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)

Code: TIPRE00024796 | Pages: 114 | Industry: Manufacturing and Construction | Date: Sep 2021
Covid

Market Introduction

The US, Canada, and Mexico are the key contributors to the North America cryogenic control valve market. The US and Canada are developed countries in terms of modern technologies, standard of living, and infrastructure. North America is characterized with the presence of various industries in the region including the presence of major oil & gas companies’ headquarters in North America. Hence, it has one of the biggest economies in the world with a diverse range of industries. It is one of the largest oils and gas exploring and producing regions across the world and one of the major exporters of oil and gas products. There is a wide application of cryogenic control valve in the oil & gas industry. Therefore, North America would create lucrative opportunities for the cryogenic control valve market in coming years.

The US is one of the world’s largest oil and gas production countries. The country produced about 33.4 trillion cubic feet (TCF) dry natural gas in 2020. As per the US Energy Information Administration, the US is the largest producer of crude oil and explores around 18.60 million barrel per day, which accounts 20% share of the total oil production across the world. In addition, the US and Canada are witnessing an exceptional growth in the fossil fuel, natural gas, oil sands, and tight oil. However, the oil & gas industry in North America is anticipated to witness low investments in the exploration and production activities in coming years as the region is recovering from a drop in crude oil prices. The countries in the region are highly investing in new technologies, which is expected to increase exploration activities offshore during the forecast period.

The COVID-19 outbreak has led to the imposition of lockdown measures in North America, especially in the US and Canada. The crisis adversely affected many sectors, including oil & gas, in the region. The US recorded an unprecedented rise in the number of COVID-19 cases in 2020, which disrupted the exploration and production (E&P) activities of its oil & gas sector and subsequently impacted the demand for cryogenic control valves, especially in 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 it is also the largest consumer of these products. However, the country has experienced nationwide lockdown in the mid 2020 as a the COVID-19 safety measure. The lockdown resulted considerable decline in global oil prices, which further led to the suspension of the oil & gas related projects, including the storage and transportation of cryogenic liquid gasses. This resulted in low demands for cryogenic control valves, causing manufacturing companies to face 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 companies started to discover new oil rigs in the Gulf of Mexico. This development is expected to boost the demand for cryogenic storing and transportation tanks and valves deployed in the same.                


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Market Overview and Dynamics

The cryogenic control valve market in North America is expected to grow from US$ 606.29 million in 2021 to US$ 827.59 million by 2028; it is estimated to grow at a CAGR of 4.5% from 2021 to 2028 The power generation sector is growing rapidly in developing as well as developed countries across the globe. Among the power generation sector, the demand for compressed natural gas (CNG) and liquefied natural gas (LNG) is increasing substantially. Suitable cryogenic valves are widely used in various compressed natural gas (CNG) and liquefied natural gas (LNG) applications. The main reason for rise in need for compressed natural gas (CNG) is its increasing utility in various sectors. At LNG terminals, cryogenic service valves serve an important role, particularly at receiving terminals, gas liquefying terminals, satellite terminals of LNG, industrial satellite terminals, LNG tank trucks, and LNG tank vessels. Cryogenic floating ball valve and cryogenic trunnion mounted ball valve are gaining immense popularity at various LNG terminals. Considering rising disposable per capita income in many developing countries, need for power is estimated to rise drastically, thereby driving the demand for cryogenic control valves in these nations.  

Key Market Segments

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.

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 North America 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 North America cryogenic control valve market landscape and identify market segments that are most likely to guarantee a strong return.
  • Stay ahead of the race by comprehending the ever-changing competitive landscape for North America cryogenic control valve market.
  • Efficiently plan M&A and partnership deals in North America cryogenic control valve market by identifying market segments with the most promising probable sales.
  • Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America cryogenic control valve market.
  • Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.

North America Cryogenic Control Valve Market Segmentation

North America Cryogenic Control Valve Market - By Type

  • Globe Control Valves
  • Ball Control Valves
  • Butterfly Control Valves
  • Others

North America Cryogenic Control Valve Market - By Application

  • Power Generation
  • Oil and Gas
  • Food and beverages
  • Other Applications

North America Cryogenic Control Valve Market - By Country

  • US
  • Canada
  • Mexico

North America 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.           North America Cryogenic Control Valve Market Landscape

