Valves - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Valves - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Valves Market size is estimated at USD 79.90 billion in 2024, and is expected to reach USD 108.20 billion by 2029, growing at a CAGR of 6.25% during the forecast period (2024-2029).

Valves control the flow and pressure within a system or process. It forms an essential piping system component that conveys liquids, gases, vapors, slurries, etc. Hence, the growing investment in infrastructure development and the automation of industries are driving the growth of the studied market. Rising investments in pipeline infrastructure in the oil and gas sector are expected to boost the installation of industrial valves.

Key Highlights

• Additionally, many developing countries are witnessing increased government water supply and sanitation projects, which will likely propel the sales of industrial valves for domestic and agricultural applications. Furthermore, the growth in investments made by various countries to develop the water and wastewater infrastructure is another major factor driving the studied market's growth, as valves are widely used in water and wastewater plants and distribution pipelines.
• The global valve market has many players offering various solutions targeting applications across various end-user industries. This significantly drives competition among the vendors, encouraging them to develop innovative solutions and adopt unique business strategies to expand their market presence. Hence, the growing market competitiveness is anticipated to drive the studied market's growth further during the forecast period.
• Many companies are leveraging emerging technologies such as artificial intelligence (AI) and industrial Internet of Things (IIoT) to minimize unplanned downtime and other unfavorable incidents due to valve failures. Valves equipped with sensors are also being increasingly adopted to reduce failures and overall maintenance costs. The adoption of these advanced values is expected to boost the market further over the forecast period.
• However, the market players need to comply with the various certifications and policies of different regions concerning valve manufacturing, resulting in diversity in product specifications due to the widespread application of valves in several end-user industries. This acts as a restraint for market growth as the companies have to manufacture products according to the regional policies, making it difficult for them to achieve an ideal installation cost.

Valves Market Trends

Oil and Gas Vertical Accounts for a Major Market Share

• Many oil and gas operations, such as refining and distribution, rely on pipeline systems. Therefore, infrastructure and trustworthy control systems are crucial in the business. Oil and gas valves are essential to ensure the safety of pipeline industrial operations. Valve systems are important parts of any piping system. They can control flow rates, isolate and protect equipment, and guide and direct crude oil refining. For instance, gate valves, which are linear motion devices used to open and close fluid flow, are commonly used in many piping and pipeline applications.

• Increasing oil and gas exploration and production (E&P) activities is a major market growth trend. Many countries also invest heavily in drilling activities to tap unconventional resources, creating a positive outlook for the global valves market. With the oil and gas industry expanding owing to a growing demand for petroleum products, vendors operating in the market are launching innovative solutions targeting oil and gas industry applications.

• The broad usage of all types of valves in the infrastructure of any oil and gas industry supports the market's growth, including gate valves, which could be the most commonly used in the oil and gas industry. It uses a gate system to open or close a pipeline entirely and is suitable if the flow rate needs to be controlled. When the actuator completely opens the valve, the channel is unobstructed, allowing even slurry fluids like crude oil to flow more easily, showing the usage of valves in the oil and gas industries.

• Valves play an instrumental role in sustaining operations' continuity and ensuring that the oil and gas industry functions due to their ability to manage pressure, regulate flow, and control the movement of resources across this industrial domain. This supports their pivotal role in maintaining operational stability, which would fuel the market's growth during the forecast period.

• The growth of cruise oil demand worldwide, supported by the upstream, midstream, and downstream activities of the oil and gas sector and public and private investments in the sector to develop production and processing capabilities, is supporting the industrial growth of oil refineries and petroleum product plants worldwide, which will fuel the valve market in the future.

Asia-Pacific Market is expected to Grow Significantly

• The region holds a high market share due to the growing development in manufacturing and R&D activities in various industries across Asia-Pacific. Further, the rising number of initiatives taken to ensure the safety of workers in industries such as chemicals, oil, and gas also support the market growth in the region.

• India is one of the fastest-growing countries in manufacturing sectors and machinery, creating a significant demand for industrial valves. The Indian government provides benefits to companies setting up manufacturing units. It has also outlined various policies to boost the manufacturing sector. For instance, in February 2024, the government of India announced a USD 67 billion investment plan for the natural gas supply chain to meet India's surging energy demands. This plan would support the adoption of valves in the supply chain and the distribution of natural gas in the country and fuel the market growth in Asia-Pacific.

• Furthermore, China continues to account for a significant market share due to the growing industrial activities across the region and the rise in the number of manufacturing plants for oil and gas, chemical, and water, among others. This has increased the demand for industrial valves that can handle high pressure. For instance, SUEZ was awarded a 30-year build-and-operate contract for an industrial wastewater treatment plant in Changshu, China, through a local joint venture. The SUEZ joint venture is responsible for designing, constructing, and operating the wastewater treatment plant, which is expected to be commissioned in 2024.

• Power generation facilities require valves that withstand harsh operating conditions, such as high temperatures, pressures, and corrosive environments. Valves used in boiler feedwater systems and primary steam isolation, as well as to regulate feed water flow rate and turbine control, show the demand for the market in Asia-Pacific, which is in line with the factory automation trend in the power generation industries during the forecast period.

• The emerging economies, including India, China, Japan, South Korea, and other Southeast Asian countries, have been registering significant growth in their industrial sector to support their economic progress, which would help the construction of industries in the Asia-pacific region and can fuel the market growth of Valves in the future due to the application of Valves in the factories' infrastructure for controlling the flow of various fluids, such as steam, water, and cooling agents, among others.

Valves Industry Overview

The global valves market is characterized by moderate competitiveness and several influential players. These key actors hold significant market shares and are expanding their customer bases internationally. These industry leaders engage in strategic collaborations to bolster their market presence and enhance profitability. Notable market players include Emerson Electric Co., Schlumberger Limited, Alfa Laval Corporate AB, Flowserve Corporation, and Crane Co.

• December 2023 - Emerson Electric Co., a company in automation technology and software, has been chosen by SungEel HiTech Co. Ltd, a Korean expert in lithium-ion battery recycling. The collaboration aims to enhance sustainable production and operational efficiency at SungEel's latest lithium-ion recycling facility within the Hydro Center complex in Gunsan, Jeollabuk-do. Under this agreement, Emerson will deliver advanced instrumentation and valve solutions tailored to meet the stringent demands of SungEel HiTech's advanced proprietary hydrometallurgical processes, underscoring the growth in the company's valve business.

• November 2023 - Flowserve Corporation introduced the Worcester Cryogenic series, showcasing quarter-turn floating ball valves known for reliability in LNG, hydrogen, and industrial gas applications. The series offers two configurations: a three-piece design (CF44 series) and a flanged option (CF51/CF52 series). The features include a high-strength stem and an upgraded live-loaded stem seal, ensuring superior control over fugitive emissions.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support