The global industrial valves market reached a value of US$ 64.04 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 97.19 Billion by 2027, exhibiting a CAGR of 7.3% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Industrial valves are electromechanical devices used to regulate the flow and pressure of a liquid, gas, vapor, powder and slurry in a piping system. These valves comprise the body, trim, discs, seats, stem packing, end connectors, sealing rings, bonnet shell, union bolts, yoke and yoke nut, and operators and actuators. They help stop the flow rate through the pipe whenever required, prevent flow return to the pressurized side and protect equipment from overpressure hazards. Different types of industrial valves are presently available in the market based on their sizes, designs, functions and operations. These valves find extensive applications in the refinery, chemical, pharmaceutical, water & wastewater treatment, food and beverage (F&B), power, and oil & gas sectors worldwide.
Global Industrial Valves Market Trends and Drivers:
- Rapid industrialization, in confluence with the increasing automation in industrial processes, represents one of the key factors impelling the market growth. Apart from this, the rising number of oil and gas (O&G) exploration activities in offshore areas, coupled with the increasing energy demand, is acting as another major growth-inducing factor. Additionally, expanding nuclear power stations and petroleum refining plants is bolstering the market growth. Moreover, the rising pipeline installations and escalating demand for monitoring and controlling them from a centralized location are influencing the market positively. Furthermore, the integration of smart control systems and the rising adoption of diagnostics in industrial valves help monitor upstream and downstream pressure stem position, temperature and flow rate. This, along with the escalating demand for monitoring municipal wastewater flow, is also contributing to the market growth. The growing traction of renewable energy sources for generating electricity is anticipated to drive the market in the coming years.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial valves market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product type, functionality, material, size and end use industry.
Breakup by Product Type:
- Gate Valve
- Globe Valve
- Butterfly Valve
- Ball Valve
- Check Valve
- Plug Valve
Breakup by Functionality:
- On-Off / Isolation Valves
- Control Valves
Breakup by Material:
- Cast Iron
- Alloy Based
Breakup by Size:
- Upto 1"
- 51" and Above
Breakup by End Use Industry:
- Oil and Gas
- Water and Wastewater Treatment
- Food and Beverage
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being AVK Holding A/S, Cameron International Corporation (Schlumberger), The Crane Company, Emerson Electric Co., Flowserve Corporation, Forbes Marshall, IMI Plc, Kitz Corporation, Neway Valves (Suzhou) Co. Ltd., Samson AG and Velan Inc. Key Questions Answered in This Report:
- How has the global industrial valves market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global industrial valves market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the functionality?
- What is the breakup of the market based on the material?
- What is the breakup of the market based on the size?
- What is the breakup of the market based on the end use industry?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global industrial valves market and who are the key players?
- What is the degree of competition in the industry?