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“The industrial valve market is expected to grow at a significant rate from 2018 and 2023.”
The industrial valve market is expected to grow from USD 70.53 billion in 2018 to USD 85.19 billion by 2023, at a CAGR of 3.96% from 2018 and 2023. Key factors driving the growth of the industrial valve market include the increased need for industrial valves from oil and gas production-related facilities in GCC countries, elevated energy demand in APAC, smart city development initiative across the world, high demand for predictive maintenance techniques from manufacturing industries, and stringent environmental and safety regulations to make the energy sector more resilient. Strategies such as product launches and developments, mergers and acquisitions, expansions, agreements, collaborations, joint ventures, and partnerships adopted by market players are fueling the growth of the industrial valve market. However, the lack of standardization and certifications and government policies, a slowdown in oil and gas extraction, and downtime due to repair and maintenance are restraining the growth of the industrial valve market.
“Industrial valves with sizes ranging from 1” to 6” are expected to account for the largest size from 2018 and 2023.”
The market for industrial valves having sizes ranging from 1” to 6” is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the increasing demand for transportation and power-based applications; as a result, there is an increase in the use of 1– 6” valves in the oil & gas, energy & power, water & wastewater treatment, chemicals, and other industries.
“APAC is expected to be the fastest-growing market for industrial valves from 2018 to 2023.”
The industrial valve market in Asia Pacific (APAC) accounted for the largest share of the overall market in 2017 is expected to grow at the highest CAGR during the forecast period. Major factors driving the growth of the industrial valve market in APAC include the increasing population and rising focus of emerging economies on investing in industries such as energy & power, oil & gas, water & wastewater treatment, chemicals, and construction in which industrial valves are used.
The break-up of the profiles of primary participants for the report has been given below.
- By Company Type: Tier 1 = 20%, Tier 2 = 55%, and Tier 3 = 25%
- By Designation: C-Level Executives = 50%, Directors = 25%, and Managers = 25%
- By Region: North America = 60%, Europe = 20%, APAC = 10%, and RoW = 10%
Emerson (US), Cameron – Schlumberger (US), IMI PLC (US), Flowserve (US), and Weir Group (UK) are among the major players in the industrial valve market.
The industrial valve market, in this report, has been segmented by material, valve type, valve size, industry, and geography. The market based on material has been segmented into steel, iron, cryogenic, alloys and others (brass, bronze, and plastic). By valve type, the industrial valve market has been classified into ball valves, butterfly valves, check valves, diaphragm valves, gate valves, globe valves, and safety valves. The industrial valve market, by valve size, has been further segmented into up to 1”, 1” to 6”, 6” to 25”, 25” to 50” and 50” and larger. The industrial valve market based on industries has been segmented into oil & gas, energy & power, water and wastewater treatment, food & beverages, chemicals, pharmaceuticals, metals & mining, pulp & paper, agriculture, and others (textiles, glass, and semiconductor manufacturing).
Key Benefits of Buying the Report:
- Illustrative segmentation, analysis, and forecast for the market, by material, valve type, valve size, industry, and geography have been provided to give the overall view of the industrial valve market.
- The value chain analysis pertaining to the industrial valve ecosystem has been included to provide an in-depth insight into the industrial valve market.
- Major drivers, restraints, opportunities, and challenges for the industrial valve market have been provided in the research report.
- The report includes a detailed competitive landscape and revenues of key players.