Press release
Industrial Valves Market's Size Breakthrough: Witnessing 5.17% CAGR Surge by 2031
The global Industrial Valves market is estimated to reach over USD 104.62 billion by 2031, exhibiting a CAGR of 5.17% during the forecast period.
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The pharmaceutical and healthcare sectors are leading the fight against COVID-19 due to the coronavirus's quick proliferation. The manufacturing of every important medical gadget needed to treat COVID patients has increased. Several significant industry participants have seized the chance to combat the fatal coronavirus pandemic since industrial valves are crucial to the production of various types of medical equipment. Emerson's valves, for instance, can control pressure relief, maintain cleanliness in sterilisers, in oxygen therapy devices to help high-risk patients or those recovering, and support blood analyzers and other essential haematology equipment.
Moreover, pop-up and remote hospitals, as well as triage centres, receive oxygen supply through the company's high-pressure and high-purity valves. Emerson also manufactures a number of tiny instrument-level valves for lab and medical equipment, and the business is now, for the first time, noticing an increase in demand from manufacturers of oxygen therapy devices. Furthermore, modern hospital beds contain pneumatically activated air bladders that are intended to improve patient comfort.
List of Prominent Players in the Industrial Valves Market:
• ALFA LAVAL
• AVK Holding AS
• Baker Hughes
• Bray International,
• CIRCOR International Inc.
• Crane Co.,
• Curtiss-Wright Corporation
• Danfoss AS
• Emerson Electric Co.
• Flowserve Corporation
• Georg Fischer Ltd
• Hitachi Ltd
• Honeywell International Inc.
• IMI PLC,
• ITT Inc.
• KITZ Corporation
• KLINGER Group
• KSB SE & Co, & KGaA,
• Mueller Water Products Inc.
• Neles,
• NIBCO Inc.
• Okano Valve Mfg. Co. Ltd
• Saint-Gobain
• Schlumberger Limited
• Spirax-Sarco Engineering PLC.
• TechnipFMC PLC
• The Weir Group PLC
• Valvitalia SpA
• Xylem
• Zhejiang Dunan Valve Co. Ltd
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Market Dynamics:
Drivers-
Due to technical advancements that provide access to resources in deep oceans or uncommon reservoirs like high temperature, high pressure, under pressure, and unconventional or depleted reservoirs, the oil and gas industry's growing production and exploration investment has fueled the need. The market for industrial valves is anticipated to experience significant growth opportunities as a result of rising pipeline installations and expansion in unconventional oil & gas applications across downstream segments. The process industry's increasing use of automation has increased demand for automated control valves.
Challenges:
Over the course of the forecast period, issues like the absence of standardized norms and governing policies, a lack of product differentiation, a slowdown in the oil and gas, mining, and construction industries, and downtime because of valve repairs are predicted to limit market growth globally. Manufacturers of valves must abide by a number of standards and laws. Regarding valves, several locations have distinct certifications and regulations. Due to the vast range of industries where valves are used, including oil and gas, food and beverage, pharmaceuticals, energy and electricity, water and wastewater treatment, building and construction, chemicals, and pulp and paper, this factor leads to diversity in demand. Yet, this diversity is impeding the market for industrial valves from expanding.
Regional Trends:
The market in North America is anticipated to provide a significant platform for future growth. This region has a lot of potential for growth as a result of the rising output of shale gas and oil sands. The demand for all types of valves is expected to increase as ageing, ineffective valves for gas transportation in midstream infrastructure are replaced with more effective valves. The extraction of oil and gas from shale gas is revolutionizing the U.S. market, and these discoveries have sparked significant investments in North American exploration and production. The market potential is anticipated to be strengthened by the rising trend of electricity generation from renewable energy sources.
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Recent Developments:
• In November 2022, In keeping with the Saudi Arabian government's intentions to localise critical products, IMI Saudi Industry, a division of IMI Critical Engineering, launched a new 5,000 m2 facility in Dammam. This facility will provide cutting-edge valve solutions and boost national manufacturing capabilities.
Segmentation of Industrial Valves Market-
By Type-
• Ball Valves
• Check Valves
• Butterfly Valves
• Plug Valves, Globe Valves
• Gate Valves
• Diaphragm Valves
• Safety Valves
By Component-
• Actuators
• Valve Body
• Other Components
By Function-
• On/Off
• Control
By Material-
• Steel,
• Cast Iron,
• Alloy-Based,
• Cryogenic, Plastic,
• Other Materials
By Size-
• 50"
By End-User Industry-
• Chemicals
• Energy & Power
• Oil & Gas
• Water & Wastewater Treatment
• Building & Construction
• Paper & Pulp
• Metal & Mining
• Agriculture
• Semiconductor
• Pharmaceutical
• Food & Beverage
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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