Power Generation Segment is Expected to be Fastest Growing During the Forecast Period for SAM Region

According to a new market research study on “SAM Cryogenic Control Valve Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 184.28 million by 2028 from 132.04 US$ million in 2021. The market is estimated to grow at a CAGR of 4.9% from 2021 to 2028. The report provides trends prevailing in the SAM cryogenic control valve market along with the drivers and restraints pertaining to the market growth. Power generation sector growing rapidly is the major factor driving the growth of the SAM cryogenic control valve market. However, issues associated with overall cost increasing hinders the growth of SAM cryogenic control valve market.

 The SAM 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 SAM cryogenic control valve market is segmented into Brazil, Argentina, rest of SAM, Brazil held the largest market share in 2020.

 Brazil recorded the highest number of COVID-19 confirmed cases in SAM, followed by Argentina, Ecuador, Chile, and Peru. The COVID-19 outbreak adversely affected the mining and oil & gas sectors in SAM. In the wake of the crisis, manufacturing & construction, mining, and oil & gas activities have been severely disrupted, which subsequently restrained the growth of the cryogenic control valve market in the region. In SAM Argentina and Brazil are two prime natural gas producing countries that account approx. 40% of the total SAM However, during the COVID-19 pandemic, these countries witnessed a major decline in its oil & gas related activities due to the collapsed oil and gas prices, the decline restricted activities related to the storage and transportation of liquid gas products, which lowered the demand for cryogenic valves in the region. However, since late 2020, economies in SAM have been resuming slowly and oil & gas companies have started their operations subsequently. This development would drive the growth of the SAM cryogenic control valve market in the coming years.

Bac Valves; Baker Hughes Company; Emerson Electric Co.; Flowserve Corporation; Neles Corporation; Richards Industrials; SAMSON USA; and Velan Inc. are among the leading companies in the SAM 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, Neles launches latest versatile butterfly valve product series which enables easy valve configuration for a wide range of applications in all process industries. This newly launched product range offers superior process efficiency along with minimized environmental footprint.  

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