4.1         Market Overview

4.2         North America PEST Analysis

4.2.1        North America

4.3         Ecosystem Analysis

4.4         Expert Opinions

5.           North America Cryogenic Control Valve Market – Key Market Dynamics

5.1         Market Drivers

5.1.1        Growing Need for Industrial Gases in North America

5.1.2        Rising Demand for FSRU and FPSO

5.2         Market Restraints

5.2.1        Production Cost Rising

5.3         Market Opportunities

5.3.1        Growth in Power Generation Sector

5.4         Market Trends

5.4.1        Rising Adoption in Health Care Sector

5.5         Impact Analysis of Drivers and Restraints

6.           Cryogenic Control Valve Market – North America Analysis

6.1         North America Cryogenic Control Valve Market Overview

6.2         North America Cryogenic Control Valve Market Revenue Forecast and Analysis

7.           North America Cryogenic Control Valve Market Analysis – By Type

7.1         Overview

7.2         Globe Control Valves

7.2.1        Overview

7.2.2        North America Globe Control Valves Market Revenue and Forecasts to 2028 (US$ Million)

7.3         Ball Control Valves

7.3.1        Overview

7.3.2        North America Ball Control Valves Market Revenue and Forecasts to 2028 (US$ Million)

7.4         Butterfly Control Valves

7.4.1        Overview

7.4.2        North America Butterfly Control Valves Market Revenue and Forecasts to 2028 (US$ Million)

7.5         Others

7.5.1        Overview

7.5.2        North America Others Market Revenue and Forecasts to 2028 (US$ Million)

8.           North America Cryogenic Control Valve Market Analysis – By Application

8.1         Overview

8.2         Power Generation

8.2.1        Overview

8.2.2        North America Power Generation Market Revenue and Forecasts to 2028 (US$ Million)

8.3         Oil & Gas

8.3.1        Overview

8.3.2        North America oil and gas Market Revenue and Forecasts to 2028 (US$ Million)

8.4         Food & Beverages

8.4.1        Overview

8.4.2        North America Food and beverages Market Revenue and Forecasts to 2028 (US$ Million)

8.5         Others

8.5.1        Overview

8.5.2        North America Others Market Revenue and Forecasts to 2028 (US$ Million)

9.           North America Cryogenic Control Valve Market – Country Analysis

9.1         Overview

9.1.1        North America: Cryogenic Control Valve Market, by Key Country

9.1.1.1          US: Cryogenic Control Valve Market – Revenue, and Forecast to 2028 (US$ Million)

9.1.1.1.1          US: Cryogenic Control Valve Market, by Type

9.1.1.1.2          US: Cryogenic Control Valve Market, by Application

9.1.1.2          Canada: Cryogenic Control Valve Market – Revenue, and Forecast to 2028 (US$ Million)

9.1.1.2.1          Canada: Cryogenic Control Valve Market, by Type

9.1.1.2.2          Canada: Cryogenic Control Valve Market, by Application

9.1.1.3          Mexico: Cryogenic Control Valve Market – Revenue, and Forecast to 2028 (US$ Million)

9.1.1.3.1          Mexico: Cryogenic Control Valve Market, by Type

9.1.1.3.2          Mexico: Cryogenic Control Valve Market, by Application

10.        North America Cryogenic Control Valve Market - Covid-19 Impact Analysis

10.1      North America: 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.             North America Cryogenic Control Valve Market Revenue and Forecast to 2028 (US$ Million)

Table 2.             North America: Cryogenic Control Valve Market, by Key Country – Revenue and Forecast to 2028 (US$ Million)

Table 3.             US: Cryogenic Control Valve Market, by Type –Revenue and Forecast to 2028 (US$ Million)

Table 4.             US: Cryogenic Control Valve Market, by Application–Revenue and Forecast to 2028 (US$ Million)

Table 5.             Canada: Cryogenic Control Valve Market, by Type –Revenue and Forecast to 2028 (US$ Million)

Table 6.             Canada: Cryogenic Control Valve Market, by Application–Revenue and Forecast to 2028 (US$ Million)

Table 7.             Mexico: Cryogenic Control Valve Market, by Type –Revenue and Forecast to 2028 (US$ Million)

Table 8.             Mexico: Cryogenic Control Valve Market, by Application–Revenue and Forecast to 2028 (US$ Million)

Table 9.             List of Abbreviation

LIST OF FIGURES

Figure 1.           North America Cryogenic Control Valve Market Segmentation

Figure 2.           North America Cryogenic Control Valve Market Segmentation – By Country

Figure 3.           North America Cryogenic Control Valve Market Overview

Figure 4.           North America Cryogenic Control Valve Market, by Type

Figure 5.           North America Cryogenic Control Valve Market, by Application

Figure 6.           North America Cryogenic Control Valve Market, by Country

Figure 7.           North America PEST Analysis

Figure 8.           North America Cryogenic Control Valve Market- Ecosystem Analysis

Figure 9.           North America Cryogenic Control Valve Market Impact Analysis of Drivers and Restraints

Figure 10.        North America Cryogenic Control Valve Market Revenue Forecast and Analysis (US$ Million)

Figure 11.        North America Cryogenic Control Valve Market Breakdown by Type, 2020 & 2028 (%)

Figure 12.        North America Globe Control Valves Market Revenue and Forecasts to 2028 (US$ Million)

Figure 13.        North America Ball Control Valves Market Revenue and Forecasts to 2028 (US$ Million)

Figure 14.        North America Butterfly Control Valves Market Revenue and Forecasts to 2028 (US$ Million)

Figure 15.        North America others Market Revenue and Forecasts to 2028 (US$ Million)

Figure 16.        North America Cryogenic Control Valve Market Breakdown by Application, 2020 & 2028 (%)

Figure 17.        North America Power Generation Market Revenue and Forecasts to 2028 (US$ Million)

Figure 18.        North America oil and gas Market Revenue and Forecasts to 2028 (US$ Million)

Figure 19.        North America Food and beverages Market Revenue and Forecasts to 2028 (US$ Million)

Figure 20.        North America others Market Revenue and Forecasts to 2028 (US$ Million)

Figure 21.        North America: Cryogenic Control Valve Market, by Key Country – Revenue (2020) (US$ Million)

Figure 22.        North America: cryogenic control valve market Revenue Share, by Key Country (2020 and 2028)

Figure 23.        US: Cryogenic Control Valve Market – Revenue, and Forecast to 2028 (US$ Million)

Figure 24.        Canada: Cryogenic Control Valve Market – Revenue, and Forecast to 2028 (US$ Million)

Figure 25.        Mexico: Cryogenic Control Valve Market – Revenue, and Forecast to 2028 (US$ Million)

Figure 26.           Impact of Covid-19 Pandemic in North American Country Markets

  1. Bac Valves
  2. Baker Hughes Company
  3. Emerson Electric Co.
  4. Flowserve Corporation
  5. KORVAL Co., Ltd.
  6. Larsen & Toubro Limited
  7. Neles Corporation
  8. Richards Industrials
  9. SAMSON USA
  10. Velan Inc.
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America cryogenic control valve market
  • Highlights key business priorities in order to assist companies to realign their business strategies
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  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth North America market trends and outlook coupled with the factors driving the cryogenic control valve market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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