Report : North America 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)
Others Segment to Dominate North America Cryogenic Control Valve Market during 2020–2028
According to a new market research study on “North America Cryogenic Control Valve Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 827.59 million by 2028 from 606.29 US$ million in 2021. The market is estimated to grow at a CAGR of 4.5% from 2021 to 2028. The report provides trends prevailing in the North America cryogenic control valve market along with the drivers and restraints pertaining to the market growth. Growing need for industrial gases in North America is the major factor driving the growth of the North America cryogenic control valve market. However, issues associated with production cost rising hinders the growth of North America cryogenic control valve market.
The North America 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 North America cryogenic control valve market is segmented into US, Canada, and Mexico. US held the largest market share in 2020.
The COVID-19 outbreak led to the imposition of lockdown measures in North America, especially in the US and Canada. The crisis adversely affected many sectors, such as oil & gas sector. The US recorded an unprecedented rise in the number of COVID-19 cases, which disrupted its exploration and production (E&P) activities of the oil & gas sector and subsequently impacted the demand for cryogenic control valve during the early months of 2020. As per the BP Statistical Review of World Energy 2020, the US is the world’s largest country to produce natural gas products and also the largest consumer of this product. However, the country has experienced nationwide lockdown in the mid of 2020 due to COVID-19 safety measures. The lockdown resulted considerable decline in global oil prices that further restricted the oil & gas related projects, such as storage and transportation activities of cryogenic liquid gasses. Owing to this, cryogenic control valve manufacturing companies faced revenue losses and slow growth. Similar trend is observed in other North American countries, such as Canada and Mexico. However, several oil & gas exploring and production (E&P) companies have started to discover new oil rigs in Gulf of Mexico. This development is expected to boost the demand for cryogenic storing and transportation tanks and subsequently its valves too.
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 North America 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, SAMSON is very proud for partnering with Matheson Valves as its authorized representative for Southern Ontario.
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