Market Overview:
Industrial Valves Market size is slated to observe significant growth in the coming years. MVI research predict that the market's worth exceeded USD 75.2 Billion in 2022 and is expected to showcase a CAGR of over 4.5% from 2023 to 2032. By 2032, the market is anticipated to surpass more than USD 114.1 Billion.
Industrial valves are a significant component in several industrial processes, providing control of the flow of gases, liquids, and other materials. These valves play a vital role in regulating the flow rate, pressure, and temperature of the material being transported through pipes and other channels.
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As a result, they are used in a wide range of industries, including oil and gas, chemicals, water treatment, and food and beverage. They come in various sizes, materials, and types, depending on the application they are used for. Valves can be operated manually or automatically, depending on the requirement of the process. There are several types of industrial valves, including gate valves, globe valves, ball valves, butterfly valves, and check valves. Each type of valve has its own unique design, with specific features and benefits that make them suitable for specific applications.
The increasing demand for industrial valves is driven by the growing industrialization across the world. The rapid industrialization has resulted in the expansion of various industries, such as oil and gas, chemical, and water treatment. This has increased the demand for industrial valves as they are essential in controlling the flow of fluids and gases in these industries. The rise in demand for automation in industries has also led to the growth of the industrial valves market. Automated valves are more efficient, reliable, and cost-effective than traditional manual valves, making them increasingly popular in various industrial applications.
Drivers:
- Growing industrialization and infrastructure development in the world
- Growing demand for automation in industries
- Rising demand for oil and gas and other energy sources
Restraints:
- High cost of industrial valves
- Stringent regulations governing the use of industrial valves in various industries
Growing industrialization across the globe
The increasing demand for industrial valves is driven by the rising industrialization across the world. The rapid industrialization has resulted in the expansion of various industries, such as oil and gas, chemical, and water treatment. This has increased the demand for industrial valves as they are essential in controlling the flow of fluids and gases in these industries.
Moreover, the rise in demand for automation in industries has also led to the growth of the industrial valves market. Automated valves are more efficient, reliable, and cost-effective than traditional manual valves, making them increasingly popular in various industrial applications.
High cost of the valves and stringent government norms
One of the main challenges facing the industrial valves market is the high cost of valves. Industrial valves are typically made from high-quality materials, such as stainless steel, which can be expensive. Additionally, the complexity of the valves and the manufacturing processes involved in their production can also contribute to their high cost.
Moreover, the stringent regulations governing the use of industrial valves in various industries is one of the factor restraints the market growth in the coming years. Valves used in the oil and gas industry, for example, need to meet strict safety standards to prevent accidents and ensure the protection of the environment.
End-use Industry Synopsys:
In 2022, the industrial valves market was dominated by the energy and power industry, which held the largest share in terms of revenue. This growth is attributed to the global challenge of meeting the growing demand for energy while ensuring efficient, safe, and environmentally-friendly production methods, particularly for non-renewable resources. Control valves play a critical role in power generation plants, and in this industry, they must have a tight shutoff capability to handle high-integrity slurry, as well as easily replaceable discs due to the abrasive nature of the materials that pass through them. As a result, specialized valves are used in the energy and power industry for a range of applications.
Regional Overview:
Asia Pacific is expected to dominate the industrial valves market, with countries like China and India driving the growth. The region's rapid industrialization and increasing investments in various industries, such as oil and gas, water treatment, and chemical, are expected to drive the growth of the industrial valve industry in the region.
North America and Europe are also significant markets for industrial valves. The increasing demand for automation in various industries is driving the growth of the market in these regions. The oil and gas industry in North America is expected to continue to drive the growth of the industrial valves market in the region.
Recent Development:
- In November 2022, IMI Saudi Industry has opened a new 5,000-square-meter facility in Dammam to provide innovative valve solutions and strengthen national manufacturing capabilities in line with the Saudi government's plans to localize key products.
- In April 2021, Oceaneering International's Rotator division has unveiled a new high-performance topside chemical throttle valve (T-CTV) for utilize in a range of industries, including chemical processing, oil and gas, wastewater treatment, medical, and pharmaceutical.
Top manufacturers includes in the global industrial valves market are:
- AVK Holdings A/S
- Crane Co
- Emerson Electric Co
- Flowserve Corp
- KLINGER Holding
- Fluidline Valves Co. Pvt. Ltd
- Davis Valve
- Sirca International
- Powell Valves
- Metso Outotec Corporation
- IMI Saudi Industry
- Virgo Engineers Inc.
- Avcon Controls Pvt. Ltd.
- Oceaneering International's Rotator
- Jagflo Components
- Walworth
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In-depth analysis of industrial valves market along with industry coverage and forecasting for the following segments:
Market Value, By Type
- Ball Valve
- Gate Valve
- Check Valve
- Globe Valve
- Butterfly Valve
- Plug Valve
- Others
Market Value, By Material
- Alloy Based
- Steel
- Cast Iron
- Others
Market Value, By End-use Industry
- Water & Wastewater Treatment
- Oil & Gas
- Chemicals
- Energy & Power
- Building & Construction
- Paper & Pulp
- Pharmaceutical
- Metal & Mining
- Agriculture
- Food & Beverage
- Other
Market Value, By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America