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)
Market Introduction
APAC is the largest continent in the world and is well-known for technological innovations taking place in countries such as India, China, Japan, and South Korea. Rapid developments in technologies, initiatives by governments, digitalization of economies, and rise in disposable income of the middle-income class group are a few factors propelling the overall economic growth of the region and driving it from a developing to a developed phase. In APAC, the demand for natural gas is rising due to rapid urbanization and industrialization across the region. According to BP Statistical Review of World Energy 2020, China recorded around 18% of increase in the consumptions of natural gas. Further, in APAC, China is the leading producer of natural gas and produced around 6.4 exajoules in 2019, followed by Australia, Malaysia, and Indonesia. The governments of APAC are also taking initiatives to increase natural gas production activities. For instance, in June 2019, the Inpex Company signed a US$ 20 billion annual agreement with the Indonesian government to explore approximately 9.5 million tons of liquid natural gas (LNG). Furthermore, the region is witnessing the discovery of new oil and gas field, which is further accelerating the production of natural gas in APAC. For Instance, in June 2021, China discovered a new 900-million-tonne oil and gas field in the Tarim Basin in northwestern Xinjiang Uygur Autonomous Region. Thus, the discovery of new oil & gas fields, initiatives by governments, and increasing consumptions of natural gas are creating lucrative opportunities for the growth of the APAC cryogenic control valve market.
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.
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Market Overview and Dynamics
The cryogenic control valve market in APAC is expected to grow from US$ 820.38 million in 2021 to US$ 1,188.81 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028 In APAC, India is becoming an epicenter of the COVID-19 outbreak. The country recently faced the second wave of the outbreak, which has slowed down the growth of many industries in the country. However, rest of the major oil & gas consuming countries such as Chia, Australia, Japan, and South Korea prevented the spread of the virus by introducing COVID-19 vaccination. The slow resumptions of economy in APAC are gradually helping oil & gas companies to start E&P activities. Hence, the economy recovery is expected to propel the growth of the APAC cryogenic control valve market in the coming years.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the cryogenic control valve market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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.
Reasons to buy report
- To understand the APAC cryogenic control valve market landscape and identify market segments that are most likely to guarantee a strong return.
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- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC cryogenic control valve market.
- Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.
APAC Cryogenic Control Valve Market Segmentation
APAC Cryogenic Control Valve Market - By Type
- Globe Control Valves
- Ball Control Valves
- Butterfly Control Valves
- Others
APAC Cryogenic Control Valve Market - By Application
- Power Generation
- Oil and Gas
- Food and beverages
- Other Applications
APAC Cryogenic Control Valve Market - By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Cryogenic Control Valve Market - Company Profiles
- Bac Valves
- Baker Hughes Company
- Emerson Electric Co.
- Flowserve Corporation
- KORVAL Co., Ltd.
- Larsen & Toubro Limited
- Neles Corporation
- Richards Industrials
- SAMSON USA
- Velan Inc.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Cryogenic Control Valve Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. APAC Cryogenic Control Valve Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Industrial Gases are Higher in Demand
5.1.2 Surging Need for FSRU and FPSO
5.2 Market Restraints
5.2.1 Production Cost Shooting Up
5.3 Market Opportunities
5.3.1 Power Generation Sector Witnessing Rise
5.4 Market Trends
5.4.1 Sudden Rise in Demand from Health Care Sector
5.5 Impact Analysis of Drivers and Restraints
6. Cryogenic Control Valve Market – APAC Analysis
6.1 APAC Cryogenic Control Valve Market Overview
6.2 APAC Cryogenic Control Valve Market Revenue Forecast and Analysis
7. APAC Cryogenic Control Valve Market Analysis – By Type
7.1 Overview
7.2 Globe Control Valves
7.2.1 Overview
7.2.2 APAC Globe Control Valve Market Revenue and Forecasts to 2028 (US$ Million)
7.3 Ball Control Valves
7.3.1 Overview
7.3.2 APAC Ball Control Valves Market Revenue and Forecasts to 2028 (US$ Million)
7.4 Butterfly Control Valves
7.4.1 Overview
7.4.2 APAC Butterfly Control Valves Market Revenue and Forecasts to 2028 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 APAC Others Market Revenue and Forecasts to 2028 (US$ Million)
8. APAC Cryogenic Control Valve Market Analysis – By Application
8.1 Overview
8.2 Power Generation
8.2.1 Overview
8.2.2 APAC Power Generation Market Revenue and Forecasts to 2028 (US$ Million)
8.3 Oil & Gas
8.3.1 Overview
8.3.2 APAC oil and gas Market Revenue and Forecasts to 2028 (US$ Million)
8.4 Food & Beverages
8.4.1 Overview
8.4.2 APAC Food and beverages Market Revenue and Forecasts to 2028 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 APAC Others Market Revenue and Forecasts to 2028 (US$ Million)
