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.
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
North America Cryogenic Control Valve Market Segmentation
North America Cryogenic Control Valve Market - By Type
North America Cryogenic Control Valve Market - By Application
North America Cryogenic Control Valve Market - By Country
North America Cryogenic Control Valve Market - Company Profiles