PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498738
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498738
Industrial Valve Market size was valued at USD 76,514.2 Million in 2023, expanding at a CAGR of 5.80% from 2024 to 2032.
The mechanical devices, called industrial valves, are used to regulate the flow or stream of liquids, gases, and slurries, including water. Industrial valves are the regulators that control the flow via pipes and other openings by partially opening, shutting, and opening the vaults. These manually operated mechanical devices can now be operated automatically due to the rapid advancements in technology.
Industrial Valve Market- Market Dynamics
Growing Concerns About Global Water Scarcity to Propel Market Growth
The market for industrial valves is anticipated to develop in the future due to the rising worries about water scarcity. When a region or community's water resources are insufficient to meet demand for drinking water, agriculture, industrial activities, and other uses, it creates challenges for meeting basic ecological and human needs. This condition is known as water scarcity. As water becomes more scarce, businesses and cities prioritize efficient water management to cut down on waste. Industrial valves are essential for managing and maximizing water flow in a variety of processes to increase productivity. As per a report released, approximately 2 billion people worldwide, or 26% of the world's population, lack access to safe drinking water as of March 2023, according to the United Nations Educational, Scientific, and Cultural Organisation, a specialized agency with its headquarters located in France. An astounding 3.6 billion people, or 46% of the world's population, lack proper access to well-managed sanitation facilities as of 2023. According to projections, the population of metropolitan regions experiencing water scarcity is predicted to double by 2050 to a population estimated to be between 1.7 and 2.4 billion. Thus, the market for industrial valves is expanding as a result of increased worries about water scarcity.
Industrial Valve Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.80% over the forecast period (2024-2032)
Based on type segmentation, the check valves category was predicted to show maximum market share in the year 2023
Based on function segmentation, the on/off category was predicted to show maximum market share in the year 2023
Based on material segmentation, the steel category was predicted to show maximum market share in the year 2023
Based on end-user segmentation, the energy & power category was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Industrial Valve Market is segmented on the basis of Component, Type, Function, Material, End-User, and Region.
The market is divided into two categories based on component: Actuators, Valve Body, and Other Components (Positioners and I/P Converters). The actuators category dominates the market. Actuators are mostly employed in the control or motion of systems and devices. Segment growth is anticipated to be driven by the growing requirement to decrease downtime and boost productivity in manufacturing and industrial activities. Furthermore, the actuators category is developing at a favorable rate because of the increased need for industrial robots and process automation across several business verticals. Actuators can be of several types, including hydraulic, electric, and pneumatic, to help robots do certain mechanical tasks.
The market is divided into the following categories based on material: Steel, Cast Iron, alloy-based, Cryogenic, Plastic, and Other Materials (Bronze and Brass). The steel category dominates the market and is likely to maintain its dominance during the forecast period. In order to lessen the risk of contamination, the pharmaceutical, chemical, food and beverage, metals, and mining industries are currently experiencing a surge in demand for high-quality valves. During the analysis period, a similar trend in steel materials used in industrial valves is anticipated. When it comes to temperature tolerance and pressure rating, stainless steel is more resilient than other valve materials like brass, ductile iron, cast iron, and copper. Because stainless steel valves survive longer, there is a good chance that their demand will be high in water and wastewater treatment facilities.
Industrial Valve Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Over the course of the forecast period, North America is anticipated to hold the greatest share of the global market for industrial valves. The rising energy demand is a fundamental factor driving the regional market. The region's growing population and industrialization are driving up the need for efficient energy transport and generation. Industrial valves are crucial for controlling the flow of gases and fluids in power generation plants, preserving both efficiency and safety. The need for high-performance industrial valves is being driven by the ongoing advancements in oil and gas production and exploration, as well as the expansion of renewable energy sources.
In addition, the industrial valve market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific. Growing chemical consumption and increasing building activity are expected to have a favorable effect on output in the region. The demand is also anticipated to be driven by an increase in the building of new nuclear power plants and capacity expansions in petroleum refining facilities. For instance, China is expected to invest in building new power plants that use scrubbers and coal.
Few major manufacturers dominate the global industrial valves market with considerable market dominance and strong regional presence. Key players such as Alfa Laval, AVK Holding AS, CIRCOR International Inc., Crane Co., and Curtiss-Wright Corporation, among others, are dedicated to continuing the research and development process. Additionally, they actively participate in joint ventures, collaborations, product launches, and other strategic growth initiatives. These businesses are attempting to gain a significant market share by strengthening their position in the industry and growing their clientele.
January 2024: The Valve Lifecycle Management (VLM) Cloud application was introduced for end-user clients by Baker Hughes business, an energy technology business. The three primary areas of concentration for the cloud application are installed base management, monitoring & diagnostics, and aftermarket strategy & execution. A unique Digital Asset Tag (DAT, a QR Code) will be sent to each valve along with the VLM cloud launch. This tag will link the cloud application to the physical valves and give the end user access to all digital data related to the valves.
January 2024: For USD 103 million, Crane Company purchased Vian Enterprises, a multinational manufacturer and designer of lubricating pumps and systems. This acquisition bolstered the crane's position in gearboxes, auxiliary power units, and engines.
June 2023: The high-performance Valtek(R) ValdiskTM butterfly valve from Flowserve Corporation has been certified by the licensor for use in pressure swing adsorption (PSA) applications. The product's strict shutdown requirement-which persists even at high cycle rates and bi-directional flows-makes it perfect for usage in chemical plants, oil refineries, and other establishments lacking control valves.
GLOBAL INDUSTRIAL VALVE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Alfa Laval
Emerson Electric Co.
CIRCOR International Inc.
KLINGER Group
AVK Holding AS
Crane Co.
Curtiss-Wright Corporation
Zhejiang Dunan Valve Co. Ltd.
Flowserve Corporation
Baker Hughes
Danfoss AS
Georg Fischer Ltd.
Hitachi Ltd.
KITZ Corporation
Okano Valve Mfg. Co. Ltd.
Mueller Water Products Inc.
Honeywell International Inc.
NIBCO Inc.
Saint-Gobain
Others