The global industrial valves market is projected to witness sluggish growth at 3.3% and slated to create an absolute $ opportunity of more than US$ 22.3 billion. It is projected to be valued at more than US$ 79.4 billion by the end of the forecast period (2020 – 2030), predicts Fact.MR.
Investments in pipeline infrastructure in the oil & gas sector in downstream applications are expected to boost the installation of industrial valves. ASEAN countries are witnessing an increase in water supply and sanitation projects by governments, which is likely to propel the sales of industrial valves for domestic and agricultural applications. Installation of high-pressure pipelines will drive the demand for valves for the transmission of chemical products, steam, etc.
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Key Takeaways of Global Industrial Valves Market
- Gate valves are projected to expand 1.5X as compared to 2018 and are projected to account for approximately 22% of the overall value opportunity in the global market by 2028 end. Increasing demand from petroleum industries is anticipated to increase production which also supports the growth of gate valves
- The cast steel segment is expected to create an absolute dollar opportunity of US$ 10 Bn during the forecast period.
- APEJ accounts for the highest share in the industrial valves market and is expected to grow 1.5X during the forecast period
- Automatic function segment is foreseen to grow at the highest CAGR during the forecast period, and the manual function segment is expected to grow 1.4X as compared to 2018
“Industry 4.0 and automation has compelled industrial valves manufacturers to move beyond traditional engineering models, by eliminating unreliable manual intervention” says the Fact.MR analyst
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COVID-19’s Impact on the Global Industrial Valves Market
The COVID-19 pandemic has caused economic instability across various industries in the world. Stringent lockdowns imposed across countries has led to a decline in the production of industrial valves. Mandatory social distancing measures have prompted people to avoid air or road travel, thus leading to a falling demand for gasoline and jet-fuel.
The European oil refineries are slashing output by 1.3 million barrels per day. In Turkey, refiner Tupras has decreased production by 20-50% as demand for fuel deteriorates. This in turn is causing limitations in exports from these regions.
Key Companies Profiled:
- Emerson Electric
- KITZ Corporation
- Schlumberger Limited
- Flowserve Corporation
- Watts Water Technologies
- Weir Group Plc.
- Technip FMC Plc.
- KSB SE & Co. KGaA
- Alfa Laval Corporate
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Key Segments of the Industrial Valves Market
Fact.MR’s study on the Industrial Valves market offers information divided into four key segments— valve type, valve material, function, end use and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- By Valve Type :
- Check Valve
- Dual Plate
- Piston Lift
- Spring Loaded Disk
- Swing Check
- Tilting Check
- Y Pattern
- T Pattern
- Threaded Series
- Safety Relief
- Check Valve
- By Valve Material :
- Cast Steel
- Carbon Steel
- Stainless Steel
- Other Alloys
Questionnaire answered in the report include:
- How the industry has grown?
- What is the present and future outlook on the basis of region?
- What are the challenges and opportunities?
- Why the consumption in region?
- In which year segment is expected to overtake segment?
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