PUBLISHER: The Business Research Company | PRODUCT CODE: 1409527
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409527
“Industrial Valves Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial valves market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial valves? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The industrial valves market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Industrial valves are mechanical components designed to control the flow through pipes and other passages by facilitating opening, closing, and partial opening of the passages. They play a crucial role in regulating the flow of fluids, gases, and slurries and can be operated manually or automatically.
The primary types of industrial valves encompass ball valves, check valves, butterfly valves, plug valves, globe valves, gate valves, diaphragm valves, and safety valves. A ball valve, for instance, is a shutoff valve that manages the movement of liquids or gases through the rotation of a ball within a bore. These valves serve various functions such as isolation, regulation, safety relief, special purposes, and non-return, and they are crafted from materials such as ductile iron, carbon steel, plastic, brass, bronze, copper, aluminum, and others. Additional accessories include hydraulic filters, power cables, mounting screws and bolts, seal kits, dust protection covers, among others. These valves find applications in diverse industries such as chemicals, energy and power, oil and gas, water and wastewater treatment, building and construction, paper and pulp, metal and mining, agriculture, semiconductors, and others.
The industrial valves market research report is one of a series of new reports from The Business Research Company that provides industrial valves market statistics, including industrial valves industry global market size, regional shares, competitors with an industrial valves market share, detailed industrial valves market segments, market trends and opportunities, and any further data you may need to thrive in the industrial valves industry. The industrial valves market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial valves market size has grown steadily in recent years. It will grow from $103.84 billion in 2023 to $108.99 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth observed in the historical period can be attributed to infrastructure development, energy exploration and production, the globalization of manufacturing, stringent regulatory standards, and replacement and upgrading initiatives.
The industrial valves market size is expected to see steady growth in the next few years. It will grow to $129.35 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The anticipated growth in the forecast period can be attributed to a focus on environmental sustainability, initiatives in water management, projects related to renewable energy, resilience in supply chains, customization, and specialization, along with the global economic recovery. Key trends in the forecast period include the adoption of smart valve technologies, the rise of the industrial internet of things, an emphasis on energy efficiency, increased automation in manufacturing, expansion in oil and gas exploration, and the utilization of advanced materials and manufacturing techniques.
The industrial valve market is anticipated to experience growth driven by the increasing number of oil and gas explorations. Oil and gas exploration involves the identification of potential drilling locations, and industrial valves play a crucial role in controlling the flow of oil and gas, regulating fluid direction, and managing pressure. For example, in December 2022, the U.S. Energy Information Administration reported that oil production in the U.S. reached 11.6 million barrels per day in 2021, and gas production rose to 118.2 million barrels per day in the same year. Thus, the expanding oil and gas explorations are a key factor propelling the growth of the industrial valve market.
Concerns over water scarcity are poised to drive the growth of the industrial valve market. Water scarcity, where available water resources are insufficient to meet demand, necessitates effective water management. Industrial valves play a crucial role in controlling and optimizing water flow across various processes to enhance efficiency. As of March 2023, a report by the United Nations Educational, Scientific and Cultural Organization highlighted that 26% of the world's population (approximately 2 billion people) lacks access to safe drinking water, and 46% (3.6 billion people) lack proper access to well-managed sanitation facilities. Projections indicate a twofold increase in the number of people facing water scarcity in urban areas by 2050. Thus, the growing concerns over water scarcity are contributing to the growth of the industrial valve market.
A prominent trend in the industrial valve market is the focus on product innovation by major companies. In December 2022, Emerson Electric Co. introduced the Crosby J-Series pressure relief valves, featuring a balance diaphragm variant that minimizes the need for bellows in pressure-reducing valves. Additionally, the bellows leak detection technology allows for remote detection of bellows ruptures in pressure-reduction valves, reducing ownership costs and improving performance.
Companies in the industrial valve market are also introducing innovative products such as control valves to expand their customer base and increase revenue. In February 2022, CIRCOR International Inc. launched the CIR 3100 control valve, designed for diverse applications in industries such as oil and gas, power generation, processing, maritime, and renewables. The valve's adaptability to changing process conditions and interchangeable trims contribute to reduced inventory and maintenance costs.
In April 2022, ITT Inc. acquired Habonim Industrial Valves & Actuators Ltd. for $140 million, aiming to expand its specialty valve portfolio and access new niche markets. Habonim Industrial Valves & Actuators Ltd., based in Israel, specializes in products such as cryogenic, high-pressure, metal-seated, and high-end ball valves and actuators.
Major companies operating in the industrial valves market report are Emerson Electric Co., The Flowserve Corporation, Schlumberger Limited, Crane Holdings Co., KITZ Corporation, AVK Holdings A/S, Forbes Marshall Pvt Ltd., KSB SE & Co. KGaA, Spirax-Sarco Engineering PLC, Metso Outotec Corporation, KLINGER Holding, Alfa Laval AB, Curtiss-Wright Corporation, Honeywell International Inc., Velan Inc., Neway Valve, Samson AG, Neles Oyj, AVCON Controls Pvt. Ltd., Sirca International S.p.A., Fluidline Valves Co. Pvt. Ltd., Davis Valve, Powell Valves, Virgo Engineers Inc., WALWORTH, IMI PLC, Valvitalia SpA, Zhejiang Dunan Valve Co. Ltd., Pentair Valves and Controls, OKANO Valve Mfg. Co. Ltd., Tyco Valves and Controls, Swagelok Company .
Asia-Pacific was the largest region in the industrial valves market in 2023. The regions covered in the industrial valves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the industrial valves market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial valves consist of sales of quarter-turn valves, multi-turn valves, knife gate valves, and sluice gate valves. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.