Global Industrial Valves Market Analysis 2022
The Global Industrial Valves Market is expected to reach $100.16 billion by 2028 growing at a CAGR of 5.2% from 2021 to 2028. Valves have become an indispensable component of industrial structures. They play a critical role in controlling the flow of materials across various industries. While they all provide similar functions, industrial valves have evolved into various types with specialized designs and features to meet a number of application-specific requirements. Industrial valves are mainly manufactured using stainless steel, carbon steel, cast iron, and other high functioning metal alloys to obtain efficient flow control in industries such as oil & power, food & beverages, chemicals, water & waste water, and others.
Factors such as rising focus on development of smart cities worldwide, increasing adoption of automation technologies in process industries, and growing manufacturing of industrial valves through 3D printing are driving the growth of the market. However, lack of standardized policies and malfunctioning or failures of valves are restraining the growth of the market.
Based on end user, the oil & gas segment is going to have a lucrative growth during the forecast period which can be attributed to the increasing energy demand, rising transportation sector, and rising drilling activities in the Gulf Cooperation Council (GCC) countries. However, at present, the world is recovering from an economic crisis due to the outbreak of the COVID-19 pandemic. Post COVID-19, the rising demand for maintenance operations in oil & gas industry would create ample opportunities for key players.
The key vendors mentioned are Hitachi Metals Ltd, Honeywell International Inc, General Electric (Baker Hughes), 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, IMI PLC, ITT Inc, Schlumberger, Neles Corporation, Spirax Sarco Limited, and KITZ Corporation.
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