Industrial Valve Procurement Market to Grow from $97.4B in 2023 to $104.6B by 2025 at 3-4% CAGR | ELINT Market Research

According to the latest report from ELINT Market Research, in the year 2023, the Industrial Valves Procurement Market size arrived at $97.4 billion. Also, its future predictions indicate that this industry will further expand by the year 2025 and land up at $104.6 billion at a CAGR of 3-4%. Indeed, these promising statistics indicate that this sector has continuously evolved and holds a strong worldwide presence.

Industrial valves work as crucial mechanical appliances in fluid control systems. Their major work is to manage the flow of different kinds of liquids and gases within pipelines. Further, these devices include distinct types, such as globes, balls, butterflies, and gates; each of them works based on their particular qualities, to execute specific industrial processes.

Over the last few years, multiple industries have employed industrial valves, like farming, water management, oil and gas, chemicals, power generation, medicine, food and drinks, and many more. These sectors employ specific kinds of industrial valves as per their demands.

Furthermore, a noteworthy advancement emerged in the extensive valve business, which is the fragmentation of generic valves. This fragmentation demonstrates the great diversity of companies, manufacturers, and suppliers, who are operating in this industry, and boosting overall market competition and growth.

In addition, the buyer power is getting higher day by day in the generic valves market, which implies that a large count of buyers are purchasing these devices, and shaping market dynamics. Some of the prominent aspects, contributing to this high buyer power are, competitive pricing circumstances and the availability of diverse vendors.

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Rising Demand for Power Plants and Smart Valve Techniques Drives Industrial Valve Market Growth:
Currently, several developing countries experiencing a need for reliable and useful fluid control systems, due to constant economic development. Also, this growth propels these regions to build wastewater water management and power plants, to support their expanding infrastructure demands. Further, industrial valves work as the main component in the smooth function of such industrial processes; so their global need is rising in the valves sector.

Another primary reason driving industrial valve requirements is the steady adoption of smart valve techniques in developed countries, in place of traditional valve methods. These intelligent devices come with multiple useful features, like automation of daily operations, sensors to detect any flaws, and real-time study of numbers. Therefore, numerous industries and businesses are embracing such productive valves to manage their everyday fluid control and mechanical operations in less time.

Key Highlights for the Industrial Valve Market:
● According to in-depth research by ELINT Market Research, the industrial valve market is projected to increase and reach $88.4 billion by the year 2030; it is growing at an average of above 3.8% per year.
● The worldwide industrial valve market could be examined based on different segments, including valve type, valve materials, product type, end-user industry, and regions.
● Multiple industry players working in the fluid management industry are embracing eco-friendly valve solutions to protect the environment from carbon count and follow rigid government laws. Hence, they are actively investing in the manufacturing of environment-friendly valve designs.
● One of the most noteworthy cost components in the industrial valve market is direct material, which contains a substantial amount almost 50-53% of the total price structure. Thus, if any kind of fluctuations occur in this cost component, then the whole cost structure could be affected. Consequently, organizations working in the valve sector must keep track of this price factor to properly manage their finances, and make the right judgments.
● The industrial valve market employs two prominent engagement models, such as preferred suppliers and multiple suppliers. Companies that use a preferred supplier model create relations with only one supplier, who satisfies their industrial valve demands. Contrarily, when businesses employ multiple supplier systems, diverse sellers meet their valve device requirements.
● The industrial valve sector includes two distinct pricing models, which assist in building fair agreements between manufacturers and their consumers. The first model is a cost-plus system, that adds an agreed-upon profit margin to the actual manufacturing cost, which determines the retail price of valves. Further, the other cost model is the fixed price model, which sets a predefined expense for the industrial valves, rather than driving transformations in production prices.

Industrial Valve Market Regional Dynamics:
In the worldwide valve market, two prominent low-cost countries are appearing, which are India and China. Thus, multiple industry players, who are looking to lower their expenses and improve competitiveness are moving their business toward these regions.

Moreover, in the United States, the valve market is projected to grow to a value of $13.2 billion by 2022. On the flip side, China has occurred as the second biggest economy in the world and is expected to achieve a market value of US$22.7 billion by 2030, with a CAGR of 5.6% from 2022 to 2030.

Further, Japan and Canada are two prominent regions that are expected to experience significant growth rates of 2.9% and 3.3% respectively, in the subsequent several years. Also, in this list, Germany is expected to expand at a CAGR of roughly 3.3% within Europe nation.

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Notable Developments in the Industrial Valve Market:
● Emerson company launched combustion protection shutoff valves in February 2023. The purpose of these shutdown valves is to be used with biofuels in America and Asia.
● Different materials are used in making industrial valves like steel, alloy, cast iron, plastic, and more. Among other materials, steel valves are emerging as gems, that multiple industries employ for their operations. The key reasons for the high utilization of steel valves are their durability and corrosion-fighting features.
● Over the year 2029, the globe valve sector is anticipated to hold an essential spot in the valves market. As a result, plenty of manufacturers are concentrating their investments, particularly in these instruments.
● The industrial valves market moving beyond its conventional and old-fashioned valve engineering patterns, due to the advent of Industry 4.0 and technical innovations.
● The Asia Pacific valves industry is anticipated to show abundant expansion in the worldwide industrial valves market, throughout the projected years of 2023-2031.
● The industrial valve sector has evolved from ancient manual valves to actuators controlling manual valves. However, this expansion hasn't stopped there, since presently, multiple AI-based and automated valve tools are ruling the market. These smart devices are helping organizations keep track of real-time information and make autonomous decisions.

Key Players in the Industrial Valve Market:
Some of the major brand names navigating the highly competitive global industrial valve market with ambitious plans include Schlumberger, Flowserve, Bray, CIRCOR International Inc, Parker-Hannifin Corporation, Curtiss Wright, AVK Holding, KSB, Neles, IMI Plc, Rotex Automation, Wärtsilä Valves, Emerson Electric, Crane Co, and Weir Group.

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Important Questions Related to the Industrial Valve Market Report:
1. What are the global industrial valves' past and future market size projections?
- As per our statistics, the global industrial valve market size earned $97.4 billion value in 2023. Additionally, it is expected that it will further expand at a CAGR of 3-4% by the year 2025, and achieve $104.6 billion value.

2. What are the primary drivers for the global industrial valve industry?
- The consistent emergence of water or wastewater management plants, power plants, and automated & AI-based valve techniques are the foremost market drivers of industrial valves.

3. Which countries are arising in the international industrial valve market?
- India and China are the two major rising regions in the worldwide valve market. Apart from them, some other regions include the United States, Japan, Germany, and Canada.

4. What are the significant trends in the industrial valve market?
Incorporating smart technologies into industrial valves is expected to be crucial in the upcoming years. Because of technology-driven detectors, actuators, and AI-based control systems, smart valves can automatically adjust settings, track fluid flow, and identify leaks.

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