Industrial Valves Market Forecasts to 2028 – Global Analysis By Function (On-Off/Isolation, Control/Regulation), Product (Quarter-Turn, Multi-Turn), Component, End User, and By Geography
According to Stratistics MRC, the Global Industrial Valves Market is accounted for $76.21 billion in 2022 and is expected to reach $110.57 billion by 2028 growing at a CAGR of 6.4% during the forecast period. Industrial valves are mechanical devices that open, close, or partially obstruct passageways to regulate the flow of fluid or gas within a system. Industrial valves are utilized in process industries for direction, regulation, and control of gases, slurries, liquids, vapors, and others. Industrial valves are essentially utilized in capital-intensive industries, as these industries need a large number of valves during the installation stage.
The government’s focus on increasing the capacity additions of power plants across the country is augmenting the demand for valves in the power industry. According to the BP 2019 report on energy consumption, Primary energy consumption grew at a rate of 2.9% in 2018, almost double its 10-year average of 1.5% per year, and the fastest since 2010. Moreover, there are many ongoing and upcoming projects in the industry across the world with huge investments toward expanding production.
Market Dynamics:
Driver:
High demand from healthcare industries
Healthcare and pharmaceutical industries are in a high position of combating this pandemic, and there is an increase in the production of medical devices and apparatus needed to treat COVID-19 patients. Industrial valves play a significant role in the manufacturing of various types of medical devices, and several key industry players have grabbed the opportunity to contribute to the fight against this pandemic, which is driving the growth of the Industrial Valves market.
Restraint:
Different certifications and policies of different regions
Valve manufacturers should accept various certifications and policies of different regions with respect to valves. This factor makes diversity in product specifications because of the extensive applicability of valves in end-user industries. Though, this diversity is hindering the growth of the valves market, as industry players need to amend the same product according to the regional policies, which makes it difficult for valve manufacturers to achieve an ideal cost of installation. To resolve this issue, they need to invest their resources in setting up manufacturing facilities across regions, resulting in additional capital investments.
Opportunity:
Technological advancements
Technological advancements have enabled organizations to utilize modern technologies such as artificial intelligence (AI) and IIoT technology for limiting unplanned downtime and other unfavorable occurrences because of valve failures. These valve advances help the experts in monitoring the health and condition of industrial valves from a remote location. With rapid industrialization, industries are adapting valves equipped with sensors to decrease failures and overall maintenance costs. Adoption of these advanced values is anticipated to boost the market over the forecast period. Companies are launching new IoT platforms to help industries to monitor their assets remotely.
Threat:
High competition due to collaborations among industry players
The industrial valve market is highly fragmented. Mergers and acquisitions are supposed to assist manufacturers with improving their product portfolios and acquiring a larger market share. Because of declining oil prices, the oil & gas industry is focusing on the implementation of efficient processes. To fulfill this requirement, big market players are acquiring small companies having creative solutions to ensure sustainable growth and profitability. All these acquisitions would result in increased competition in the industrial valve market.
The steel segment is expected to be the largest during the forecast period
The steel segment is estimated to have a lucrative growth owing to the increasing demand for high-quality industrial valves in various industries to moderate the threat of contamination drives. Additionally, the rising concern for sanitation will additionally help the market for stainless steel valves in water & wastewater treatment plants as longer-lasting stainless steel valves can withstand harsh temperatures, chemicals, and pressures, along with hard water conditions, owing to their corrosion resistance quality.
The check valves segment is expected to have the highest CAGR during the forecast period
The check valves segment is anticipated to witness the fastest CAGR growth during the forecast period as these valves are ideal even for such applications where different gases are made to flow through a single pipeline. An increase in the number of power generation plants across the globe and the increasing energy and power requirements of emerging economies fuel the demand for check valves.
Region with highest share:
North America is projected to hold the largest market share during the forecast period due to the presence of the most prominent major key players and increasing R&D activities in the region pertaining to the use of actuators in the valves for automation and the rising demand for safety applications. Moreover increasing the use of industrial valves in various end-user industries also drives the market demand.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to the growing oil and gas industrial activities and the increasing need for water treatment in countries. In addition, increasing industrialization coupled with growing investment in various end-user verticals in which these valves are used drives the market demand in this region.
Key players in the market
Some of the key players profiled in the Industrial Valves Market include Alfa Laval, AVK Holding AS, Broer Group, CIRCOR International Inc., Crane Co., Curtiss-Wright Corporation, Danfoss AS, Emerson Electric Co., Georg Fischer Ltd, Flowserve Corporation, General Electric, Hitachi Metals Ltd, Honeywell International Inc., IMI PLC, ITT Inc., and KITZ Corporation.
Key Developments:
In Oct 2021, Emerson Electric Co. introduced the first valve assemblies that meet the design process requirements of Safety Integrity Level (SIL) 3 as per the International Electrotechnical Commission’s IEC 61508 standard. Fisher Digital Isolation final element solutions are designed for shutdown valves in critical safety instrumented system (SIS) applications.
In Sep 2021, KITZ Corporation acquired TOA Valve Engineering Inc. and signed an agreement of capital and business alliance. This business alliance helped both the companies to further boost their corporate value and expand their businesses by mutually sharing strategies, technologies, and strengths related to valves.
Functions Covered:
• Special Purpose
• On-Off/Isolation
• Non Return
• Control/Regulation
• Safety Relief
Products Covered:
• Quarter-Turn Valve
• Multi-Turn Valve
Types Covered:
• Automatic
• Manual
Accessories Covered:
• Seal Kits
• Power Cable
• Mounting Screws & Bolts
• Hydraulic Filter
• Dust Protection Covers
Materials Covered:
• Ductile & Gray Iron
• Cryogenic
• Alloy Based
• Cast Iron
• Steel
• Plastic
• Other Materials
Sizes Covered:
• Up To 1”
• 1-6”
• 6-25”
• 25-50”
• 50” and Larger
Valve Types Covered:
• Butterfly Valves
• Diaphragm Valves
• Check Valves
• Ball Valves
• Globe Valves
• Gate Valves
• Plug Valves
• Other Valve Types
Components Covered:
• Valve Body
• Actuators
End Users Covered:
• Water & Wastewater Treatment
• Refinery
• Pharmaceuticals & Healthcare
• Metals & Mining
• Automotive
• Oil & Gas
• Power Plants
• Marine
• Food & Beverages
• Energy & Power
• Chemicals
• Building & Construction
• Agriculture
• Pulp & Paper
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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