Report : Asia-Pacific Cryogenic Control Valve Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Globe Control Valves, Ball Control Valves, Butterfly Control Valves, and Others), and Application (Power Generation, Oil and Gas, Food and Beverages, and Others)
Butterfly Control Valves Segment is Expected to be Fastest Growing During the Forecast Period for APAC Region
According to a new market research study on “APAC Cryogenic Control Valve Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 1,188.81 million by 2028 from 820.38 US$ million in 2021. The market is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The report provides trends prevailing in the APAC cryogenic control valve market along with the drivers and restraints pertaining to the market growth. Power generation sector witnessing rise is the major factor driving the growth of the APAC cryogenic control valve market. However, issues associated with production rising up hinders the growth of APAC cryogenic control valve market.
The APAC cryogenic control valve market is bifurcated on the bases of type, application, and country. The market, based on type, is segmented into globe control valves, ball control valves, butterfly control valves, and others. In 2020, the ball control valves segment accounted for the largest market share. By application, the market is segmented into power generation, oil & gas, food & beverages, and others. The oil & gas segment held substantial market share in 2020. Based on country, the APAC cryogenic control valve market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2020.
APAC constitutes the world’s two most populated countries China and India. China, Australia, Indonesia, and Malaysia are a few prominent natural gas producing countries. In addition, China, Japan, South Korea, and India are among the major consumers of natural gas. The government of China imposed strict lockdown and social isolation measures in early 2020, which led to the discontinuation of exploration activities and lowering of demand for oil and other energy commodities. Thus, natural gas storage and transportation activities across China plummeted significantly and resulted in weak demand for cryogenic valves. Similarly, Australia imposed nationwide lockdown to control the growing number of COVID-19 cases, which disrupted oil & gas supply chains and reduced oil & gas product demand. Thus, the overall decline of E&P activities in oil & gas industries hampered the demand for cryogenic valves across APAC during the first two quarter of 2020. However, with the resumption of work in several economies in the region, the exploration activities of natural gas products and rise in demand of these products are supporting the cryogenic control valve market growth. Thus, the market is projected to recover steadily over the coming period and gain traction for cryogenic control valve during the forecast period.
Bac Valves; Baker Hughes Company; Emerson Electric Co.; Flowserve Corporation; KORVAL Co., Ltd.; Larsen & Toubro Limited; Neles Corporation; Richards Industrials; SAMSON USA; and Velan Inc. are among the leading companies in the APAC cryogenic control valve market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Emerson introduced a series of three way and two-way solenoid valves that support original equipment manufacturers’ requirement to develop more compact equipment and machines without compromising on fluid control performance.
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