Evolve Business Intelligence has published a research report on the Global Industrial Valves Market, 2023–2033. The global Industrial Valves market is projected to exhibit a CAGR of around 5.67% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Industrial Valves Market: Emerson Electric Co, Flowserve Corporation, Crane Co, KITZ Corporation, IMI plc, Cameron International Corporation, Tyco International Ltd, Neway Valve (Suzhou) Co Ltd, Metso Corporation, Velan Inc.
Market Highlights
The Industrial Valves market is projected to be valued at USD 115.32 Billion by 2033, recording a CAGR of around 5.67% during the forecast period. Industrial valves are mechanical devices designed to regulate, control, or direct the flow of fluids (liquids, gases, or slurries) within industrial processes. They are essential components in various industries, including oil and gas, chemical, power generation, water treatment, manufacturing, and many others. Industrial valves are used to start, stop, or throttle the flow of fluids, as well as to control their pressure, temperature, and direction. They come in a wide range of types, designs, and sizes to suit different applications and operating conditions. Some common types of industrial valves include gate valves, globe valves, ball valves, butterfly valves, check valves, and control valves. These valves consist of a body or casing that houses an internal mechanism, such as a disc, ball, or plug, which can be moved or rotated to control the flow. The valve mechanism is typically actuated by manual operation, electrical signals, pneumatic pressure, or hydraulic pressure, depending on the valve type and the automation level.
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The COVID-19 pandemic had a significant impact on the industrial valves market. Initially, the market experienced a decline in demand as many industries faced disruptions and reduced activity due to lockdown measures and economic uncertainties. Sectors such as oil and gas, manufacturing, and construction, which are major consumers of industrial valves, witnessed a slowdown in projects and investments. However, as the pandemic progressed, certain industries such as pharmaceuticals, water treatment, and healthcare infrastructure saw increased demand, driving the need for industrial valves in critical applications. Additionally, the shift towards remote monitoring and control in industrial processes increased the demand for advanced valve automation solutions. Overall, while the pandemic initially impacted the industrial valve market negatively, certain sectors and trends presented opportunities for recovery and growth.
Segmental Analysis
The global Industrial Valves market has been segmented based on Material type, Valve Type, Application, and region.
Based on the Material type, the Industrial Valves market is segmented based on Cast iron, Steel, Alloy based, and Others. Cast iron is expected to have the largest market share throughout the forecast period, while Alloy based is expected to grow at the fastest rate.
Based on the Valve type, the global Industrial Valves market has been divided into Ball valves, Butterfly valves, Gate valves, Globe valves, Plug valves, Check valves, and Diaphragm valves. The Ball valve segments are anticipated to dominate the market.
Based on the Application, the global Industrial Valves market has been divided into Oil and Power, Water and wastewater, Chemical, Food and beverage, and Others. The Water and wastewater segments are anticipated to dominate the market.
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Regional Analysis
The Industrial Valves market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America region, particularly the US and Canada, has a significant market for industrial valves. It is driven by industries such as oil and gas, chemical processing, power generation, and water treatment. European countries, including Germany, France, the UK, and Italy, have a well-established market for industrial valves. Industries such as manufacturing, oil refining, petrochemicals, and water management contribute to the demand for valves in this region. The Asia-Pacific region is a major consumer and producer of industrial valves. Countries such as China, Japan, India, and South Korea have robust industrial sectors that drive the demand for valves in applications ranging from oil and gas to water infrastructure and manufacturing. South American countries, including Brazil, Argentina, and Chile, have a growing market for industrial valves. Industries like mining, oil and gas, and water treatment contribute to the demand for valves in this region. The Middle East and Africa also have a notable market for industrial valves. The oil and gas industry, as well as infrastructure development projects and water management, are key drivers of valve demand in this region.
