Europe Industrial Valve Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material Type (Cast Iron, Steel, Cryogenic, Alloy-Based, and Others), Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, and Piston RAM Val

Europe Industrial Valve Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material Type (Cast Iron, Steel, Cryogenic, Alloy-Based, and Others), Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, and Piston RAM Valves), and Industries (Oil and Gas, Water Treatment, Power and Energy, Chemicals and Petrochemical, Food and Beverage, Healthcare and Pharmaceutical, and Others)

The Europe industrial valve market is expected to grow from US$ 10,234.88 million in 2021 to US$ 14,420.99 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2021 to 2028.

Ball valves have a simple construction that features a ball mounted within a pipe. The ball valves are majorly known for their high durability, damage resistance, and low service requirements. They can be repaired easily without the need for intense workmanship. Furthermore, these valves do not require any lubrication while offering a bubble-tight seal with low torque. Ball valves are also affordable and easy to use. Moreover, they can handle and regulate high volume, pressure, and flow at elevated temperatures, which makes them suitable for operations involving various gasses and liquids. Thus, these factors are propelling the adoption of ball valves in industries such as oil & gas, power generation, chemicals and petrochemicals, and healthcare. Apart from ball valves, butterfly valves are among the most commonly used valves in the industrial sector. Their lightweight body with disc and wafer form requires much less structural assistance than other types, such as ball valves. Further, they are cost-efficient and easier to install. Butterfly valves are well-known for their abilities to handle slurries and corrosive liquid effectively. Thus, with rising urbanization, coupled with the increasing deployment of wastewater treatment plants, the industrial valves market players witness huge demand for butterfly valves, thereby driving the Europe market growth.

Countries in Europe, especially the UK, are highly affected due to the COVID-19 outbreak. Several countries in the region witnessed an economic hit and a decline in business activities across the oil & gas sector due to lowering oil prices in the first quarter of 2020. Many European countries have implemented drastic measures on imports and exports and the shipment of goods by partially closing their borders. These measures declined the demand for energy in various industry verticals, which, in turn, hindered the growth of the industrial valves market in Europe. Russia is a leading natural gas-producing country in the global market, which has been severely affected by the pandemic, forcing the country to impose a nationwide lockdown. That has heavily disrupted the country's oil & gas supply chain and reduced the demand for oil & gas-related products. COVID-19 has compelled manufacturers to streamline production processes to tackle unexpected disruption and resolve uncertain challenges like physical distancing. As many countries begin to reopen industries, the demand for energy and the E&P (exploration and production) of oil & gas activities is rising, which is supporting the growth of the industrial valve market. Considering the increase in vaccination drives, the demand for industrial valves is expected to recover by the end of 2022, with companies investing in making operations more efficient and productive.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. Thus, the Europe industrial valve market is expected to grow at a good CAGR during the forecast period.

Europe Industrial Valve Market Revenue and Forecast to 2028 (US$ Million)

Europe Industrial Valve Market Segmentation

Europe Industrial Valve Market - by Material Type

Cast Iron Steel Cryogenic Alloy-Based Others

Europe Industrial Valve Market - by Valve Type

Ball Valves Butterfly Valves Diaphragm Valves Safety Valves Piston RAM Valves Europe Industrial Valve Market - by Industries

Oil and Gas Water Treatment Power and Energy Chemicals and Petrochemical Food and Beverage Healthcare and Pharmaceutical Others Europe Industrial Valve Market - by Country

France

Germany Italy UK Russia Rest of Europe Europe Industrial Valve Market - Companies Mentioned

CIRCOR International, Inc. Crane Co. Emerson Electric Co. Flowserve Corporation IMI Critical Engineering KITZ Corporation Neway Valve (Suzhou) Co., Ltd Schlumberger Limited Spirax-Sarco Engineering plc Velan Inc.

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