Europe 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
The cryogenic control valve market in Europe is segmented into France, Germany, Russia, Italy, the UK, and the Rest of European Countries. The European countries have the presence of several major manufacturing industries, such as aerospace, machinery, and equipment, automotive, shipbuilding, and military vehicles. Automotive is a crucial industry in the region as it contributes significantly to the GDPs of many European countries and provides employment to huge number of qualified candidates in the region. In addition, the governments have a stringent legal and regulatory framework for the activities in the oil and gas E&P. The framework usually sets the rules for the transportation of oil and gas via trunk pipelines, development of natural resources on the continental shelf, and law on environmental protection. The growth in the E&P activities of oil & gas from offshore and onshore sites is providing lucrative growth opportunities for the cryogenic control valve manufacturers in Europe. It is projected that the offshore developments would bring over 84% of the region’s new gas production. Further, the recovery of the economic condition is expected to propel the demand for oil and gas in the region. In addition, Europe has the presence of largest automotive sector. The region is witnessing a rise in demand for natural gas driven cars (increased by around 68% from January to March 2020), which is increasing the demand for natural gas.
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.
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Market Overview and Dynamics
The cryogenic control valve market in Europe is expected to grow from US$ 469.69 million in 2021 to US$ 638.01 million by 2028; it is estimated to grow at a CAGR of 3.6% from 2021 to 2028. Europe is the second largest producer of oil & gas products globally. Russia is the major contributing country in the region’s overall oil & gas production. As per the US Energy Information Administration data, in 2020, Russia was the second largest country producing natural gas products across the world. Russia produced 22,501 Billion Cubic Feet (BCF) natural gas in 2020. Further, Norway is the second largest natural gas producing country in Europe, and it produced 4,052 Billion Cubic Feet (BCF) natural gas in 2019. Hence, Norway and Russia still maintained their position as the natural gas suppliers, whereas Germany, France, and Italy are the main importers of natural gas. Thus, many offshore projects for oil and gas accelerates the demand for cryogenic storing and transportation tanks and pipeline, which drives the growth of the cryogenic control valves market in Europe.
Key Market Segments
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. The market, based on country, is segmented into France, Germany, UK, Italy, Russia, and rest of Europe. Germany 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 Europe 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.
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Europe Cryogenic Control Valve Market Segmentation
Europe Cryogenic Control Valve Market - By Type
- Globe Control Valves
- Ball Control Valves
- Butterfly Control Valves
- Others
Europe Cryogenic Control Valve Market - By Application
- Power Generation
- Oil and Gas
- Food and beverages
- Other Applications
Europe Cryogenic Control Valve Market - By Country
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Europe 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. Europe Cryogenic Control Valve Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Europe Cryogenic Control Valve Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Industrial Gases Demand Rising
5.1.2 Rising Usage of FSRU and FPSO
5.2 Market Restraints
5.2.1 Rising Cost of Production
5.3 Market Opportunities
5.3.1 Significant Growth in Power Generation Sector
5.4 Market Trends
5.4.1 Healthcare Sector Witnessing High Demand
5.5 Impact Analysis of Drivers and Restraints
6. Cryogenic Control Valve Market – Europe Analysis
6.1 Europe Cryogenic Control Valve Market Overview
6.2 Europe Cryogenic Control Valve Market Revenue Forecast and Analysis
7. Europe Cryogenic Control Valve Market Analysis – By Type
7.1 Overview
7.2 Globe Control Valves
7.2.1 Overview
7.2.2 Europe Globe Control Valves Market Revenue and Forecasts to 2028 (US$ Million)
7.3 Ball Control Valves
7.3.1 Overview
7.3.2 Europe Ball Control Valves Market Revenue and Forecasts to 2028 (US$ Million)
7.4 Butterfly Control Valves
7.4.1 Overview
7.4.2 Europe Butterfly Control Valves Market Revenue and Forecasts to 2028 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Europe Others Market Revenue and Forecasts to 2028 (US$ Million)
8. Europe Cryogenic Control Valve Market Analysis – By Application
8.1 Overview
8.2 Power Generation
8.2.1 Overview
8.2.2 Europe Power Generation Market Revenue and Forecasts to 2028 (US$ Million)
