The cryogenic valves market is influenced by several key dynamics. Firstly, the increasing demand for liquefied natural gas (LNG) and the expanding cryogenic applications across various industries, such as healthcare, food and beverages, and electronics, are driving market growth. Additionally, the rising focus on energy conservation and environmental regulations further bolster the demand for cryogenic valves.Technological advancements, including the development of valves with enhanced safety features and improved efficiency, also contribute to market growth. Moreover, the growing investments in research and development activities by key players to introduce innovative valve solutions further propel the market.However, the high cost associated with cryogenic valves and the stringent quality standards and certifications required for their manufacturing pose challenges to market expansion. Furthermore, the limited availability of skilled professionals for the installation and maintenance of cryogenic valves can hinder market growth. Overall, the cryogenic valves market is expected to witness steady growth due to the increasing demand for cryogenic applications across various sectors.
The global Cryogenic Valves Market was valued at US$ 1,883.5 Mn in 2021 and is forecast to reach a value of US$ 2,570.1 Mn by 2028 at a CAGR of 4.5% between 2022 and 2028.
Leading Companies in the Cryogenic Valves Industry:
1. Velan Inc.
Velan Inc. was founded in 1950 and is based in Montreal, Canada. The company specializes in the design, manufacturing, and marketing of industrial valves for various industries, including oil and gas, power, and chemical processing. Velan operates in more than 40 countries globally, with manufacturing facilities located in Canada, the United States, France, Italy, and China. In February 2023, Velan Inc. announced the launch of a new cryogenic valve series specifically designed for low-temperature applications in the liquefied natural gas (LNG) industry.
2. Samson AG
Samson AG, headquartered in Frankfurt am Main, Germany, was established in 1907. It is a global leader in control valve technology and offers a wide range of products for process industries such as oil and gas, chemical, and power generation. The company operates in more than 50 countries worldwide, with production facilities and subsidiaries in various locations. In October 2022, Samson AG introduced a new line of cryogenic valves equipped with advanced materials and sealing technologies to ensure reliable performance in extreme low-temperature environments.
3. Parker Hannifin Corp.
Parker Hannifin Corp. was founded in 1917 and is headquartered in Cleveland, Ohio, USA. It is a multinational corporation that specializes in motion and control technologies, including valves, actuators, and fluid handling systems. The company operates in over 50 countries globally, with manufacturing and sales locations spread across different regions. In June 2022, Parker Hannifin Corp. announced the development of a new cryogenic valve technology aimed at enhancing the efficiency and reliability of cryogenic processes in industries such as aerospace, healthcare, and energy.
4. Meca-Inox
Meca-Inox, based in Noyal-sur-Vilaine, France, was established in 1959. The company is a leading manufacturer of stainless steel valves and fittings for applications in the food, pharmaceutical, and chemical industries. Meca-Inox operates in more than 60 countries worldwide, serving a wide range of customers. In January 2023, Meca-Inox introduced a new series of cryogenic valves that are specifically designed to meet the demanding requirements of cryogenic applications, providing enhanced safety and performance in extreme low-temperature environments.
5. L&T Valves Limited
L&T Valves Limited is a subsidiary of Larsen & Toubro Limited, one of the largest engineering conglomerates in India. The company was founded in 1961 and is headquartered in Mumbai, India. L&T Valves specializes in the design, manufacturing, and supply of valves for various industries, including oil and gas, power, and petrochemicals. The company operates in multiple countries worldwide, with manufacturing facilities located in India, Saudi Arabia, and the United Arab Emirates. In September 2022, L&T Valves announced the successful testing and launch of a new range of cryogenic valves that offer improved performance and reliability in extreme low-temperature applications.
6. Herose GmbH
Herose GmbH, headquartered in Bad Oldesloe, Germany, was established in 1873. The company is a leading manufacturer of valves and fittings for cryogenic applications, primarily in the liquefied gas industry. Herose operates in more than 80 countries worldwide and has sales offices and subsidiaries in various regions. In March 2023, Herose GmbH unveiled a new generation of cryogenic valves featuring advanced sealing technology and improved flow characteristics, catering to the evolving needs of the cryogenic industry.
