The global gate valve market has undergone a remarkable transformation in recent years, and as we step into 2023, it continues its upward trajectory, poised to achieve a substantial revenue of US$14.8 billion. What’s even more exciting is the long-term outlook, with an estimated Compound Annual Growth Rate (CAGR) of 5.0% forecasted between 2023 and 2033. By the end of this assessment period, the gate valve market is expected to reach an impressive sum of US$24.3 billion. This sustained growth is a testament to the market’s resilience and its vast potential for expansion.
One of the key drivers behind this phenomenal growth is the strategic vision of leading industry players. These market leaders have set their sights on seizing opportunities in offshore and chemical gate projects, aiming to strengthen their presence and market share within the gate valve industry. Their forward-thinking ventures align perfectly with the growing demand for gate valves in critical sectors, including energy, oil and gas, and chemical processing.
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Gate Valves: Essential Components for Oil & Gas Sector Operations
Gate Valves play a pivotal role within the oil & gas sector, acting as crucial tools for controlling the flow of hydrocarbons during exploration, drilling, and production endeavors. These valves find extensive usage in key infrastructure elements such as wellheads and Christmas trees, where they assume the responsibility of managing oil & gas flow, upholding safety standards, and preventing potential leaks.
The versatile application of Gate Valves spans across both the upstream (exploration and production) and midstream (transportation and storage) segments of the oil & gas industry. In the upstream domain, these valves are strategically placed at wellheads and production facilities. Meanwhile, within the midstream sector, Gate Valves find their role in pipelines and storage tanks, facilitating the smooth transportation and storage of fluids.
Key Insights from Gate Valve Market Analysis:
- Sales of Gate Valves witnessed strong growth with a CAGR of 4.8% from 2018 to 2022.
- The wedge Gate Valves segment is expected to hold a significant market share of 45.4% by 2023 based on disc type.
- The oil & gas segment is projected to create a considerable absolute dollar opportunity of US$ 2,634.9 Million in 2023, in terms of end-use applications.
- Geographically, North America is poised to contribute substantially, accounting for more than 24.7% of the total market value in 2023.
- Brazil is anticipated to generate an incremental opportunity of US$ 354.7 Million in 2023.
Prominent Players in the Gate Valve Market:
- Emerson Electric Co.
- Flowserve Corporation
- AVK Holding A/S
- Velan Inc.
- DeZURIK Inc.
- Zhejiang Zhongcheng Valve Co. Ltd.
- Crane Co. Ltd
- Tecofi
- Weir Group PLC
- Bray International
- Others
Recent Noteworthy Developments:
- Weir Minerals introduced the Isogate WR knife gates valve in March 2012, offering a substantial enhancement in valve performance for mine and aggregates operators.
- AVK Valves launched four new sizes of Gate Valves featuring PE ends with outer pipe dimensions of 450, 500, 560, and 630 mm in February 2020. These additional sizes are available in PN10 and PN16 in black/blue basic pipes.
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Gate Valve Market Segmentation:
By Disc Type:
- Wedge Gate Valve
- Solid Wedge
- Flexible Wedge
- Split Wedge
- Parallel Slide Gate Valve
- Knife Gate Valve
- Slab Gate Valve
By Valve Material Used:
- Cast Iron
- Steel
- Carbon Steel
- Stainless Steel
- Alloy Steel
- Cast Steel
- Brass
- Bronze
- Plastic
- PVC
- CPVC
- PP
- Others
By Size:
- 0.25 inch to 2 inch
- 3 to 12 inch
- 14 to 30 inch
- More Than 30 inch
By End Use:
- Oil & Gas
- Upstream
- Midstream
- Downstream
- Water and Wastewater Treatment
- Flow Control
- High-pressure Applications
- Corrosive Fluid Handling
- Others
- Chemical and Petrochemical
- Power Generation
- Steam System
- Cooling System
- Fuel Supply System
- Others
- Mining and Minerals
- HVAC
- Marine and Shipbuilding
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia Pacific
- East Asia
- Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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