Gate Valve Market is expected to reach US$ 12,988.40 million by 2028

"Gate Valve Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Valve Type (Flexible wedge, Solid wedge, Split wedge or Parallel disks Valve), Valve Size (2" to 12", 14" to 36", and 42" & above), and Valve Size ( Oil & Gas, Water & Wastewater Treatment, Chemical, and Others)", The gate valve market is projected to reach US$ 12,988.40 million by 2028 from US$ 8,712.18 million in 2020. It is estimated to register a CAGR of 4.5% during the forecast period.

Valve manufacturers require raw materials such as stainless steel, ductile iron, and carbon steel in the form of the forge. The costs of these commodities have been rising and changing due to various factors, including fluctuating transportation costs. The price volatility of raw materials used in the production of gate valves is a significant factor challenging the progress of gate valves manufacturers. Inconsistencies in these costs lead to fluctuations in profit margins, as prices of raw materials collectively account for ~60% of the total price of the end product.

Report Coverage Details
Market Size Value in US$ 8,712.18 million in 2020
Market Size Value by US$ 12,988.40 million by 2028
Growth rate CAGR of 4.5% from 2020 to 2028
Forecast Period 2020 - 2028
Base Year 2020
No. of Pages 151
No. Tables 83
No. of Charts & Figures 83
Historical data available Yes
Segments covered Valve Type, Valve Size, and Valve Size
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Gate Valve Market: Competitive Landscape and Key Developments
Weir Group PlC; ITT Inc.; Emerson Electric Company; Velan Inc.; Jash Engineering Ltd.; Mueller Water Products Inc.; Process Systems; T-T Pumps; Econosto; Red Valve Company, Inc., FKB; and KSB SE & Co KgaA are among key players profiled during the study of the Gate Valve market.

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China, India, South Korea, Japan, and Australia are among the key economies in APAC. China, India, and Southeast Asian countries are the fast-growing economies in the region. The demand for gate valves from the water & wastewater management industry in APAC is booming, and a similar trend is expected to continue in the next few years. In addition to the large-scale industrialization and urbanization, dense population and high per capita income contribute to the expansion of the gate valves market. Urbanizations leads to the elevated demand for new and enhanced wastewater treatment facilities for ensuring appropriate water usage and management.

The discovery of new fossil fuel reserves in APAC, especially in countries such as China and Thailand, is expected to open up substantial development opportunities for the gate valves market. The large-scale exploration and production operations at these sites will boost the procurement of gate valves in this countries. The chemicals industry in China is another key end user of gate valves. Many top players have chemical manufacturing sites in China..

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Impact of COVID-19 Pandemic on Gate Valve Market

According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected other major emerging economies such as Singapore, Thailand, and Indonesia.

The existing unutilized production capacity scenario, combined with the COVID-19 effect, would have a neutral impact on the Asian manufacturing and power sectors' overall financial health. However, there has been a major reduction in power consumption and production volumes in industrial and commercial units, ultimately resulting in a reduction in demand for gate valves. However, owing to the adoption of remote production and supported by solid infrastructure, majority of the manufacturing units didn't feel adverse effect in their operations..

North America is at the forefront of the advancement and adoption of new technologies due to favorable government policies boosting innovations and strengthening infrastructure capabilities. After the first wave of the COVID-19 pandemic, overall all the segment recoveries have been non-uniform across various manufacturing industries. Several manufacturers had to suspend their operations; they also experienced disruptions in supply activities, which lowered their capacity utilization rates and impaired productivity. However, the implementation of digital twin, i.e., a digital representation of a physical thing, like production process or physical production environment, enabled manufacturing units across North America to virtually simulate the production process and products with its performance in the real world

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