CRYOGENIC VALVES MARKET ANALYSIS
The global cryogenic valves market is projected to reach around US$ 2,879.4 Millions by the end of 2030, in terms of revenue, growing at CAGR of 4.3% during the forecast period (2023-2030).
An increase in gas consumption across the globe is expected to augment the growth of the global cryogenic valves market. For instance, according to the China National Petroleum Corporation (CNPC), gas consumption in China was expected to rise to 320 billion cubic meters (bcm) in 2020. In order to meet the growing gas demand, the country is planning to double its gas production to 325 billion cubic meters by 2040.
An increase in the use of cryogenic valves in various end-use industries is expected to propel growth of the global cryogenic valves market. For instance, in June 2021, Baker Hughes and Borg CO2 announced a memorandum of understanding regarding collaboration on a carbon capture and storage project. This project will serve as a hub for the decarbonization of industrial spaces in the Viken region of Norway.
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