Report : Middle East & Africa 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)
Power Generation Segment is Expected to be Fastest Growing During the Forecast Period for MEA Region
According to a new market research study on “MEA Cryogenic Control Valve Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 279.10 million by 2028 from 211.67 US$ million in 2021. The market is estimated to grow at a CAGR of 4.0% from 2021 to 2028. The report provides trends prevailing in the MEA cryogenic control valve market along with the drivers and restraints pertaining to the market growth. Health care sector expanding very fast is the major factor driving the growth of the MEA cryogenic control valve market. However, issues associated with increasing manufacturing cost hinders the growth of MEA cryogenic control valve market.
The MEA 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 MEA cryogenic control valve market is segmented into Saudi Arabia, South Africa, UAE, and rest of MEA. Saudi Arabia held the largest market share in 2020.
Countries in Middle East, especially the GCC (Gulf Cooperation Council) countries, witnessed a notable decline in their oil & gas sector owing to a sharp decline in the demand for oil from major end-user countries across Asia, Europe, and North America. As a result, countries in MEA registered a lowered volume of oil & gas production as well as low storage and transportation of natural gas, which subsequently hampered the demand for cryogenic valves in the region. Countries such as Saudi Arabia, the UAE, Qatar, and selected other members of OPEC countries also observed similar trends during the first two quarter of 2020. However, the countries are expected to overcome the swift drop in demand as the major end-use countries of oil & gas continue to open their economic activities and oil & gas price started to recover. Hence, the oil and gas price recovery are expected to increase the application of cryogenic control valve in the region and proliferate the market growth in the coming years.
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 MEA 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, Flowserve Corporation announced that it is supplying, valves, pumps, and seals to Pfizer to support the production of COVID-19 vaccine.
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