Industrial Valve Market 2022 - Market Size & Forecast,
Industry Trends, Manufacturers Analysis, & Opportunities 2030
Page: 377 | Report Code: MC22100601 | Research Suite: Report (PDF) & Market Data (Excel)
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Introduction: -
Industrial valves refer to electromechanical devices that are basically used
in process industries for the smooth and efficient direction, regulation, and
control of liquids, vapors, gases, slurries, powders, and others. These valves
generally comprise the main body, stem packing, end connectors, trim, discs,
seats, sealing rings, yoke and yoke nut, bonnet shell, union bolts, and operators
and actuators. Their function includes preventing flow return to the
pressurized side and protecting equipment from overpressure hazards. Various industrial
valves are currently available in the market based on their designs, functions,
sizes, and operations. Industrial valves are mainly manufactured using stainless
steel, carbon steel, cast iron, and other high-functioning metal alloys. They
are used in industries such as chemical, pharmaceutical, water & wastewater
treatment, refinery, food and beverage (F&B), power, and oil & gas
sectors across the globe. The global industrial valve market includes players
engaged in developing and launching various industrial valve products for
different end-user verticals. The industrial valve market is predicted to
expand at a compounded annual growth rate (CAGR) of 7.5% during the forecast
period of 2022-2030.
Growth Drivers:
In the
developing regions across the globe, the number of water supply and sanitation
projects has been growing faster over the last few years. Additionally, the
investments in pipeline infrastructure in the oil & gas sector in
downstream applications have also risen sharply. This increase in the installation
of high-pressure pipelines enhances the demand for valves for the transmission
of steam, chemical products, etc., which drives the overall industrial valve
market.
Moreover,
the demand for industrial valves from the power industry for various
applications, such as steam conditioning, boiler startups, turbine bypass, and feed
pump recirculation, has also witnessed a steep surge lately. Governments across
different regions are emphasizing raising the capacity additions of power
plants in their respective countries to cater to the growing electricity
demand. As per the World Energy Outlook- International Energy Agency forecast, over
2,457 gigawatts (GW) of power capacity are estimated to be installed across the
globe in the next 25 years. This is majorly expected to augment the growth of
the global industrial valve market during the forecast period.
Furthermore,
other factors such as the enhancing demand for monitoring municipal wastewater
flow, the rapidly expanding food & beverage processing industry worldwide,
the incorporation of AI and the internet of things (IoT) in manufacturing
processes, the burgeoning number of oil and gas (O&G) exploration
activities in offshore areas, the growing integration of smart control systems,
the rising automation in industrial processes, the surging adoption of
diagnostics in industrial valves, the proliferating demand for valves from the
pharmaceuticals industry, and the escalating focus on the development of smart
cities across the globe are expected to further bolster the growth of the
global industrial valve market during the forecast period of 2022-2030.
However,
factors such as the increasing number of regulations pertaining to the use of
valves, the high cost of maintenance, the dearth of standardization, and the stagnant
industrial growth in the matured regions across the globe are anticipated to
restrict the growth of the global industrial valve market during the forecast
period.
Industrial
Valve Market Segmentation:
By Function:
o
On-off/Isolation
o
Control
By Material:
o
Steel
o
Cast Iron
o
Cryogenic
o
Alloy Based
o
Others
o
Brass
o
Bronze
o
Plastic
By Type:
·
Ball Valves
o
Trunnion Mounted Ball Valves
o
Floating Ball Valves
o
Rising Stem Ball Valves
·
Butterfly Valves
o
Zero Offset Butterfly Valves
o
Double Offset Butterfly Valves
o
Triple Offset Butterfly Valves
·
Check Valves
·
Diaphragm Valves
·
Gate Valves
o
Standard Plate Gate Valves
o
Wedge Gate Valves
o
Knife Gate Valves
·
Globe Valves
·
Plug Valves
·
Safety Valves
By Size:
·
Up To 1”
·
1-6”
·
6-25”
·
25-50”
·
50” and Larger
By End-user Industry:
·
Oil & Gas
·
Water & Wastewater
Treatment
·
Energy & Power
·
Food & Beverages
·
Chemicals
·
Building & Construction
·
Pulp & Paper
·
Pharmaceuticals &
Healthcare
·
Metals & Mining
·
Agriculture
·
Others
By Region:
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East and Africa
Industrial Valve Market Function Review:
Based on
function, the global industrial valve market is segmented into on/off isolation
and control segments. The on-off/isolation segment held the largest share of
the market in 2021. The segment is anticipated to continue to lead the market further
throughout the forecast period of 2022-2030. The high usage of the on-off/isolation
function to fulfill stringent shut-off requirements across several end-use
industries is the major factor attributed to the large share of this segment.
