Significance Gained by LNG to Offer Effective Scope for Cryogenic Valves: The liquefied form of natural gas is being utilized increasingly for its low carbon emission attributes. This market trend needs adequate support with greater LNG infrastructure along with flow and transport equipment. This trend would majorly influence the market for cryogenic valves. For example, energy manufacturer, Cheniere is launching its LNG export facility in the United States.
Opportunities for the Cryogenic Valves Market: Major demand from chemical industry is expected to boost the sales of the cryogenic valves market. Moreover, with major chemical plants being opened across the globe, there is huge scope for cryogenic valves manufacturers. For instance, Formosa Petrochemical Corporation planned construction of a chemical plant in Louisiana, in April 2018, which would produce propylene, ethylene, ethylene glycol, and associated polymers.
Emerging Regions Illustrate Key Demand Growth Opportunities: Apart from the emergence of industrialization in developing economies such as China, Middle East and Africa, South East Asia and Pacific and India, there is increasing proliferation in the energy and power sector. The demand for petrochemical products is rising with time owing to which the need for an equipment such as the cryogenic valves in transfer line application is expected to grow rapidly. This can be observed with increasing orders for valves including the cryogenic valves from the emerging nations.
For instance, the Velan, a leading player in the cryogenic valves was awarded a contract for supplying several type of valves to the Singapore-based MODEC Offshore Production Systems Pte. Ltd. With a sales value of US$18 million associated with this order, the company would gain major opportunities in the FPSO market thereby gaining a potential scope for cryogenic valves market.
Developed Nations to Project Effective Growth Arenas: Leading nations and developed economies are shifting towards globally effective eco-friendly solutions. United States is amongst the key areas with LNG proliferation. The states are providing significant development scope for cryogenic valves with the increasing utilization and export of LNG. According to the International Energy Agency, the United States is moving towards becoming a key LNG player and projects tremendous capacity of becoming the second largest LNG player by 2022-end outpacing Qatar and following Australia. With this scenario, the LNG export terminals are expected to gain a boost, thereby fostering the cryogenic valves market acceleration. For example, New Fortress Energy’s new investment in Mexico is a long-term contract for development, construction, and operation of terminal which would be entirely dedicated to importing liquefied natural gas.
Competitor Analysis Showcases the Key Strategies Implemented and Products Offered by Market Players: The key players in the cryogenic valves market include The Weir Group Plc, Parker Hannifin Manufacturing Ltd., L&T Valves, Habonim, Emerson Electric Co., Flowserve Corporation, Velan Inc., Bray International, Samson Controls Inc., Cryocomp, Powell Valves, Bac Valves, and Herose.
The Weir Group Plc, post release of its third quarter results stated a rise in its orders which the company stated that this benefit was owing to the acquisition of ESCO Corporation. With this rise in orders, acquisition strategies prove to be an effective move for revenue growth.
Emerson Electric Co., a key player in the cryogenic valves market is revolutionizing the capabilities of valves used in carrying LNG. The company introduced new pressure relief valves that are designed for assisting LNG marine transportation customers.
Other player in the cryogenic valves market, PJ Valves, has been awarded a contract valuing $650,000 by an engineering, procurement, and construction contractor. Under this contract deal, the company would provide more than 500 cryogenic valves for operations in the LNG project. Winning a contract from a newly established end-user in the United States provides expansion capabilities to the cryogenic valves maker.
Cryogenic Valves Market Classification Highlights Key Segments in the Market: The cryogenic valves market is classified on the basis of key parameters including product type, gas, end use, and application.
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Based on the product type, the cryogenic valves market is divided into check valve, globe valve, ball valve, gate valve, and others. Based on gas, the cryogenic valves market is classified into segments including oxygen, liquefied natural gas, nitrogen, others. The end use segments of the cryogenic valves market include healthcare, energy and power, food and beverage, chemicals, and others. The cryogenic valves find their application in manifold and gas trains, transfer lines, liquefiers, tanks and cold boxes.