Overview and Scope
Industrial valves are mechanical components that control the flow through pipes and other passages by opening, closing, and partially opening the vaults. They are used to control the flow of fluids, gases, and slurries. These manually controlled mechanical devices can be operated automatically.
Sizing and Forecast
The industrial valves market size has grown steadily in recent years. It will grow from $103.84 billion in 2023 to $108.99 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to infrastructure development, energy exploration and production, globalization of manufacturing, stringent regulatory standards, replacement and upgradation.
The industrial valves market size is expected to see steady growth in the next few years. It will grow to $129.35 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to focus on environmental sustainability, water management initiatives, renewable energy projects, resilience in supply chains, customization and specialization, global economic recovery. Major trends in the forecast period include smart valve technologies, rise of industrial internet of things, focus on energy efficiency, increased automation in manufacturing, expansion in oil and gas exploration, advanced materials and manufacturing techniques.
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Segmentation & Regional Insights
The industrial valves market covered in this report is segmented –
1) By Valves: Ball Valves, Check Valves, Butterfly Valves, Plug Valves, Globe Valves, Gate Valves, Diaphagm Valves, Safety Valves
2) By Function: Isolation, Regulation, Safety Relief Valve, Special Purpose, Non-Return
3) By Material: Ductile Iron, Carbon Steel, Plastic, Brass, Bronze, Copper, Aluminium, Others Materials
4) By Accessories: Hydraulic Filter, Power Cable, Mounting Screw and Bolts, Seal Kits, Dust Protection Cover, Others Accessories
5) By End-User: Chemicals, Engery And Power, Oil And Gas, Water And WeastWater Treatment, Building And Constructions, Paper And Pulp, Metal And Mining, Agriculture, Semiconductor, Other End Users
Asia-Pacific was the largest region in the industrial valves market in 2023. The regions covered in the industrial valves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising number of oil and gas explorations is expected to propel the growth of the industrial valve market going forward. Oil and gas exploration refers to the procedures and techniques used to identify potential locations for drilling and extracting oil and gas. Industrial valves control the flow of oil and gas and manage the fluid flow by regulating the direction and controlling pressure. For instance, in December 2022, according to the U.S. Energy Information Administration, a US-based government agency, In the US, oil production increased to 11.6 million barrels per day in 2021. Furthermore, gas production increased to 118.7 million barrels per day in 2021. Therefore, the rising number of oil and gas explorations is driving the growth of the industrial valve market.
Key Industry Players
Major companies operating in the industrial valve market are developing innovative products, such as control valves. to meet larger customer bases, more sales, and increase revenue. A control valve is a mechanical device used in various industrial processes to regulate the flow of fluid (such as gas, steam, or liquid), pressure, temperature, or other process variables. For instance, in February 2022, CIRCOR International Inc., a US-based Industrial valve manufacturing company, launched the CIR 3100 control valve. The CR 3100 control valve by Circor has a valve body designed to accommodate a variety of internal configurations, making it suitable for a wide range of applications in industries such as upstream, midstream, and downstream oil and gas, power generation, processing, maritime, and renewables. It incorporates multiple internal options along with standardized parts and accessories, thereby reducing inventory and maintenance costs. The valve’s trims are easily interchangeable, providing adaptability to changing process conditions and requirements.
The industrial valves market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
…………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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