8.3 Oil & Gas
8.3.1 Overview
8.3.2 Europe oil and gas Market Revenue and Forecasts to 2028 (US$ Million)
8.4 Food & Beverages
8.4.1 Overview
8.4.2 Europe Food and beverages Market Revenue and Forecasts to 2028 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Europe Others Market Revenue and Forecasts to 2028 (US$ Million)
9. Europe Cryogenic Control Valve Market – Country Analysis
9.1 Overview
9.1.1 Europe: Cryogenic Control Valve Market, by Key Country
9.1.1.1 France: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 France: Cryogenic Control Valve Market, by Type
9.1.1.1.2 France: Cryogenic Control Valve Market, by Application
9.1.1.2 Germany: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Germany: Cryogenic Control Valve Market, by Type
9.1.1.2.2 Germany: Cryogenic Control Valve Market, by Application
9.1.1.3 Italy: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Italy: Cryogenic Control Valve Market, by Type
9.1.1.3.2 Italy: Cryogenic Control Valve Market, by Application
9.1.1.4 UK: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 UK: Cryogenic Control Valve Market, by Type
9.1.1.4.2 UK: Cryogenic Control Valve Market, by Application
9.1.1.5 Russia: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 Russia: Cryogenic Control Valve Market, by Type
9.1.1.5.2 Russia: Cryogenic Control Valve Market, by Application
9.1.1.6 Rest of Europe: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Rest of Europe: Cryogenic Control Valve Market, by Type
9.1.1.6.2 Rest of Europe: Cryogenic Control Valve Market, by Application
10. Europe Cryogenic Control Valve Market - Covid-19 Impact Analysis
10.1 Europe: 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. Europe Cryogenic Control Valve Market Revenue and Forecast to 2028 (US$ Million)
Table 2. Europe: Cryogenic Control Valve Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. France: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. France: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 5. Germany: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. Germany: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 7. Italy: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. Italy: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 9. UK: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. UK: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 11. Russia: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 12. Russia: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of Europe: Cryogenic Control Valve Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 14. Rest of Europe: Cryogenic Control Valve Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. Europe Cryogenic Control Valve Market Segmentation
Figure 2. Europe Cryogenic Control Valve Market Segmentation – By Country
Figure 3. Europe Cryogenic Control Valve Market Overview
Figure 4. Europe Cryogenic Control Valve Market, by Type
Figure 5. Europe Cryogenic Control Valve Market, by Application
Figure 6. Europe Cryogenic Control Valve Market, by Country
Figure 7. Europe PEST Analysis
Figure 8. Europe Cryogenic Control Valve Market- Ecosystem Analysis
Figure 9. Europe Cryogenic Control Valve Market Impact Analysis of Drivers and Restraints
Figure 10. Europe Cryogenic Control Valve Market Revenue Forecast and Analysis (US$ Million)
Figure 11. Europe Cryogenic Control Valve Market Breakdown by Type, 2020 & 2028 (%)
Figure 12. Europe Globe Control Valves Market Revenue and Forecasts to 2028 (US$ Million)
Figure 13. Europe Ball Control Valves Market Revenue and Forecasts to 2028 (US$ Million)
Figure 14. Europe Butterfly Control Valves Market Revenue and Forecasts to 2028 (US$ Million)
Figure 15. Europe others Market Revenue and Forecasts to 2028 (US$ Million)
Figure 16. Europe Cryogenic Control Valve Market Breakdown by Application, 2020 & 2028 (%)
Figure 17. Europe Power Generation Market Revenue and Forecasts to 2028 (US$ Million)
Figure 18. Europe oil and gas Market Revenue and Forecasts to 2028 (US$ Million)
Figure 19. Europe Food and beverages Market Revenue and Forecasts to 2028 (US$ Million)
Figure 20. Europe others Market Revenue and Forecasts to 2028 (US$ Million)
Figure 21. Europe: Cryogenic Control Valve Market, by Key Country – Revenue (2020) (US$ Million)
Figure 22. Europe: cryogenic control valve market Revenue Share, by Key Country (2020 and 2028)
Figure 23. France: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Germany: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Italy: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. UK: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Russia: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Rest of Europe: Cryogenic Control Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Impact of Covid-19 Pandemic in Europe 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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