PUBLISHER: TechSci Research | PRODUCT CODE: 1371287
PUBLISHER: TechSci Research | PRODUCT CODE: 1371287
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Middle East Industrial Valves market is anticipated to grow at a steady pace in the forecast period 2024-2028. The market is strong and is anticipated to continue expanding in the future due to increased industrialization, manufacturing costs, and rising energy demand in the Middle East region. Consequently, oil refineries are expanding because of rising oil consumption. Therefore, with the growth in oil refineries' investments, comes the requirement for valves that are capable of withstanding high pressures while also minimizing operational cost wastage.
Additionally, a lack of water in the Kingdom causes a surge in water treatment operations, further fueling the industrial valve industry. With relation to this, over USD 66 billion in long-term capital investments have been pledged for water and sanitation projects in the region over the next ten years, and the government's goal is to achieve 100% wastewater reuse from towns with 5,000 or more residents by 2025. Hence, this movement of less water wastage & growing government awareness towards wastewater reuse are factors propelling the market growth in the forecast period.
Adoption Of Smart Valves with Intelligent Control Systems Fueling the Market Growth
|Market Size 2022
|USD 72.64 Billion
|Market Size 2028
|USD 92.19 Billion
|Fastest Growing Segment
The downstream sector of industrial valves is anticipated to grow significantly due to rising pipeline installations and expansion in unconventional oil & gas applications. Automation's growing importance in the process sector is leading to the increasing demand for automated control valves. The Industrial Valves market is primarily driven by the rising need for linked networks to maintain and monitor industrial equipment and the growing requirements to build new nuclear power plants and renovate current systems.
Smart valves with smart control systems are anticipated to grow increasingly, and in-turn, is anticipated to fast-track future development. Over the next ten years, the demand is expected to be driven by an increase in diagnostics and advanced devices in industrial valves for monitoring process factors such as upstream & downstream pressure stem position, temperature, and flow rate. The growth of smart valves for subsea oil and gas has improved the flexibility and dependability of the systems, which is likely to strongly influence market growth.
The demand for wastewater valves has increased significantly due to the penetration of industrialization and the rising use of automation in the manufacturing and processing sectors. For instance, the additional flow needed for a fluid recirculation condensate pump is controlled and regulated by valves in the condensate system. In addition, valves are employed to regulate the feedwater heater's deaerator level. Due to rising awareness of wastewater treatment, the industrial valve market is expected to grow in the forecast period.
Wide-Scale Implementation of The Internet of Things (IOT) Achieving High Efficiency in Industrial Valves
The wide-scale implementation of the Internet of Things (IoT), among other modern technologies, has been made possible through ongoing improvements in microprocessor processing power and high-speed communication technologies. The value chain among manufacturers for achieving high efficiency, players are using IoT detection technology, due to which the industrial valve market is expanding in the forecast period. For instance, the Belimo Energy Valve, a product of BELIMO Holding AG, enables simple access to useful data and control of the valves, including the ability to measure flow, monitor current energy consumption, and control valve position, flow, or thermal power with the aid of Modbus, MP-Bus, BACnet, or IoT connectivity. Additionally, smart valves can check their health and foresee any impending difficulties with their operations. A perfect smart valve comes equipped with a built-in battery backup, a small solar panel, Wi-Fi, and a specialized remote-control capability. When the valve cuts off the water flow, the application for water supply sends an SMS to the authorized users. Thus, the region's continuing smart city projects are expected to increase demand for smart industrial valves for monitoring and managing utility lines, propelling the expansion of the Middle East industrial valve market during the projected period.
Increasing Demand from Industrial Applications
To transfer oil and gas from their source to the location where they are to be used or turned into final goods, pipelines stand to be one of the most crucial arrangements in many industries, including oil and gas, refineries, and power generation. Any fluid flow through a system can be controlled using valves, which are widely employed in industrial applications. To maintain a safe and effective working environment, industries employ valves to start, throttle, or stop the fluid flow. They are utilized in several everyday mechanical devices, including gasoline-powered automobile engines, heating, ventilation, and air conditioning (HVAC) systems, and other applications. Additionally, the region is well known for its oil production and export, which has a large economic and labor-use impact on the entire region.
Niche Applications of Valves Driving the Market Growth
Industrial valves are also used in the marine sector. Now-a-days, the marine sector is growing in the middle east region, owing to which the demand of industrial valves will grow rapidly in the future. Different types of materials are used in valves of the marine sector. Among the many benefits, valves are used to control the loading and store a ship's power supply, to deliver water for fire purposes, to manage and process wastewater, and to store any liquid cargo. Valves are used in non-industrial contexts as well. These might be valves seen in home appliances like a faucet or outside hose or medical devices like a heart valve. This latest dependence on valves in marines and residential sectors is the factor propelling the market growth in the forecast period.
Saudi Arabia Growing oil & gas Industry
Saudi Arabia, one of the top net exporters of petroleum, is responsible for over 17% of the world's proven oil reserves. The second-largest proven oil reserves in the world are in Saudi Arabia. One of the largest integrated energy and chemical businesses in the world, Saudi Aramco, operates in two main sectors: upstream and downstream. In 2020, Aramco produced 12.4 mmbpd of hydrocarbons on average, including 9.2 mmbpd of crude oil. In contrast, Aramco produced 11.6 mmbpd of hydrocarbons on average in the first half of 2021, out of which 8.6 mmbpd came from the production of crude oil. Saudi Arabia was producing 10.3 mmbpd of crude oil, in 2022. Owing to this, the market of Middle East industrial valves market is expected to grow in the future.
The Middle East Industrial Valves Market is divided into Valve Type, Material Type, Application, Product and Country. Based on Valve Type, the market is divided into Globe Valves, Ball Valves, Butterfly Valves, Wedge Gate Valves, Knife Gate Valves, Check Valves, Diaphragm Valves, Pinch Valves, Float Valves, Air Valves, Automatic Control Valves, Resilient Seal Gate Valves, and Others. Based on Material Type, the market is divided into Cast Iron, Steel, Cryogenic, Alloy Based, and Others. Based on Application, the market is divided into Oil & Gas, Refinery, Chemical, Water, Wastewater Effluent, Power Generation, Agriculture, Mining, and Others. Based on Product, the market is divided into Quarter turn Valve, Multi turn Valve, and Others.
Major market players in the Middle East Industrial Valves Market are 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, and Velan Inc.
In this report, the Middle East Industrial Valves Market has been segmented into following categories, in addition to the industry trends which have also been detailed below: