Categories: Oil & Gas

Industrial Valves Market Size, Growth, Trends 2023 to 2032

The Butterfly Valves Global Market Report 2023 by The Business Research Company, provides butterfly valves market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Butterfly Valves Global Market Report 2023, the market is expected to grow from $9.83 billion in 2022 to $10.49 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The butterfly valves market is expected to grow to $13.36 billion in 2027 at a CAGR of 6.2%.

The increasing demand for butterfly valves from the oil and gas industry is expected to propel the butterfly valve market. Valves play a vital role in the oil and gas industry since they are an essential part of every piping system. They are employed to control flow rates, segregate and secure equipment, and direct the processing of crude oil. The increasing oil and gas upstream and downstream activities will lead to an increase in demand for valves.

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The butterfly valves market is segmented:

1) By Type: High-Performance Butterfly Valves, Lined Butterfly Valves

2) By Mechanism: Centric Valves (Zero Offset Butterfly Valves), Eccentric Valves

3) By Function: On/Off Valves, Control Valves

4) By End User: Oil And Gas, Electric Power, Water And Wastewater, Chemical, Other End Users

Product innovation is a key trend gaining popularity in the butterfly valves market. Major companies operating in the butterfly valve market are focused on developing innovative solutions to strengthen their position in the market. For instance, in October 2021, Valves Online Limited, a UK-based industrial equipment supplier, launched an innovative, jacketed hygienic butterfly valve that solves reoccurring problems commonly found in the confectionery industry. The Warmflow design involves the butterfly valve principle, which is then enclosed with a jacket that allows a heating medium into the jacket and is separated from the valve and the process line. This prevents the valve from warming, allowing the product to flow freely without solidifying. The valve has been installed in food factories all around the United Kingdom and has undergone rigorous testing with a success rate of 100%, leading to efficient lines that reduce time and costs.

The butterfly valves market report table of contents includes: