Global Industrial Valves Market
Global Industrial Valves Market to Grow at a CAGR of 4.3% during Forecast Period
Published | 01 January 2023
Global Industrial Valves market is growing at a high CAGR due to the increasing demand for valves in oil & gas and wastewater industry. Moreover infrastructural development, increasing adoption of technical advancements in automation industry and growth of healthcare and pharmaceuticals sector is propelling the market growth.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global industrial valves market was worth USD 72.6 billion in the year 2021. The market is projected to grow at a CAGR of 4.3%, earning revenues of around USD 97.2 billion by the end of 2028. The global industrial valve market is booming due to the increasing demand for valves in the oil & gas and wastewater industry. The demand for industrial valves is increasing due to the rising need for better water use and the increasing demand for wastewater treatment methods. Moreover, infrastructural development, increasing adoption of technological advancements in the automation industry, and growth of the healthcare and pharmaceuticals sector are propelling market growth.
Growing Demand From The Power Plant Industry Will Boost The Market
The market is showing immense growth due to rising demand in the power plant industry as the demand for power is continuously increasing around the worldwide. Valve applications in the power plant sector include boiler initiation, feed pump recirculation, steam conditioning, and turbine bypass. For instance, the increased flow needed for a fluid recirculation condensate pump is controlled and regulated by valves in the condenser system. In addition, valves are employed to regulate the feedwater heater's deaerator tank level. The boiler feed pump recirculation system in the power plant industry uses valves. The valve plays a crucial part in this situation as it should be handled in on-off and regulating modes. The valves are also utilized in conventional systems for superheater bypass, turbine bypass, etc. Pressure is managed using a modulating valve.
The demand for power worldwide is predicted to increase by 75% by 2030. Although the amount of energy produced by renewable sources is increasing, it is still insufficient to meet the world's expanding demand for electricity. Over the next 25 years, it is anticipated that more than 2,457 gigawatts (GW) of electricity capacity will be installed globally, according to the World Energy Outlook-International Energy Agency prediction. The government's emphasis on enhancing capacity increases at power plants around the nation is another element driving up demand for valves in the power sector.
However, there are a number of reasons that could severely impact the market, including strict government regulations and numerous changes in the price of raw materials. Furthermore, the demand for industrial valves may be constrained by the rising concern over the usage of renewable resources like coal.
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Ball Valves Accounted For The Largest Market Share In 2021
The industry can be categorized by type into ball valves, gate valves, butterfly valves, globe valves, plug valves, check valves, diaphragm valves, and others. In 2021, ball valves accounted for the majority of total revenue. These valves are mostly utilized for flow regulation and tight shut-off requirements. The technology supports chlorine producers, shipboard circulation systems, and fire safety services. Due to its expanding use in the oil and gas industry, butterfly valve demand has significantly increased in recent years. Demand is expected to be fueled by an increase in exploration and upgrading activities brought on by significant pipeline and refinery expenditures in the oil and gas sector.
Over the projection period, it's expected that demand for check valves will increase steadily. These unidirectional valves prohibit the process flow from entering the system again, protecting the equipment and avoiding process disruption. Demand across sectors has benefited from rising automation and refinery requirements for managing fluid flow.
Asia-Pacific Held The Largest Share in the Global Market in 2021
Due to the increasing growth of R&D activities in numerous sectors throughout the globe, Asia-Pacific held the largest market share in the sector. Furthermore, the market may be boosted by the region's significant concentration of several key competitors. Southeast Asia is expected to start a total of 54 oil and gas projects across six countries between 2019 and 2025. Together, they would represent about 223,000 barrels per day of global crude production and about 8.1 billion cubic feet per day of global gas production in 2025. Additionally, the region is heavily affected by the growing initiatives for worker safety in sectors like chemicals, oil and gas, and smart valves.
North America was predicted to have a high CAGR in the market. The US, Canada, and Mexico make up the three main markets in North America. Due to the presence of some of the greatest international firms, like Emerson (US), Cameron-Schlumberger, Flowserve Corporation, and Crane Co., North America is a significant market for industrial valves. Among the key factors propelling the market in North America are the expanding R&D efforts in the region related to the use of actuators in the valves for automated processes and the growing preference for safety applications. Industrial valve applications are expanding in the US across a variety of industries, including energy & power, and chemicals. Oil and gas, energy and electricity, and water and wastewater treatment industries all employ control valves to automate processes in a safe and effective manner while also controlling the flow of material through a system.
Impact of COVID-19 on Global Industrial Valves Market
Due to the tight lockdowns and social isolation implemented to stop the virus's propagation, COVID-19 had a detrimental effect on the industrial valve market. The market for industrial valves was hurt by the lack of customer confidence, the partial company shut down, and the uncertain economic outlook. During the pandemic, the supply chain was impeded along with logistics operations. However, due to the sheer lifting of the restrictions, it is anticipated that the industrial valves market will pick up speed in the post-pandemic scenario.
The key players operating in the industrial valves market globally are Emerson Electric Co., Flowserve Corporation, IMI, SAMSON AG, Velan Inc., Schlumberger Limited., GE VALVE, Curtiss-Wright Corporation, Metso Corporation, Crane Co., McWane, Inc., KITZ Corporation, Spirax-Sarco Engineering plc, KSB SE & Co. KGaA, Neway valve, ALFA LAVAL, Forbes Marshall, Honeywell, Rotork, Swagelok Company, and other prominent players.
In order to enhance their positions in the market, these key companies have used a variety of organic as well as inorganic growth tactics, including mergers and acquisitions, the introduction of new products, business expansions, contracts, joint ventures, and collaborations.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global industrial valves market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global industrial valves market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Industrial Valves Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2018–2028, Segmented By Type (Ball Valves, Gate Valves, Butterfly Valves, Globe Valves, Plug Valves, Check valves, Diaphragm Valves, Others), Material (Steel, Cast Iron, Plastic, Alloy-Based And Others), End-Use Industry (Oil & Gas, Chemical, Power Plants, Food & Beverages, Pharmaceuticals & Healthcare, Water & Wastewater Treatment, Automotive, Paper and Pulp, Metals & Mining And Others), Function (On/Off, Control And Others), Region (North America, Europe, The Asia Pacific, Latin America And The Middle East and Africa)
Publish Date: January 2023
Global Industrial Valves Market is growing owing to the rising growth of healthcare and pharmaceutical sectors, surging demand for valves in oil & gas industry and wastewater industry, increasing demand to establish new nuclear power plants and increasing adoption of automation technical advances in process industry.
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