Scope

Global Cryogenic Valves Market Report Segmentation

This report forecasts revenue growth at regional & country levels and provides an analysis of the industry trends in each of the segments from 2018 to 2030. For this study, Grand View Research has segmented the global cryogenic valves market based on product, end use, and region: 

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Ball Valve

  • Check Valve

  • Gate Valve

  • Globe Valve

  • Others

• End Use Outlook (Revenue, USD Million, 2018 - 2030)

  • Oil & Gas

  • Chemical

  • Food & Beverages

  • Medical

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa