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Industrial Valves Market Projected to reach $85.1 Billion by 2023 | Key players include Wier group, Flowserve Corporation, IMI Plc and Emerson Electric Corporation
MarketsandMarkets
Browse 98 market data Tables and 63 Figures spread through 188 Pages and in-depth TOC on "Industrial Valves Market by Size, Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Material Type (Cast Iron, Steel, Cryogenic, Alloy Based), Industry (Oil & Gas, Water & Wastewater, Energy & Power), and Geography - Global Forecast to 2023"
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An industrial valve is a device that either automatically or manually regulates, controls, or restricts the flow of a liquid or gas running through the piping system. These valves function either through external actuation or as per its design. Ball valves, butterfly valves, check valves, and gate valves some of the types of these valves.
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Ball Valves Projected to Lead Industrial Valves Market During the Forecast Period
Based on valve type, the industrial valves market is segmented into ball valves, globe valves, butterfly valves, gate valves, diaphragm valves, plug valves, check valves, and safety valves. Among all types, the ball valves segment is expected to lead the industrial valves market from 2018 to 2023. The adoption of these valves is anticipated to increase in oil & gas and water & wastewater treatment industries, due to their tight sealing with low torque feature.
Cryogenic Valves Expected to be the Fastest-growing Material Types of the Industrial Valves Market
The cryogenic valves segment is projected to grow at the highest rate during the forecast period. These valves differentiate from other standard valves due to their ability to be fully functional both in low temperatures and at high-pressure ratings. Hence, they are widely used by companies that work with Compressed Natural Gas (CNG) or Liquefied Natural Gas (LNG). Cryogenic valves are used to help transport and store cryogenic gasses safely and efficiently.
Asia Pacific Anticipated to Be the Leading Revenue Contributor to the Industrial Valves Market
APAC is projected to be the leading market for industrial valves during the forecast period. There is an increase in power generation, which is a direct result of the rapidly growing population and industrialization. The growth of energy & power, oil & gas, construction, chemicals, and pharmaceuticals industries and the increasing demand for new and improved wastewater treatment systems are some of the major factors fueling the growth of the industrial valves market in this region.
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Some of the key manufacturers of industrial valves are Wier group (UK), Flowserve Corporation (US), Emerson Electric Corporation (US), IMI Plc (UK), and Cameron –Schlumberger (US).
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