One of the primary driving forces behind market expansion is rapid industrialization, which occurs in tandem with the growing automation of industrial processes. Along with this, an additional significant growth-inducing aspect is the increase in oil and gas (O&G) exploration activities in offshore regions, brought on by the rising energy demand. The development of nuclear power plants and oil refineries contributes to the market. Additionally, the market is positively affected by the expanding pipeline installations and the rising demand for monitoring and controlling them from a centralized location. In the upcoming years, it is projected that the market will be driven by the increasing popularity of renewable energy sources for producing power.
The stainless steel category in the industrial valves market is expected to be the fastest-growing segment during the forecast period
The stainless steel segment is projected to grow the fastest during the forecast period. The majority of industries most frequently use industrial steel valves as a product. Steel has many advantages, including great durability, corrosion resistance, and low cost, making it perfect for manufacturing industrial valves. Industrial valves made of steel can also withstand extremes in temperature and pressure. Steel-based industrial valves are more prevalent in fields with a high risk of contamination, such as oil & food, healthcare, and water treatment.
Manual category of the industrial valves market to record the highest CAGR from 2022 to 2028
The manual category is expected to account for the highest CAGR of the industrial valve market from 2022 to 2028. Due to their simplicity and affordability, manual valves are the most frequently used industrial valve types in most industries. Even a layperson can manage them with ease. However, due to the widespread usage of automation, it is predicted that the automatic category will expand at the quickest CAGR throughout the forecast period. Most businesses now prefer automatic industrial valves for their many benefits, including remote monitoring and control.
The Asia Pacific is anticipated to grow at a significant rate in industrial valves market share from 2022 to 2028
The Asia Pacific is the fastest-growing region in the industrial valve market. The region's production is expected to benefit from rising construction activity and expanding chemical consumption. Additionally, it is anticipated that increasing capacity additions in petroleum refining plants and the development of new nuclear power plants will fuel demand. For instance, China is expected to invest in developing new coal-fired power plants with scrubbers. Additionally, the use of industrial valves is expanding in the region due to expanding oil and gas industry operations and the rising demand for water treatment in nations like China, India, and Japan. During the projection period, the elements above, together with government backing, are anticipated to contribute to an increase in the region's demand for industrial valve consumption.
Key Market Players
Key players in the industrial valves market include GE Company, Emerson, Flowserve Corporation, Schlumberger Limited, TechnipFMC Plc, KSB SE & Co. KGaA, KITZ Corporation, Alfa Laval Corporate AB, Curtiss-Wright Corp., CIRCOR International, Inc., OilwellVarco, Inc., Weir Group Plc., Neway Valves, AVK International A/S, Flowserve Corporation and LESER GmbH & Co. KG.