9. APAC Cryogenic Control Valve Market – Country Analysis
9.1 Overview
9.1.1 APAC: Cryogenic Control Valve Market, by Key Country
9.1.1.1 China: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 China: Cryogenic Control Valve Market, by Type
9.1.1.1.2 China: Cryogenic Control Valve Market, by Application
9.1.1.2 Japan: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Japan: Cryogenic Control Valve Market, by Type
9.1.1.2.2 Japan: Cryogenic Control Valve Market, by Application
9.1.1.3 India: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 India: Cryogenic Control Valve Market, by Type
9.1.1.3.2 India: Cryogenic Control Valve Market, by Application
9.1.1.4 South Korea: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 South Korea: Cryogenic Control Valve Market, by Type
9.1.1.4.2 South Korea: Cryogenic Control Valve Market, by Application
9.1.1.5 Australia: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 Australia: Cryogenic Control Valve Market, by Type
9.1.1.5.2 Australia: Cryogenic Control Valve Market, by Application
9.1.1.6 Rest of APAC: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Rest of APAC: Cryogenic Control Valve Market, by Type
9.1.1.6.2 Rest of APAC: Cryogenic Control Valve Market, by Application
10. APAC Cryogenic Control Valve Market - Covid-19 Impact Analysis
10.1 APAC: Impact Assessment of Covid-19 Pandemic
11. Industry Landscape
11.1 Market Initiative
11.2 Merger and Acquisition
11.3 New Development
12. Company Profiles
12.1 Baker Hughes Company
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Emerson Electric Co.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Flowserve Corporation
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Velan Inc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 KORVAL Co., Ltd.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Larsen & Toubro Limited
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Neles Corporation
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 SAMSON USA
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Bac Valves
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Richards Industrials
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. APAC Cryogenic Control Valve Market Revenue and Forecast to 2028 (US$ Million)
Table 2. APAC: Cryogenic Control Valve Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. China: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. China: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 5. Japan: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. Japan: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 7. India: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. India: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 9. South Korea: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. South Korea: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 11. Australia: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 12. Australia: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of APAC: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 14. Rest of APAC: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC Cryogenic Control Valve Market Segmentation
Figure 2. APAC Cryogenic Control Valve Market Segmentation – By Country
Figure 3. APAC Cryogenic Control Valve Market Overview
Figure 4. APAC Cryogenic Control Valve Market, by Type
Figure 5. APAC Cryogenic Control Valve Market, by Application
Figure 6. APAC Cryogenic Control Valve Market, by Country
Figure 7. APAC – PEST Analysis
Figure 8. APAC Cryogenic Control Valve Market- Ecosystem Analysis
Figure 9. APAC Cryogenic Control Valve Market Impact Analysis of Drivers and Restraints
Figure 10. APAC Cryogenic Control Valve Market Revenue Forecast and Analysis (US$ Million)
Figure 11. APAC Cryogenic Control Valve Market Breakdown by Type, 2020 & 2028 (%)
Figure 12. APAC Globe Control Valve Market Revenue and Forecasts to 2028 (US$ Million)
Figure 13. APAC Ball Control Valves Market Revenue and Forecasts to 2028 (US$ Million)
Figure 14. APAC Butterfly Control Valves Market Revenue and Forecasts to 2028 (US$ Million)
Figure 15. APAC others Market Revenue and Forecasts to 2028 (US$ Million)
Figure 16. APAC Cryogenic Control Valve Market Breakdown by Application, 2020 & 2028 (%)
Figure 17. APAC Power Generation Market Revenue and Forecasts to 2028 (US$ Million)
Figure 18. APAC oil and gas Market Revenue and Forecasts to 2028 (US$ Million)
Figure 19. APAC Food and beverages Market Revenue and Forecasts to 2028 (US$ Million)
Figure 20. APAC others Market Revenue and Forecasts to 2028 (US$ Million)
Figure 21. APAC: Cryogenic Control Valve Market, by Key Country – Revenue (2020) (US$ Million)
Figure 22. APAC: cryogenic control valve market Revenue Share, by Key Country (2020 and 2028)
Figure 23. China: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Japan: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. India: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. South Korea: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Australia: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Rest of APAC: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Impact of Covid-19 Pandemic in APAC Country Markets
- Bac Valves
- Baker Hughes Company
- Emerson Electric Co.
- Flowserve Corporation
- KORVAL Co., Ltd.
- Larsen & Toubro Limited
- Neles Corporation
- Richards Industrials
- SAMSON USA
- Velan Inc.
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