Industrial
Valve Market Material Review:
Based on
material, the global industrial valve market is segmented into steel, cast,
cryogenic, alloy-based, and others. The steel segment captured the largest
share of the global industrial valve market in 2021. The segment is positioned
to further continue with the trend throughout the forecast period of 2022-2030
due to the increasing concerns regarding sanitation and the extensive demand
for high-quality industrial valves across various end-use industry verticals,
including chemicals, pharmaceuticals, food & beverages, and metals &
mining and the ability of steel valves to withstand extreme conditions.
Industrial Valve
Market Type Review:
Based on type,
the global industrial valve market is segmented into ball valves, butterfly
valves, check valves, diaphragm valves, gate valves, globe valves, plug valves,
and safety valves. The globe valves segment led the market in 2021. The
segment’s position is estimated to remain the same throughout the forecast
period of 2022-2030, owing to the high usage of globe valves for controlling
the flow in pipelines due to its numerous advantages.
Industrial
Valve Market End-User Industry Review:
Based on
end-user industry, the global industrial valve market is segmented into oil
& gas, water & wastewater treatment, energy & power, food & beverages, chemicals, building &
construction, pulp & paper, pharmaceuticals & healthcare, metals &
mining, agriculture, and others. The oil & gas segment dominated the market
in 2021 and is projected to retain its dominance further in the market during
the forecast period of 2022-2030. Factors such as the rapidly growing demand
for energy and the increasing number of drilling activities and investments,
especially in the Middle East and African region, are primarily attributed to
this segment's large share and high growth.
Regional
Outlook:
The industrial
valve research report offers detailed analysis and forecasts for five major
regions: North America, Europe, Asia Pacific, Latin America, and the Middle
East & Africa.
The Asia
Pacific region commanded the largest share of 33.3% of the global industrial
valve market in 2021, followed by the Middle East and Africa, North America,
and Europe. The region is anticipated to remain dominant in the market
throughout the forecast period of 2022-2030. Factors such as the high
consumption of industrial valves in the oil and gas industry, the increasing
production capacities of petrochemicals, the soaring fuel demand, the rapidly
expanding end-user industries, and the escalating government support in the
region are predominantly driving the market in the region. Moreover, the ever-increasing
population base coupled with growing urbanization in the region's major
economies are also significantly contributing to the growth of the industrial
valve market in the Asia Pacific. India, China, and Japan are the major
contributors to the growth of the market in the region.
The Middle East
and African region held the second-largest market in the global industrial
valve market in 2021. The region is expected to experience robust growth in the
market during the forecast period, primarily due to the fast-paced expansion of
the oil and gas industry in the region.
The North
American region accounted for the third-largest share of the global industrial
valve market in 2021. The region is poised to continue to stay at the top and
register the highest growth in the market during the forecast period of
2022-2030. The growing research and development activities across various
end-user industries, the presence of well-established market players, the increasing
food & beverage industry, and the proliferating demand for safety
applications in the region are major factors attributable to the high growth of
the industrial valve market in the North American region. The U.S., Canada, and
Mexico stand as the leading contributors to the growth of the market in the
region.
The report also
identifies the country market outlook for industrial valve, covering country-wise
market size, growth rate, market share, segmentation, leading players, current
trends, and opportunities.
Key Companies in
Industrial Valve Market:
The research
report offers a competitive analysis of prominent companies operating in the
global industrial valve market. Some of the leading players profiled in the
market research report include:
·
Forbes Marshall
·
Metso Corporation
·
The Weir Group plc.
·
Conbraco Industries Inc
·
Neway Valve Co. Ltd.
·
Kitz Corporation
·
IMI Plc.
·
Avcon Controls Private Limited
·
Schlumberger Limited
·
Crane Co.
·
Emerson Electric Co.
·
Flowserve Corporation
·
AVK Holdings A/S
· Other Players