Up from the revenues worth US$ 61 Bn registered in 2018, the global market for industrial valves is projected to witness modest growth by the end of 2019. A new market research report by Future Market Insights (FMI) suggests that the increasing exploration activities for new water sources will predominantly favor the growth of market over the course of coming years.
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- The global industrial valves market size in 2018 was ~US$ 61 Bn.
- The industrial valves market is expected to grow at a CAGR of ~4% during the forecast period of 2019-2029.
- Besides adoption for automatic functions of valves, the increasing demand for manual structures has been recently driving the sales of industrial valves.
- Collectively, Asia Pacific Excl. Japan and North America are likely to account for ~70% of the revenue shares in the industrial valves industry by the end of 2029.
- North America, attributed to the strong presence of the oil & gas industry, will continue to be a prominent regional market for industrial valves manufacturers.
- The oil & gas industry is estimated to remain the prominent end-use industry for industrial valves market players.
- The oil & gas industry has witnessed significant growth over the recent past, and the revival of the oil & gas sector has been particularly noteworthy.
- Noteworthy application potential of industrial valves has been identified in the water & wastewater treatment.
With the onset of Industry 4.0 and the reciprocating shift of industries towards automation, the industrial valves landscape is compelled to move beyond its traditional, old-school valve engineering models. Although manually operated valves still account for almost 2/3rd of total sales, FMI foresees a rapidly progressing market scenario for automated valves in the next few years.
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By type, the gate type of industrial valves segment is expected to hold prominent value shares of the global industrial valves market. Furthermore, the globe valve segment is expected to be the prominent segment throughout the forecast period. Gate valves, closely trailed by globe and ball valves, are identified to remain the sought-after industrial valve types throughout the forecast period. A number of manufacturers are however focusing on investments in globe industrial valves. FMI’s research also highlights visibly growing market attractiveness of butterfly valves across industries.
The analysis of industrial valves market on the basis of materials reveals that cast steel, carbon steel, and stainless steel remain the preferred materials among manufacturers of industrial valves, which collectively account for ~85% shares in the revenues. Bronze is likely to emerge lucrative as a material of choice, over the years to come, as indicated by report findings.
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Market in APEJ Projected for Remunerative Growth
The market in Asia Pacific excluding Japan (APEJ) is expected to exhibit lucrative growth potential in the global industrial valves market over the forecast period of 2019-2029. According to the report, this growth is propelled by the rapid growth in the oil & gas industry in countries of APEJ such as India and China, and ASEAN Countries, among others. The economic condition of these countries have been positively developing.
Competitive Analysis:
The report highlights some of the prominent market players, who have established themselves as leaders in the global industrial valves market such as GE Company, Emerson, Flowserve Corporation, Schlumberger Limited, TechnipFMC Plc, KSB SE & Co. KGaA, x KITZ Corporation, Alfa Laval Corporate AB, Curtiss-Wright Corp., CIRCOR International, Inc., IMI Plc, Mercer Valve Co., Inc., National, Oilwell Varco, Inc., Weir Group Plc., Neway Valves, AVK International A/S, Flowserve Corporation, and LESER GmbH & Co. KG, among others.