Industrial Valve Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030

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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

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