San Francisco, California, June 26, 2017: TMR Research has published a new report titled, “Cryogenic Valve Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.” According to the report the growing demand for cryogenic valves for storing and transporting a variety of gases in much less space and in a much easier way will drive the growth of the global cryogenic valves market. These valves make it very convenient to handle or transport gases when they are cooled at cryogenic temperatures. Cryogenic valves help in the convenient handling and transportation of oxygen, natural gas, helium, and hydrogen apart from other gases. Much revenue is generated on account of offshore and Inland transportation of these gases. High profits are also generated from on-site and off-site storage of these gases. All of these factors are contributing to the growth of the global cryogenic valve market.
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From across the power and energy sector, the demand for cryogenic valves has increased remarkably in the recent past on account of the growing update of liquefied natural gas from a large number of industrial applications. The rapid increase in the array of industrial gas applications will also help the market to grow for cryogenic valves. An increase in the number of production plants which are producing nitrogen, carbon dioxide, Argan, helium, and oxygen among other gases used for industrial applications will bolster the demand for cryogenic valves. In addition to this, the increasing number of on-site production plans for industrial gases will also create a height in the demand for cryogenic valves. Safety and quality related standards which need to be fulfilled for the manufacturing of cryogenic valves will make the production of cryogenic valves costly. This is expected to hamper the growth of the market to a certain extent. However players are taking much effort in providing consumers economical product by investing in research and development and coming up with innovative ways to counteract the aforementioned restraint.
On the basis of gas, the global cryogenic valve market is segmented into natural gas, hydrogen, helium, oxygen, and nitrogen. It is estimated that natural gas will lead in the market. By type of cryogenic valve, this market is segmented into ball valves, butterfly valves, gate valves, and Globe valves. The ball valve segments is estimated to dominate in the market.In terms of end use industry, the market is segmented into energy in power, chemicals, and food and beverage. Among these, it is estimated that the energy and power sector will lead. By application, the global cryogenic valve market is segmented into cryogenic tanks, transfer lines, cryogenic boxes, and gas trains.
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On the basis of geography, this Market is estimated to be dominated by asia-pacific on account of the growing demand for LNG and other chemicalsrapid industrialization in developing countries of Asia Pacific such as India and China bolster the demand for cryogenic valves.