According to UnivDatos Market Insights, the cryogenic valves market is expected to display a steady growth of 5% due to the increasing demand for cryogenic fuel from various industries including manufacturing, food and beverage, electronics and semiconductors among others.
The global cryogenic valve market is projected to grow from $3.88bn in 2022 to $7.15bn by 2029, at a CAGR of 9.1% in forecast period, 2022-2029. The global Covid 19 pandemic had an unprecedented impact on the market with demand for cyrogenic valves decreasing across all regions. The global market experienced a -4,1% decline in 2020 when compared with 2019.
A cryogenic valve is typically made to respond to high pressure, which forces the valve into an open position to allow the passage of gas or other media. Also, cryogenic valves are made to be used in chemical, liquefied natural gas (LNG), and air separation plants (ASPs) under high-pressure applications by allowing the gases to flow freely until the pressure drops. They help keep the packing gland temperature about 0 degrees Celsius and prevent the stem and parts above from freezing or icing by decreasing the heat that enters the valve from the outside. They are widely available in several sizes and forms to work under a range of pressures.
Factors such as technological advancement coupled with the growing number of industries and manufacturing units along with the new product launches in the market are some of the prominent factors that are positively influencing the market growth globally.
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