Industrial Valves Market is Expected to Reach $107,356.7 Million in 2027, Growing at a CAGR of 3.5% from 2020 to 2027

According to a new report published by Allied Market Research, titled, “Industrial Valves Market by Material Type, Valve Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global industrial valves market size is expected to reach $107,356.7 million in 2027 from $86,202.7 million in 2019, growing at a CAGR of 3.5% from 2020 to 2027. In 2019, North America dominated the market, in terms of revenue, accounting for a 34.5% share of the global market.

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Industrial valves are electro-mechanical or mechanical devices used for control of gases, liquid, slurries, and others through pipes and tubes in industries. Different kinds of industrial valves perform various functions such as shut on/off, pressure control, and other regulation purposes. There are various kinds of industrial valves, including ball valves, butterfly valves, check valves, gate valves, globe valves, pinch valves, and others ,which are designed for regulation, control, and on & off purposes. Moreover, industrial valves are manufactured using carbon steel, cast iron, stainless steel, and various other metal alloys for attaining high efficiency. Furthermore, the high automation and control in industrial valves improve their functioning in hazardous applications such as oil & gas, chemical processing, nuclear power generation plants, and others.

In addition, the implementation of automation technologies has assisted in reducing the wastage of liquids passing through the pipes and valves, which result in reduction of costs. Various industries adopt automation and control technologies by upgrading their pre-installed industrial valves, which in turn drives the industrial valves market growth. Furthermore, the focus on increasing the production of oil & gas in North America has created a high demand for industrial valves in the region. The investments for extraction of oil & gas has propelled substantially, which has led to infrastructural development. This is expected to create massive demand for industrial valves, which in turn will boost the growth of the market.

Covid-19 Impact Analysis

The COVID-19 pandemic has negatively affected the market mainly due to the halt in international trade, prolonged lockdowns, and ceased manufacturing processes. In addition, the major end-user manufacturing companies located in countries such as the U.S., Germany, the UK, and others are also facing financial impacts due to halted production, which is likely to hinder the growth of the industrial valves market during 2020.

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North America is the largest contributor in the industrial valves industry with the highest share during 2019. The U.S. and Canada are the largest consumers of industrial valves within the region and have strong trade relations with manufacturing countries in Europe and Asia-Pacific. However, the industrial valves market has lucrative growth opportunities in China and India, which are likely to exhibit significant growth during the forecast period. This is due to the low material costs and extensive growth in industrial infrastructure during the past years.

Key Segments

The global industrial valves market is segmented into material type, valve type, application, and region. By material type, the market is categorized into cast iron, steel, alloy based, and others. Depending on valve type, it is segregated into ball valves, butterfly valves, gate valves, globe valves, plug valves, check valves, and diaphragm valves. On the basis of application, it is differentiated into oil & power, water & wastewater, chemical, food & beverage, and others.

By Region

The global industrial valves market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is expected to hold the largest market share throughout the study period, and Asia-Pacific is expected to grow at the fastest rate.

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Key Players

The major players operating in the industrial valves industry include AVK Holding A/S, Avcon Controls Private Limited, Schlumberger Limited, Crane Co., Emerson Electric Co., Flowserve Corporation, Forbes Marshall, IMI plc, Metso Corporation, and The Weir Group plc.

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This release was published on openPR.