7. Flowserve Corporation
Flowserve Corporation, founded in 1997, is headquartered in Irving, Texas, USA. The company is a global provider of fluid motion and control products, including valves, pumps, and seals, serving industries such as oil and gas, chemical processing, and power generation. Flowserve operates in more than 55 countries worldwide, with manufacturing facilities and sales offices strategically located. In November 2022, Flowserve Corporation announced the development of a new line of cryogenic valves with enhanced sealing capabilities and reduced fugitive emissions, addressing the growing demand for environmentally friendly and efficient cryogenic solutions.
8. Emerson Electric Co.
Emerson Electric Co., established in 1890, is based in St. Louis, Missouri, USA. The company is a global technology and engineering company that provides innovative solutions in various industries, including automation, process control, and valves. Emerson Electric operates in more than 150 countries worldwide, with manufacturing facilities and offices spread across different regions. In August 2022, Emerson Electric Co. introduced a breakthrough technology in cryogenic valve design, incorporating advanced materials and sealing systems to improve performance and reliability in extreme low-temperature environments.
9. ECI LLC
ECI LLC, headquartered in Houston, Texas, USA, is a leading provider of cryogenic valves and equipment for the industrial gas, LNG, and aerospace industries. The company was established in 1974 and has since expanded its operations globally. ECI operates in multiple countries worldwide, offering a comprehensive range of cryogenic products and solutions. Recent developments in the field of cryogenic valves by ECI LLC include the introduction of innovative valve designs with enhanced performance and durability, ensuring safe and efficient operation in cryogenic applications.
10. Cryofab
Cryofab, founded in 1971, is based in Kenilworth, New Jersey, USA. The company specializes in the design and manufacture of cryogenic containers, tanks, and accessories for a wide range of industries, including research, healthcare, and aerospace. Cryofab operates in several countries worldwide, serving customers with its high-quality cryogenic products. In April 2023, Cryofab announced the development of a new series of cryogenic valves specifically designed for use in ultra-low-temperature applications, offering improved reliability and ease of maintenance.
11. Bray International
Bray International, headquartered in Houston, Texas, USA, was established in 1986. The company is a leading manufacturer of valves, actuators, and controls for a variety of industries, including oil and gas, power, and water management. Bray International operates in more than 50 countries globally, with manufacturing facilities and sales offices located strategically. In December 2022, Bray International introduced a new line of cryogenic valves featuring advanced materials and sealing technologies, providing reliable performance in extreme low-temperature conditions and addressing the evolving needs of the cryogenic valve market.
12. Baker Hughes (General Electric)
Baker Hughes, a General Electric company, is a multinational conglomerate headquartered in Houston, Texas, USA. The company was founded in 1907 and is a leading provider of oilfield services, including equipment, technologies, and valves for the oil and gas industry. Baker Hughes operates in over 120 countries worldwide, with a strong presence in major oil and gas regions. Recent developments in the cryogenic valve market by Baker Hughes include the introduction of advanced valve designs and materials to optimize performance and efficiency in cryogenic applications.
13. Bac Valves
Bac Valves, based in Barcelona, Spain, was established in 1958. The company specializes in the design and manufacture of high-quality industrial valves for various sectors, including oil and gas, petrochemical, and energy. Bac Valves operates in more than 70 countries globally, providing reliable solutions to its customers. In October 2022, Bac Valves launched a new range of cryogenic valves engineered to withstand extremely low temperatures, offering improved sealing performance and durability in cryogenic applications.
14. Powell Valves
Powell Valves, headquartered in Cincinnati, Ohio, USA, was founded in 1846. The company is a leading manufacturer of industrial valves for applications in the oil and gas, chemical, and power industries. Powell Valves operates in multiple countries worldwide, with manufacturing facilities and sales offices located strategically. In May 2023, Powell Valves announced the development of a new line of cryogenic valves featuring innovative designs and materials to ensure reliable performance and long service life in cryogenic applications.
15. Habonim Industrial Valves & Actuators Ltd.
Habonim Industrial Valves & Actuators Ltd., established in 1949, is based in Kibbutz Mishmar HaEmek, Israel. The company specializes in the design and manufacture of high-performance valves and actuators for industries such as oil and gas, petrochemical, and pharmaceutical. Habonim operates in more than 60 countries globally, with a strong presence in key markets. In January 2023, Habonim announced the launch of a new series of cryogenic valves incorporating advanced materials and sealing technologies, providing enhanced reliability and safety in cryogenic applications.
Definition- Cryogenic valves are specially designed valves that can withstand and operate in extremely low temperatures, typically below -150°C (-238°F), to control the flow of cryogenic fluids such as liquefied gases.
