The global cryogenic control valve market is expected to grow from US$ 2267.07 million in 2021 to US$ 3,117.79 million by 2028; it is estimated to grow at a CAGR of 4.7% during 2021-2028.

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. For instance, as per the Natural Gas Information 2020 report of the IEA (International Energy Agency), the need for natural gas in non-OECD countries has increased by 1.1% in 2019, which is an increase of 23.4 Bcm. LNG is also broadly utilized in boilers, power generation, rotary kilns, fluid bed dryers, and furnaces. 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.

The cryogenic control valve market is segmented based on type, application, and geography. Based on type, the market is sub-segmented into globe control valves, ball control valves, butterfly control valves, and others. The others segment represented the largest share of the overall market in 2020. In terms of application, the cryogenic control valve market is segmented into power generation, oil and gas, food and beverages, and others. In 2020, the oil and gas segment accounted for the substantial share of the market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for the significant share in the global market.

The COVID-19 outbreak led to the imposition of lockdown measures in North America, especially in the US and Canada. The crisis adversely affected many sectors, such as oil & gas sector. The US recorded an unprecedented rise in the number of COVID-19 cases, which disrupted its exploration and production (E&P) activities of the oil & gas sector and subsequently impacted the demand for cryogenic control valve during 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 the largest consumer of this product. However, the country has experienced nationwide lockdown in the mid of 2020 due to COVID-19 safety measures. The lockdown resulted considerable decline in global oil prices that further restricted the oil & gas related projects, such as storage and transportation activities of cryogenic liquid gasses. Owing to this, cryogenic control valve manufacturing companies faced 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 (E&P) companies have started to discover new oil rigs in Gulf of Mexico. This development is expected to boost the demand for cryogenic storing and transportation tanks and subsequently its valves too.

The overall cryogenic control valve market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the cryogenic control valve market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the cryogenic control valve market.

A few major players operating in the global cryogenic control valve market are Baker Hughes Company; Emerson Electric Co.; Flowserve Corporation; Velan Inc.; KORVAL Co., Ltd.; Larsen & Toubro Limited; Neles Corporation; SAMSON USA; Bac Valves; and Richards Industrials.