Up from the revenues worth US$ 61 Bn registered in 2021, the global market for industrial valves is projected to witness modest growth by the end of 2022. 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.
The steady expansion of chemical industry and revival of oil & gas industry are also likely to play a crucial role in pushing sales of industrial valves at a global level. Furthermore, FMI’s report indicates that abundant opportunities exist in chemical, and water & wastewater industries.
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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.
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.
2014-2021 Industrial Valves Market Outlook Compared to 2022-2029 ForecastThe global industrial valves market is set to register a steady CAGR of 4.2% between 2022 and 2029 in comparison to 3.5% CAGR registered from 2014 to 2021.
Rising demand for industrial valves from various industries such as oil & gas, power plants, chemical and water & wastewater treatment is driving the global industrial valves market.
Industrial valves are the mechanical devices that open, close or partially obstruct passageways to regulate the flow of liquid, gas and slurries within a system. They are being extensively utilized across multiple industries for regulating the material flow. They are designed to handle high pressure and temperatures while providing superior efficiency.
Rapid industrialization across the world has resulted in the increase in industrial valves demand during the last few years. These industrial valves provide an easy and affordable means of controlling flow of materials across major industries.
As the demand for fuel surges, various countries are launching new oil & gas exploration projects. This is anticipated to boost the demand for advanced valve tech. Similarly various water treatment plants are being launched to cater to the rising fresh water demand. Driven by this, the industrial valves market will record high growth in the coming years.
Leading players are focusing on introducing green and digital products that will enable experts to control and monitor the flow of materials from remote locations. This will help them to increase their sales
Spurred by aforementioned factors, the industrial valves market is set to expand 1.3X through 2029.
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Market in APEJ Projected for Remunerative GrowthThe 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.
Furthermore, owing to the effects of macroeconomic factors such as growing population, urbanization, and rapid industrialization, the confidence of investors and investments in housing and other residential projects across APEJ has increased drastically. Consequently, the region’s chemical has considerable momentum over the past few years. This overall scenario is translating into modest growth in the demand for valves across the multiple industries, eventually pushing the market growth potential of APEJ.
Industrial Valves Market: Vendor InsightsThe 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.
The global industrial valves market is significantly consolidated with some players holding prominent shares of the market. These players are offering industrial valves under their popular brands such as Cameron, and World Valves, among others.
Industrial valves Market by CategoryBy Valve Type :
- Threaded Series
- High Performance
- Dual Plate
- Piston Lift
- Spring Loaded Disk
- Swing Check
- Tilting Check
- Y Pattern
- T Pattern
- Safety Relief
- Spring Loaded
- Pilot Operated
- Other Customized
By Valve Material :
- Cast Steel
- Carbon Steel
- Stainless Steel
- Other Alloys
By End-use Industry :
- Oil & Gas
- Water & Wastewater Treatment
- Power Plants
- Paper & Pulp
By Function :
By Region :
- North America
- Latin America
- Eastern Europe
- Western Europe
- Middle East and Africa