Precedence Research’s latest report on the global industrial valves market provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.
The global industrial valves market size is projected to reach US$ 110.91 Billion by 2027, rising at a market growth (CAGR) of 3.4% during the forecast period. Implementation of automation in the control valves owing to increasing emphasis on the precise monitoring is a key factor that drives the industrial valve market growth.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for industrial valves market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
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Industrial valves are widely used in process industries for regulation, direction, and control of slurries, gases, vapors, liquids, and others. Industrial valves are generally manufactured using stainless steel, cast iron, carbon steel, and other high functioning metal alloys to gain efficient flow control in various industries such as oil & power, water & waste water, chemicals, food & beverages, and many others. Moreover, a valve mainly consists of a stem, main body, and a seat that are mainly manufactured using various materials that include metals, rubber, polymers, and others to avoid the wastage of liquid flowing through the valve. Valves are primarily differentiated on the basis of their operating mechanisms. Some of the most widely used valves in industries are butterfly valves, globe valves, gate vales, diaphragm valves, ball valves, pinch valves, plug valves, and check valves.
The food & beverages processing industry is a highly saturated industry in many developed countries that include the U.S., the European Union countries, and China. Besides this, increase in demand for food from developing countries such as India, Brazil, and others boosts the agriculture industry that in turn propels the growth of the food & beverage industry. This is further anticipated to fuel the demand for industrial valves.
Furthermore, governments of various countries closely monitor the water utilities to provide safe drinking water and sanitation. Additionally, the outbreak of corona virus in start of the year 2020 has created insecurity among the people. During this situation, people are more concerned about clean water and sanitation, thereby propelling the demand of industrial valves in the sector.
- In 2019, North America dominated the global industrial valves market owing to replacement of inefficient and old valves with more efficient valves for gas transportation.
- The Asia Pacific exhibits the fastest growth over the analysis period owing to booming consumption of chemicals coupled with escalating construction activities.
- By material, steel valves garnered the largest value share in the year 2019 due to rising demand for high-quality valves in pharmaceuticals, chemicals, food & beverages, and metals & mining industries
- By valve type, ball valves led the global market and predicted to continue same trend during the forecast period
- Oil & gas sector accounted for the largest market value share in the year 2019 pertaining to increasing demand of energy along with flourishing growth of transportation sector.
- Based on application, water & wastewater industry encountered the fastest growth close to 6% over the forecast period.
North America captured the largest market value share in the global industrial valves market in the year 2019. Rising research & development (R&D) activities in the region related to the implementation of actuators in the valves for automation along with the rising demand for safety applications are some of the crucial factors that fuel the growth of North America market. R&D at industry levels has expanded the application of industrial valves in various industries that include chemicals and energy & power, in the United States. Control valves are significantly used in the energy & power, oil & gas, and water & wastewater treatment industries to regulate the flow of media through a system, as well as to stop, start, or throttle the flow and ensure efficient and safe process automation.
On the other hand, the Asia Pacific offers lucrative growth opportunity during the analysis period. This is attributed to the increasing need for water treatment plants in the Asian countries, such as India, China, and Japan, thereby fuelling the demand for industrial valves in the region. In addition, booming consumption of chemicals is the other most prominent factor to trigger the growth of industrial valves in the region.
Key Players of the global industrial valves market are:
- Avcon Controls Private Limited
- AVK Holding A/S
- Crane Co.
- Metso Corporation
- Schlumberger Limited
- Flowserve Corporation
- Emerson Electric Co.
- IMI plc
- Forbes Marshall
- The Weir Group plc.
Segments Covered in the Report:
- Butterfly Valves
- Ball Valves
- Globe Valves
- Gate Valves
- Check Valves
- Plug Valves
- Diaphragm Valves
- Cast Iron
- Water & Wastewater
- Oil & Power
- Food & Beverages
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
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Carolina is an author who specializes in covering healthcare, chemical, and the automotive industry. Before joining Market Stats News, Carolina covered some of the biggest companies in Silicon Valley for the San Jose Mercury News. She loves all things French and the written word. Articles by Carolina