Press release
Industrial Valves Market Competitor Analysis and Outlook Report 2024-2033
Industrial Valves Market Size
According to The Business Research Company's, The industrial valves market size has grown steadily in recent years. It will grow from $103.84 billion in 2023 to $108.99 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to infrastructure development, energy exploration and production, globalization of manufacturing, stringent regulatory standards, replacement and upgradation.
The industrial valves market size is expected to see steady growth in the next few years. It will grow to $129.35 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to focus on environmental sustainability, water management initiatives, renewable energy projects, resilience in supply chains, customization and specialization, global economic recovery. Major trends in the forecast period include smart valve technologies, rise of industrial internet of things, focus on energy efficiency, increased automation in manufacturing, expansion in oil and gas exploration, advanced materials and manufacturing techniques.
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Market Drivers and Trends:
The rising number of oil and gas explorations is expected to propel the growth of the industrial valve market going forward. Oil and gas exploration refers to the procedures and techniques used to identify potential locations for drilling and extracting oil and gas. Industrial valves control the flow of oil and gas and manage the fluid flow by regulating the direction and controlling pressure. For instance, in December 2022, according to the U.S. Energy Information Administration, a US-based government agency, In the US, oil production increased to 11.6 million barrels per day in 2021. Furthermore, gas production increased to 118.7 million barrels per day in 2021. Therefore, the rising number of oil and gas explorations is driving the growth of the industrial valve market.
Product innovation is a key trend gaining popularity in the industrial valve markets. Major companies operating in the industrial valve are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2022, Emerson Electric Co., a US-based manufacturing company, introduced two new technological products called the Crosby J-Series pressure relief valves. The initial variant is a balance diaphragm valve, which minimizes the need for bellows in pressure-reducing valves while ensuring balanced operation against back pressure, lowering ownership costs and improving performance. The second technology is bellows leak detection, which allows for remote detection of bellows ruptures in pressure-reduction valves while simultaneously lowering and precisely calculating volumetric emissions.
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Major Key Players of the Market:
Emerson Electric Co.; The Flowserve Corporation; Schlumberger Limited; Crane Holdings Co.; KITZ Corporation; AVK Holdings A/S; Forbes Marshall Pvt Ltd.; KSB SE & Co. KGaA; Spirax-Sarco Engineering PLC; Metso Outotec Corporation; KLINGER Holding; Alfa Laval AB; Curtiss-Wright Corporation; Honeywell International Inc.; Velan Inc.; Neway Valve; Samson AG; Neles Oyj; AVCON Controls Pvt. Ltd.; Sirca International S.p.A.; Fluidline Valves Co. Pvt. Ltd.; Davis Valve; Powell Valves; Virgo Engineers Inc.; WALWORTH; IMI PLC; Valvitalia SpA; Zhejiang Dunan Valve Co. Ltd.; Pentair Valves and Controls; OKANO Valve Mfg. Co. Ltd.; Tyco Valves and Controls; Swagelok Company
Industrial Valves Market 2024 Key Insights:
• The industrial valves market will grow to $129.35 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%.
• Surging Oil And Gas Explorations Drives The Industrial Valve Market
• Transformative Product Developments In The Industrial Valve Market
• Asia-Pacific was the largest region in the industrial valves market in 2023
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