Gate Valve Market Poised for Steady Growth with 5.0% CAGR, Projected to Reach US$ 24.3 Billion by 2033

The global gate valve market achieved sales amounting to US$ 12.9 billion in 2018, with a projected revenue of US$ 14.8 billion by 2023. Over the evaluation period spanning from 2023 to 2033, the revenue trajectory is anticipated to accelerate at a 5.0% Compound Annual Growth Rate (CAGR), resulting in a cumulative value of US$ 24.3 billion by the conclusion of 2033.

Prominent contenders within the global market are strategically targeting offshore and chemical gate projects to augment their presence within the gate valves sector. Key industry players are consistently directing their efforts toward new product development and engaging in merger endeavors with significant end-users of gate valves to enhance their market share.

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Gate Valves: Essential Components for Oil & Gas Sector Operations

Gate Valves play a pivotal role within the oil & gas sector, acting as crucial tools for controlling the flow of hydrocarbons during exploration, drilling, and production endeavors. These valves find extensive usage in key infrastructure elements such as wellheads and Christmas trees, where they assume the responsibility of managing oil & gas flow, upholding safety standards, and preventing potential leaks.

The versatile application of Gate Valves spans across both the upstream (exploration and production) and midstream (transportation and storage) segments of the oil & gas industry. In the upstream domain, these valves are strategically placed at wellheads and production facilities. Meanwhile, within the midstream sector, Gate Valves find their role in pipelines and storage tanks, facilitating the smooth transportation and storage of fluids.

Operating within the oil & gas sector exposes equipment to challenging conditions, including high pressures, extreme temperatures, and corrosive agents. Designed to withstand these demanding environments, Gate Valves emerge as indispensable components within the industry's infrastructure, ensuring optimal performance even under the harshest circumstances.

Key Insights from Gate Valve Market Analysis:

Sales of Gate Valves witnessed strong growth with a CAGR of 4.8% from 2018 to 2022.
The wedge Gate Valves segment is expected to hold a significant market share of 45.4% by 2023 based on disc type.
The oil & gas segment is projected to create a considerable absolute dollar opportunity of US$ 2,634.9 Million in 2023, in terms of end-use applications.
Geographically, North America is poised to contribute substantially, accounting for more than 24.7% of the total market value in 2023.
Brazil is anticipated to generate an incremental opportunity of US$ 354.7 Million in 2023.

Leading the Way in the Gate Valve Market:

Key Gate Valve manufacturers are gaining traction by strategically expanding their global reach. They are achieving this through the establishment of robust distribution networks and venturing into new markets. This approach has enabled them to tap into emerging economies and effectively cater to a diverse customer base.

Manufacturers are also dedicated to delivering tailored solutions to customers across various industries. By comprehending specific needs, they provide optimized Gate Valve solutions for diverse applications, including sectors like oil & gas, water treatment, and power generation.

Prominent Players in the Gate Valve Market:

Emerson Electric Co.
Flowserve Corporation
AVK Holding A/S
Velan Inc.
DeZURIK Inc.
Zhejiang Zhongcheng Valve Co. Ltd.
Crane Co. Ltd
Tecofi
Weir Group PLC
Bray International
Others

Recent Noteworthy Developments:
Weir Minerals introduced the Isogate WR knife gates valve in March 2012, offering a substantial enhancement in valve performance for mine and aggregates operators.
AVK Valves launched four new sizes of Gate Valves featuring PE ends with outer pipe dimensions of 450, 500, 560, and 630 mm in February 2020. These additional sizes are available in PN10 and PN16 in black/blue basic pipes.

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Gate Valve Market Segmentation:

By Disc Type:
Wedge Gate Valve
Solid Wedge
Flexible Wedge
Split Wedge
Parallel Slide Gate Valve
Knife Gate Valve
Slab Gate Valve

By Valve Material Used:
Cast Iron
Steel
Carbon Steel
Stainless Steel
Alloy Steel
Cast Steel
Brass
Bronze
Plastic
PVC
CPVC
PP
Others

By Size:
0.25 inch to 2 inch
3 to 12 inch
14 to 30 inch
More Than 30 inch

By End Use:
Oil & Gas
Upstream
Midstream
Downstream
Water and Wastewater Treatment
Flow Control
High-pressure Applications
Corrosive Fluid Handling
Others
Chemical and Petrochemical
Power Generation
Steam System
Cooling System
Fuel Supply System
Others
Mining and Minerals
HVAC
Marine and Shipbuilding
Others

By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia Pacific
East Asia
Middle East and Africa

Explore This Report From Different Publication:

Gate Valve Market Size @ https://www.globenewswire.com/news-release/2023/08/09/2721526/0/en/Gate-Valve-Market-Projected-to-Surpass-US-24-3-Billion-by-2033-Driven-by-Robust-Fluid-Flow-Requirements-in-Extensive-Infrastructure-Ventures-Future-Market-Insights-Inc.html

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This release was published on openPR.