Market Research Report
Industrial Valves Market with COVID-19 Impact Analysis by Function (On-off/Isolation, Control), Material, Type, Component, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment) and Region - Global Forecast to 2026
|Industrial Valves Market with COVID-19 Impact Analysis by Function (On-off/Isolation, Control), Material, Type, Component, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment) and Region - Global Forecast to 2026|
Published: January 7, 2022
Content info: 239 Pages
Delivery time: 1-2 business days
The global industrial valves market size was valued at USD 73 billion in 2021 and is projected to reach USD 90.5 billion by 2026. It is expected to grow at a CAGR of 4.4% during the forecast period. The high demand for control valves from oil and gas companies in North America, Latin America, and Africa is a critical factor driving the growth of the control valves segment. Increasing demand for municipal machines such as power sweepers and garbage vehicles from developing countries in APAC and the Middle East is another factor contributing to the growth of this segment.Hence, the market for control valves is expected to grow at a higher CAGR during the forecast period.
"Based on the size, valves sized <1" and 1- 6" to account the largest share during 2021-2026."
Valves sized <1" and 1- 6" together account for a larger share of the overall industrial valves market in 2020. A similar trend is likely to be observed during the forecast period. This growth can be attributed to the rising adoption of these valves in various critical and severe service applications in multiple industries, such as oil & gas, energy & power, water & wastewater treatment, chemicals, food & beverages, and pulp & paper.
"Actuators to witness a higher CAGR during the forecast period."
Actuators are expected to witness the highest CAGR during the forecast period. Rapid developments in electronics have resulted in the introduction of advanced control systems and state-of-the-art actuator and valve combinations are now installed in new plants. Through connected networks, monitoring of valve conditions and predicting impending valve deterioration is possible. This, in turn, reduces the unplanned/accidental shutdown of plants and leads to the rising adoption of actuators in valves. Various critical/severe service applications use actuators where manual operation is either not safe or requires more effort and time. Hence, the market for actuator is expected to grow at a higher CAGR during the forecast period.
"Energy & power end-use industry to witness the highest CAGR during the forecast period."
Energy & power end-use industry is expected to witness the highest CAGR during the forecast period. In the energy & power industry, there is a strong need to develop infrastructure to balance future energy demand. This trend is creating an opportunity for manufacturers to design and develop their products as per the requirements and standards of the industry. Valves, specifically with digital capabilities, are in demand for safety applications and critical operations.
"North America to record the highest growth rate in industrial valves market during the forecast period"
North America is likely to be the highest growing market for the industrial valves market in the coming years. North America is a key market for industrial valves as the region is home to a few of the largest multinational corporations, such Emerson Electric Co. (US), Schlumberger (US), Flowserve Corporation (US), and Crane Co. (US). The 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 are among the crucial factors driving the market in North America. R&D at industry levels is broadening the application areas of industrial valves in different industries, such as energy & power and chemicals, in the US. Control valves are used in the oil & gas, energy & power, and water & wastewater treatment industries to control media flow through a system, as well as to start, stop, or throttle the flow and ensure safe and efficient process automation.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the industrial valves marketplace.
The industrial valves market comprises major players such as Emerson Electric Co. (US), Schlumberger (US), Flowserve Corporation (US), IMI plc (US), Neles Corporation (Finland), Spirax Sarco Limited (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (US), Bray international (US) , and CIRCOR International, Inc. (US). These top players have strong portfolios of products and services and presence in both mature and emerging markets.
The study includes an in-depth competitive analysis of these key players in the industrial valves market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the industrial valves market based on function, type, component,material, size, end-users, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the industrial valves market. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments carried out by the key players to grow in the market.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall industrial valves market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.