The Hydrogen Valve Market Size is valued at USD 306.2 million in 2023 and is predicted to reach USD 513.2 million by the year 2031 at a 6.9% CAGR during the forecast period for 2024-2031.
A hydrogen valve is an instrument specifically engineered to regulate the movement of hydrogen liquid or gas in a variety of systems. Industries such as energy, automotive, and industrial applications rely on these valves to regulate and handle hydrogen safely. The market growth of hydrogen valves is being propelled by the development of technologically superior valves that can endure high pressures while maintaining safety, which is the primary driver of the hydrogen valve market. With these upgrades, valves are more suited for vital hydrogen uses in the energy, automotive, and industrial sectors, owing to their increased dependability, efficiency, and leak avoidance. Additionally, rising demand for hydrogen in ammonia production and widespread acceptance of hydrogen as a clean energy source are fueling explosive expansion in the worldwide market for hydrogen valves. Moreover, hydrogen valve infrastructure is encouraged by supportive policies and incentives.
However, the high costs of a hydrogen valve, complex valve technology, materials needed for hydrogen uses are expensive, and strict safety rules regarding hydrogen, which limit the market growth. Additionally, because of the pandemic's effects on industrial activity, supply chain interruptions, and project delays, the hydrogen valve market was severely impacted. Additionally, demand for infrastructure related to hydrogen has been driven by a resurgence following the pandemic and a renewed emphasis on sustainable energy efforts. Furthermore, the market for valves has enormous potential due to the rising use of hydrogen fuel cell systems.
Competitive Landscape
Some Major Key Players In The Hydrogen Valve Market:
- Emerson Electric Co.
- SLB
- IMI
- Valmet
- Crane Company
- Westport Fuel Systems Inc.
- KITZ Corporation
- PARKER HANNIFIN CORP.
- Baker Hughes Company
- Swagelok Company
- GSR Ventiltechnik Gmbh & Co. Kg
- High-Pressure Equipment Company
- Velan Inc.
- Rotarex
- Maximator Gmbh
- Kevin Steel
- Jaksa D.O.O.
- Vexve Oy
- Cam S.P.A.
- Oliver Valves Ltd.
- Adams Armaturen Gmbh
- Hartmann Valves Gmbh
- OMB Saleri S.P.A.
- GEFA Processtechnik Gmbh
- Habonim
- Other Market Players
Market Segmentation:
The hydrogen valve market is segmented based on valve type, material, pressure range, size, implementation type, application, and end-use industry. The valve type segment comprises needle valves, ball valves, check valves, pressure relief valves, globe valves, flow control valves, and others. According to the material segment, the market is segmented into stainless steel, aluminium, and others. By pressure range, the market is segmented into up to 50 bars, 50-350 bars, 350-700 bars, 700-1500, and more than 1500 bars. By size, the market is segmented into below 1 inch, 1-6 inch, 6-12 inch, 12-20 inch, and more than 20 inch. By implementation type, the market is segmented into new installation and retrofit installation. The application segment includes hydrogen production, hydrogen fueling stations, hydrogen storage, hydrogen transportation, and hydrogen fuel cells. As per end-use industry, the market is segmented into oil & gas, energy & power, pharmaceutical, chemical, metals & mining, food & beverage, automotive, and others.
Based On The Valve Type, The Silicone Segment Accounts For A Major Contributor To The Hydrogen Valve Market.
Ball valves are expected to hold a major global market share in 2023 in the hydrogen valve market because they are long-lasting, can handle high pressure, and can make a tight seal, which is very important for hydrogen uses. Because of their flexible design, they can effectively control flow, have low leakage, and be reliable over time. This makes them perfect for managing hydrogen valves safely and effectively in many industries, such as the energy, automobile, and chemical sectors.
Hydrogen Storage Segment To Witness Growth At A Rapid Rate
The hydrogen storage segment is growing because hydrogen is becoming increasingly significant in renewable energy programs, and there is a growing need for safe and effective storage solutions. Hydrogen valve solutions that guarantee secure containment and control of hydrogen are becoming increasingly important due to increasing expenditures in hydrogen infrastructure and the necessity for dependable storage systems in the transportation, energy, and industrial sectors. Consequently, this industry is experiencing significant expansion.
In The Region, The North American Hydrogen Valve Market Holds A Significant Revenue Share.
The North American hydrogen valve market is predicted to note the highest market share in revenue in the near future. This can be attributed to the region's important businesses, such as energy and automotive, its growing government backing for hydrogen projects, and its emphasis on sustainable energy efforts. Another factor propelling demand for hydrogen valves is the improvement of hydrogen storage and infrastructure. In addition, the Asia Pacific is expected to grow rapidly in the hydrogen valve market because of rising expenditures on clean energy, an expanding hydrogen infrastructure, and rising industrial demand. As a result, hydrogen valve technology is being adopted at a rapid pace.
Recent Developments:
- In January 2024, Baker Hughes highlighted multiple milestones to advance the hydrogen economy, aligning with the company's comprehensive approach in new energy. The accomplishments were disclosed at the 24th Baker Hughes Annual Meeting in Florence, Italy, highlighting breakthroughs in the company's hydrogen enabling technologies, progress in implementing various client hydrogen projects, and new collaborations within the sector.
Hydrogen Valve Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 306.2 Mn |
|
Revenue Forecast In 2031 |
USD 513.2 Mn |
|
Growth Rate CAGR |
CAGR of 6.9% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Valve Type, Material, Pressure Range, Size, Implementation Type, Application, And End-Use Industry |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Emerson Electric Co., IMI, SLB, Valmet, Crane Company, Westport Fuel Systems Inc., KITZ Corporation, PARKER HANNIFIN CORP, Baker Hughes Company, Swagelok Company and Other Market Players |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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