Oil and Gas Segment to Dominate Europe Cryogenic Control Valve Market during 2020–2028      

According to a new market research study on “Europe Cryogenic Control Valve Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 638.01 million by 2028 from 496.69 US$ million in 2021. The market is estimated to grow at a CAGR of 3.6% from 2021 to 2028. The report provides trends prevailing in the Europe cryogenic control valve market along with the drivers and restraints pertaining to the market growth. Rising usage of FSRU and FPSO is the major factor driving the growth of the Europe cryogenic control valve market. However, issues associated with rising cost of production hinders the growth of Europe cryogenic control valve market.

The Europe 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 Europe cryogenic control valve market is segmented into France, Germany, UK, Italy, Russia, and rest of Europe. Germany held the largest market share in 2020.

In Europe, several countries witnessed an economic hit and a decline in the oil & gas sector activities due to the decrease in oil prices in the first quarter of 2020. Many of the European member states have implemented drastic measures on imports and exports of goods by partially closing their borders, which further lowered the demand for energy in various industry verticals, thereby hindering the cryogenic valves market growth in Europe. Different countries in the region experienced varied impact of COVID-19 pandemic. Italy, France, and Russia among others, witnessed a surge in the number of confirmed cases, and subsequently imposed stringent and extended lockdown period or social isolation. The scenario disrupted oil & gas supply chains and restrained the demand for cryogenic valves. The similar trend has been observed in other oil & gas producing European countries. However, as several countries have begun to reopen industries, demand for energy is rising and the exploration and production of oil & gas activities are resuming subsequently, which is supporting the growth of the cryogenic control valve market.

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 Europe 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, Baker Hughes and Borg CO2 announced 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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