Industrial Valves Market Size, Share, and Trends 2024 to 2034

The global industrial valves market size was USD 68.3 billion in 2023, calculated at USD 76.9 billion in 2024 and is projected to surpass around USD 250.84 billion by 2034, expanding at a CAGR of 12.6% from 2024 to 2034.

  • Last Updated : May 2024
  • Report Code : 1076
  • Category : Machinery and Equipment

Industrial Valves Market Size and Forecast 2024 to 2034

The global industrial valves market size accounted for USD 76.9 billion in 2024 and is expected to be worth around USD 250.84 billion by 2034, at a CAGR of 12.6% from 2024 to 2034.

Industrial Valves Market Size 2024 to 2034

Industrial Valves Market Key Takeaways

  • Asia Pacific led the market with the biggest market share of 36% in 2023.
  • By Material Type, the steel industrial valves segment registered the maximum market share in 2023.
  • By Application, the oil & gas segment has held a major revenue share in 2023.
  • By Application, the water & wastewater segment is anticipated to grow at the CAGR of 6% during the forecast period.

Asia Pacific Industrial Valves Market Size and Growth 2024 to 2034

The Asia Pacific industrial valves market size was estimated at USD 24.59 billion in 2023 and is predicted to be worth around USD 90.30 billion by 2034, at a CAGR of 12.8% from 2024 to 2034.

Asia Pacific Industrial Valves Market Size 2024 to 2034

In 2023, Asia Pacific dominated the global industrial valves market owing to booming consumption of chemicals coupled with escalating construction activities. Furthermore, the region witnesses the capacity expansions of petroleum refining plants along with the construction of new nuclear power stations that again fuel the demand for industrial valves in the region.

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On the other side, North America exhibits the fastest growth over the analysis period owing to the replacement of inefficient and old valves with more efficient industrial valves for gas transportation. Further, increasing production of shale gas and oil sands offers huge growth potential for the market across this region. The region witnesses a revolution in the oil & gas sector with rising investment in the sector to transform the old pipelines into smarter along with the deployment of new pipelines.

Industrial Valves Market Share, By Region, 2023 (%)

Industrial Valves Market Growth Factors

Implementation of automation in the control valves owing to increasing emphasis on precise monitoring is a key factor that drives the industrial valve market growth. Control valve uses a valve positioner that convert the electrical signal into pneumatic signal for controlling the actuator of the valve. Thus, automation in the valve positioner provides more reliability, reduced energy consumption, and high efficiency. Besides this, oil & gas industry is one of the largest consumers of industrial valve that uses industrial valve in upstream, midstream, and downstream process applications. Rising demand of pipeline monitoring in the oil & gas stream expected to fuel the growth of automated industrial valves.

Moreover, with the outbreak of corona virus the application of industrial valves in medical and healthcare industry has significantly fostered as it plays an important role in the manufacturing of various types of medical devices. To overcome the pandemic situation many industry players have grabbed the opportunity to fight against the deadly virus, thus the market seeks a spike in the production of critical medical devices to cure the patients suffering from the virus.

On the other hand, lack of global standard and norms in the manufacturing process of valves are restrict the market growth. Policies and certifications related to industrial valves differ by regions this creates diversity in the demand of industrial valves due to its wide range of applications in different industries that include food & beverages, oil & gas, chemicals, energy & power, pharmaceuticals, building & construction, water & wastewater treatment, and pulp & paper. This diversity in the product offering creates difficulty for the valve manufacturers to attain an ideal cost of installation, thereby restricts the market growth.

Market Scope

Report Highlights Details
Market Size in 2023 USD 68.3 Billion 
Market Size in 2024 USD 76.9 Billion 
Market Size by 2034 USD 250.84 Billion 
Growth Rate from 2024 to 2034 CAGR of 12.6%
Largest Market Asia Pacific
Fastest Growing Market North America
Base Year 2023
Forecast Period 2024 to 2034
Segments Covered By Valve Type, By Material Type, and By Application Type
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Material Type Insights

Steel industrial valves garnered the maximum revenue share in the global industrial valve market in 2023. Presently, increasing demand for high-quality valves in pharmaceuticals, chemicals, food & beverages, and metals & mining industries to reduce the threat of contamination fuels the demand for steel valves and a similar trend of steel materials in industrial valve expected to be observed during the analysis period.

Stainless steel is tougher than other valve materials that include brass, ductile iron, cast iron, and copper pertaining to temperature tolerance and pressure rating. Thus, the demand of stainless steel valve is likely to witness high demand in water & wastewater treatment plants owing to their longer-lasting nature. In addition, they can withstand harsh chemicals, temperatures, and pressures coupled with hard water conditions due to its corrosion resistance quality.

Application Insights

Oil & gas sector accounted for the largest market value share in the year 2023 pertaining to increasing demand of energy along with flourishing growth of transportation sector. Further, rising drilling activities in the gulf countries also primarily boosts the growth of the segment. In addition, rising demand for longer pipelines, deeper wells, and lower production costs coupled with the technological enhancement in production, processing, and transportation have positively influenced the industrial valves market growth. Increasing pipeline installation and rising need for controlling & monitoring them from a centralized location propel the demand for smart valves in the oil & gas industry.

However, water & wastewater application encountered the fastest growth close to 6% over the forecast period. Increasing need for waste water treatment plants and need for isolating the equipment & pumps predicted to trigger the demand of industrial valves in the segment.

Industrial Valves Market Companies

Segments Covered in the Report

By Valve

  • Butterfly Valves
  • Ball Valves
  • Globe Valves
  • Gate Valves
  • Check Valves
  • Plug Valves
  • Diaphragm Valves

By Material

  • Cast Iron
  • Alloy-Based
  • Steel
  • Others

By Application

  • Water & Wastewater
  • Oil & Power
  • Food & Beverages
  • Chemical
  • Others

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

The global industrial valves market size accounted for USD 76.9 Billion in 2024 and expected to reach USD 250.84 Billion by 2034.

The global industrial valves market is projected to grow at a CAGR of 12.6% over forecast period 2024 to 2034.

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.

Steel industrial valves garnered the maximum revenue share in the global industrial valve market in 2023.

Oil & gas sector accounted for the largest market value share in the year 2023 pertaining to increasing demand of energy along with flourishing growth of transportation sector.

In 2023, North America dominated the global industrial valves market owing to replacement of inefficient and old valves with more efficient industrial 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.

Some of the key players operating in the 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, and The Weir Group plc among others.

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