Middle East & Africa Cryogenic Control Valve Market
South Africa, Saudi Arabia, and the UAE are the major countries of the Middle East & Africa. The MEA is projected to witness a rapid rise in urbanization and industrialization, which would further drive the growth of the entire economy in coming years. The Gulf countries are economically advanced, while the African countries are yet to balance the economic conditions. Similarly, the boost in per capita income, recovering economic conditions, and government spending on infrastructure development are a few crucial developments in the region. Oil & gas production is one of the prominent businesses in the MEA. Libya, the UAE, Saudi Arabia, Iran, and Qatar are a few countries that have seen growth in the oil business. Further, Saudi Arabia, the UAE, and Kuwait are among major producers of natural gas in the region. Saudi Arabia recorded 4,018 BCF natural gas production in 2020, whereas the UAE and Kuwait produced 2, 236 BCF and 626 BCF natural gas, respectively, in 2018. Despite the slowdown in economic growth and substantial macroeconomic imbalances due to low oil prices in the last a few years, oil & gas producing countries in the MEA are boosting the oil & gas production. The region is the major producer of oil & gas products, which is creating a scope for the application of cryogenic control valve. In addition, the growing trend toward clean energy sources and increasing use of natural gas across industrial bases are bolstering the growth of the cryogenic control valve market in Middle East.
Countries in Middle East, especially the gulf cooperation council (GCC) countries, have witnessed a notable decline in their oil & gas sector owing to a sharp dip in the demand for oil from major end-user countries from Asia, Europe, and North America. As a result, countries in the MEA registered decrease in the oil & gas production volumes as well as in natural gas storage and transportation, which subsequently hampered the demand for cryogenic valves in the region. Countries such as Saudi Arabia, the UAE, Qatar, and selected other members of 0rganization of the petroleum exporting countries observed similar trends during the first two quarters of 2020. However, these countries are expected to overcome the swift drop in demand as the major end-use countries of oil & gas continue to open their economic activities and oil & gas price started to recover. However, the oil and gas price recovery are expected to increase the application of cryogenic control valve in the region and proliferate the market growth in the coming years.
Strategic insights for the Middle East & Africa Cryogenic Control Valve provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 211.67 Million |
| Market Size by 2028 | US$ 279.10 Million |
| Global CAGR (2021 - 2028) | 4.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East & Africa Cryogenic Control Valve refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The cryogenic control valve market in MEA is expected to grow from US$ 211.67 million in 2021 to US$ 279.10 million by 2028; it is estimated to grow at a CAGR of 4.0% from 2021 to 2028. There is an increase in demand for industrial gases in developed as well as developing countries in MEA. Various industrial gases are produced for specific applications in various industries. Some of the majorly used industrial gases are oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, and acetylene, among others. Cryogenic valves are widely used for transport, use, and storage of liquefied gases such as compressed natural gas (CNG) and liquefied natural gas (LNG). The demand for liquefied gases such as liquid nitrogen, is increasing in cryo therapy for removing skin abnormalities, transportation and freezing of food products, cooling of superconductors, and cryo preservation of blood.
The MEA 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 MEA cryogenic control valve market is segmented into Saudi Arabia, South Africa, UAE, and rest of MEA. Saudi Arabia held the largest market share in 2020.
A few major primary and secondary sources referred to for preparing this report on the cryogenic control valve market in MEA 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.
The Middle East & Africa Cryogenic Control Valve Market is valued at US$ 211.67 Million in 2021, it is projected to reach US$ 279.10 Million by 2028.
As per our report Middle East & Africa Cryogenic Control Valve Market, the market size is valued at US$ 211.67 Million in 2021, projecting it to reach US$ 279.10 Million by 2028. This translates to a CAGR of approximately 4.0% during the forecast period.
The Middle East & Africa Cryogenic Control Valve Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Cryogenic Control Valve Market report:
The Middle East & Africa Cryogenic Control Valve Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Cryogenic Control Valve Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Cryogenic Control Valve Market value chain can benefit from the information contained in a comprehensive market report.
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