The global industrial valves market was valued at USD 87.23 Billion in 2019 and expected to reach USD 110.91 Billion by 2027 and poised to grow at a compound annual growth rate (CAGR) of 3.4% during the forecast period 2020 to 2027.
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. 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.
Material Type Insights
Steel industrial valves garnered the maximum revenue share in the global industrial valve market in 2019. 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.
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. 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.
In 2019, North America dominated the global industrial valves market owing to 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.
On the other side, the Asia Pacific exhibits the fastest growth over the analysis period 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.
Key Companies & Market Share Insights
Prominent industry participants in the global industrial valves market adopt merger & acquisition, partnership, and product upgradation strategies to strengthen their foothold in the global market. For instance, in August 2019, IMI plc signed an acquisition deal with PBM Inc., a specialty valve manufacturer that offers wide portfolio of industrial valves and other flow control products.
Some of the prominent players in the industrial valves market include:
Segments Covered in the Report
This research study encompasses comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative intelligences, and prospects of the market. This report presents categorization of market into foremost and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report comprises market division and its revenue valuation by categorizing it based on valve type, material type, application, and region:
By Regional Outlook
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client