The industrial valve market is garnering substantial traction. The market growth attributes to the increasing usages of industrial valves in burgeoning industries, such as oil & gas, energy & power, construction, and chemicals. Besides, the rise in demand for maintenance operations in refineries substantiates the market growth. Moreover, increasing usages of industrial valves in the O&G and energy industry escalates the market growth, creating a vast demand.
According to Market Research Future (MRFR), the global industrial valve market is projected to grow to USD 90.77 BN by 2023, registering 4.53% CAGR during the anticipated period (2018-2023). In its industrial valves market research, MRFR also states that in 2017 the market was valued at USD 70.53 billion. The industrial valve market continues to demand better service and value. To meet this demand, industry players form strategic partnerships with suppliers.
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Additionally, increasing investments in the development of these valves, alongside the upscale of nuclear power plants, boost the market size. Furthermore, ongoing industrialization in developing countries such as India and continued advancement to increase output in manufacturing units influence market growth. Conversely, fluctuating prices, and the demand-supply gap in raw materials required for production are the major factors estimated to impede market growth.
Industrial Valve Market – Segmentation
The market is segmented into five dynamics;
By Valve Type : Ball, Butterfly, Check, Gate, Globe, Plug, and others.
By Material : Stainless Steel, Cast Iron, Alloy Based, Cryogenic, and others.
By End-Use : Oil & Gas, Energy & Power, Chemicals, Construction, and others.
By Size : 1”, 1″ to 25″, 25″ to 50″, and 50″ and above.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
Global Industrial Valve Market – Geographical Analysis
The Asia Pacific region accounts for the leading share in the global industrial valve market. The largest market share attributes to ongoing infrastructure developments and the rapid pace of industrialization. Besides, growing investments in end-use industries such as energy & power, oil & gas, water & wastewater treatment, chemicals, and construction drive the regional market growth.
Furthermore, the regulatory and industrial reforms boost market growth, making it more attractive for private investors and plans to foster public-private partnerships. Also, the increasing focus on generating power and renewable energy sources push the growth of the regional market. The APAC industrial valve market is poised to retain its dominance throughout the forecast period.
North America stands second in the global industrial valve market. The market is driven by the rising usages of industrial valves across the industry verticals. Additionally, the spurting growth in wind, bioenergy, and hydropower energy propel the regional market growth. The US dominates the regional market, contributing to total renewable energy generation capacity. The North American industrial valve market is estimated to grow at a significant rate during the forecast period.
The Europe industrial valve market is growing rapidly. Factors such as the increasing focus on increasing energy generation infrastructure and the growing economy influence the regional market growth. Moreover, the growing usages of industrial valves in quadrupling numbers of oil & gas, energy & power infrastructures foster the development of the regional market. The European valve market is projected to create a substantial revenue pocket during the forecast period.
Global Industrial Valve Market – Competitive Analysis
Highly competitive, the global industrial valve market appears fragmented due to the presence of several well-established players. Industry players incorporate strategies, such as mergers & acquisitions, collaborations, expansion, and product or technology launch.
Industrial valves manufacturers invest in R & D to develop a technology, brand building and expand their reach to support their competitive position. Managing the cost of raw materials is a top priority for manufacturers. To counter this challenge, firms seek new ways to mitigate risks associated with raw materials instability.
Players leading the global industrial valve market include Schlumberger Limited (US), Emerson (US), IMI PLC (US), Weir Group (UK), Flowserve Corporation (US), Crane Co. (US), Kitz Corporation (Japan), AVK Holding A/S (Denmark), Neway Valve (Suzhou) Co., Ltd (China), Samson AG (Germany), Conbraco Industries Inc. (US), Velan Inc. (Canada), Dwyer Instruments, Inc. (US), Forbes Marshall (India), Avcon Controls (India), PR Valves LLC (US), Dwyer Instruments (US), and Danfoss A/S (Nordborg), and others.
Industry/ Innovation /Related News:
September 1, 2020 —- Valco Instruments Company Incorporated (VICI) announced the acquisition of Beric Valves, a leading producer of the cast and forged steel gate in the United States and its territories. The acquisition would add Beric Valves to Valco’s family of PVF products and its ability to provide high-quality valves at competitive prices.
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