The Global Industrial Valves Market Size is valued at 67.57 billion in 2022 and is predicted to reach 104.62 billion by the year 2031 at a 5.17% CAGR during the forecast period for 2023-2031.
Over the forecast period, rising automation brought on by growing industrialization and facility development is anticipated to drive the market. Increasing consumer demand for flow control equipment will positively affect market expansion. Intelligent control systems for smart valves are expected to become very important, which is anticipated to speed up their development. During the next seven years, demand will be driven by increased diagnostics and intelligent technologies in industrial valves for monitoring process variables such as upstream and downstream pressure stem position, temperature, and flow rate.
The use of coal is being demonized, and traditional coal-fired plants are being shut down, among other things, which could impede growth. Price changes for raw materials could slow down the use and uptake of the technology. Moreover, the expansion of the conventional power industry may need to be improved by compliance with onerous government restrictions.
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.
Competitive Landscape:
Some of the Industrial Valves market players are:
- 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
Market Segmentation:
The Industrial Valves market is segmented based on type, material, component, function , size and end-user. Based on type, the market is segmented as ball valves, check valves, butterfly valves, plug valves, globe valves, gate valves, diaphragm valves, and safety valves. The component segment includes actuators, valve bodies, and other components. By function, the market is segmented into on/off, and control. The material segment includes steel, cast iron, alloy-based, cryogenic, plastic, and other materials. The size segment includes <1, 1" to 6", 7" to 25", 26" to 50", and>50".
The End-user industry includes chemicals, energy & power, oil & gas, water & wastewater treatment, building & construction, paper & pulp, metal & mining, agriculture, semiconductor, pharmaceutical, food & beverage, and others.
Based On Type, The Check Valves Segment Is Accounted As A Major Contributor In The Industrial Valves Market
The market for check valves is expected to continue expanding steadily. These valves are unidirectional, preventing the process flow from damaging the equipment or interrupting the flow, by preventing it from returning to the system. The demand across sectors has been positively impacted by rising automation and the need for refineries to control fluid flow.
Oil & Gas Segment Witness Growth At A Rapid Rate
The majority of total income was accounted for by the oil and gas segment. The market for industrial valves has grown as a result of rising demand for deeper wells, longer pipelines, and lower production costs as well as technological advancements in processing, production, and transportation. Furthermore, the requirement for monitoring and regulating from a centralized location and growing pipeline installations have boosted the industry's output and demand for smart valves.
In The Region, The North America Industrial Valves Market Holds Significant Revenue Share
The market's largest region was Asia Pacific. Production across the region is predicted to benefit from the expanding construction activity and increasing chemical consumption. The demand is also anticipated to be fueled by increasing capacity additions at petroleum refineries and the development of new nuclear power plants. For example, China is planning to invest in the development of brand-new coal-fired and scrubber power plants.
Industrial Valves Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 67.57 Bn |
|
Revenue forecast in 2031 |
USD 104.62 Bn |
|
Growth rate CAGR |
CAGR of 5.17 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Type, Material, Component, Function, Size And End-user |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Emerson, Flowserve Corporation, Sclumberger Limited, Crane Co., Neles, KITZ Corporatin, IMI PLC, KSB SE & Co, & KGaA, Bray International, and Spirax-Sarco Engineering PLC. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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