The Global Market for Industrial Valves is Forecast to Reach US$112 Billion by 2024

New Product Developments and Demand from Emerging Economies Drive the Global Industrial Valves Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Industrial Valves market. The global market for Industrial Valves is forecast to reach US$112 billion by 2024, driven by steady demand from petrochemical, power generation, and water & wastewater industries; new product development replacing traditional products; and major impetus provided by the developing economies.

Industrial valves, electromechanical or mechanical devices intended to control, divert and regulate pressure and flow of fluids by opening, blocking or closing fluid passage, are primarily utilized in capital-intensive industries. The industrial valves market is dependent upon new investments made or when existing facilities are to be upgraded with modern equipment. The market has gained notable traction over the last few years due to increasing demand from oil & gas, energy & power, chemicals, pharmaceuticals, and water & wastewater management industries. The penetration of industrial valves is also supported by increasing focus on automation from process and manufacturing industries for monitoring and predictive maintenance applications.

Several long-term factors work in tandem to drive the global industrial valves market. For instance, government regulations relating to emission control, escalating requirement for resources such as water and power, and diverse process industries all work towards ensuring a stable, continuous growth in the market. Installation of scrubber systems and catalytic systems in power plants has and will continue to boost demand for valves. New investments in energy related industries, especially in emerging economies such as India and China bodes especially well for the market. In established markets, retrofitting of products is expected to bolster revenue growth, while increased focus on plant automation is steering attention on the production of quarter-turn valves. Rising population in developing regions is additionally creating the need for supply of clean potable water, which is helping drive demand for waterworks valves. Demand for industrial valves from power and oil & gas industries witnessed significant growth in Africa owing to the recent rise in deep water and offshore oil & gas activities. The notable performance exhibited by multi-turn globe and quarter-turn ball valves are attributed to their increasing penetration in subsea applications, high pressure, temperature service and sour services in the oil & gas, chemical, pulp & paper and water & wastewater industries. The increasing adoption of multi-turn gate valves in the oil & gas, manufacturing, pharmaceuticals, marine and automotive industries is likely to help the segment in witnessing substantial gains in the coming years.

In the valve market, product evolution is gradual and steady, and typically reflects the interplay between willingness on the part of customers to replace traditional products with newer designs and efforts towards design improvements. Some of the primary challenges that are impeding overall expansion of the industrial valves market globally include slowdown in the mining and oil & gas industries, lack of standardization in policies and certifications; and downtime associated with repairing of industrial valves. In addition, high fabrication cost remains a major restraint faced by manufacturers operating in the market. With globalization of end user markets, the inherent requirement for universal codes and standards has now become clear with the development of ISO standardization and the expansion of EU’s regulatory reach. The trend of harmonizing standards globally needs to continue for industry players to truly reap the benefits of harmonization.

As stated by the new market research report on Industrial Valves, Asia-Pacific represents the largest and the fastest growing market, exhibiting a CAGR of 7.2% over the analysis period. Asia is receiving a major impetus from continuing focus on expansion of water infrastructure in India, China and Indonesia along with growing demand of industrial valves from mining, power and chemical industries as a result of increasing population and rapid industrialization. Europe captures a large share of the global market due to increased focus on automation and emission regulations in the region.

Key players in the market include The AVK Group, Anvil International, Cameron, Crane Co., Barksdale Inc., CRANE ChemPharma & Energy, Crane Nuclear Inc., Emerson Electric Co., Flowserve Corp., Ham-Let Group, ITT Engineered Valves, KITZ Corp., KSB AG, SPX Flow Inc., Velan Inc., and Watts Water Technologies Inc., among others.

The research report titled “Industrial Valves: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, and other strategic industry activities of global companies. The report provides market estimates and projections in value (US dollars) terms for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America. The report also analyzes the market by product group/segment – Multi-turn Valves (Globe & Gate Valves, and Other Multi-turn Valves), Quarter-turn Valves (Ball Valves, Butterfly Valves, and Industrial Plug Valves), Safety & Relief Valves, Automated Control & Regulator Valves, and Other Industrial Valves. In addition, the report provides market analytics by end-use industries – Chemical, Petroleum Refining, Pulp & Paper, Water & Sewage Utilities, Electric Power Generation, Oil & Gas, Iron & Steel, and Others.


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Comments

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