Industrial Valves Market Dynamics
Drivers: Growing demand for valves from healthcare and pharmaceuticals industries due toCOVID-19 pandemic
The healthcare and pharmaceutical sectors are at the vanguard of fighting the COVID-19 pandemic due to its rapid spread. There is an increase in the creation of all essential medical devices needed to treat COVID-19 patients. Several significant industry firms have seized the chance to help in the effort to combat this pandemic since industrial valves are crucial to the production of various types of medical equipment. Emerson's valves, for instance, can control pressure relief, maintain the cleanliness of the materials and components in sterilizers and oxygen therapy devices, and support analyzers and other crucial hematology equipment. Additionally, pop-up and remote hospitals and triage centers receive oxygen supply through the company's high-pressure and high-purity valves.
Restraints: Lack of standardized policies
Manufacturers of valves must abide by the various certifications and laws in each region. Due to the wide use of valves in numerous end-user sectors, this factor leads to diversity in product requirements. However, due to the need for industry participants to modify the same product by regional rules, which makes it challenging for valve manufacturers to attain an optimal installation cost, this diversity is impeding the growth of the valve market. They must use their resources to establish production facilities in other places to address this problem, which will require extra capital investments.
Opportunities: Use of lloT and Industry 4.0 in industrial valves
Valves are essential parts of a variety of industrial machinery. Using conventional schedule-based maintenance techniques, manufacturing organizations cannot be warned about probable valve failures. As a result, when inspecting valves, technicians frequently report defects, leading to unplanned downtime that could have been avoided by using the Industrial Internet of Things (loT). But recent advancements in data science, connectivity, and computer power have made it possible for businesses to use loT technology to cut down on unscheduled downtime caused by valve failures. With the help of the Internet of Things (IoT), valve specialists may remotely check on the condition of the valves in a plant and measure their effectiveness, lifespan, and failure risk, resulting in improved valve performance and a secure working environment.
The globe category is estimated to be the largest growth in the steam engine market during the forecast period
The globe category dominated the market. Globe valves, which govern by the position of a movable disc concerning the stationary ring seat, are among the most often used valves for controlling the flow in a pipeline. The globe valve's main benefit is that it doesn't leak as much as other valves. These valves are used in various industries for their advantages, including superior full-closing properties, quicker opening and closing times, and positive shut-off. Additionally, they can function as stop-check valves.
Oil & gas is estimated to be the largest growing market category during the forecast period
The oil & gas segment is projected to grow the fastest during the forecast period due to the expansion of the transportation industry, rising energy prices, and expanding drilling operations in Gulf Cooperation Council (GCC) nations. The COVID-19 pandemic outbreak, however, has caused an economic catastrophe that the globe is still recuperating from. After COVID-19, the growing need for maintenance work in the oil and gas industry would present profitable business prospects. The need for maintenance operations would also increase opportunities for maintenance service providers in the oil & gas industries, increasing the demand for valves. This is because most of the existing oil and gas refineries are aging.
The North American segment is estimated to be the largest growing market during the forecast period
North America is the largest industrial valve market, projected to grow fastest during the forecast period. Since several of the greatest global firms, like Emerson (U.S.), Cameron-Schlumberger (U.S.), and Flowserve Corporation, are based in North America, the continent is a significant market for industrial valves (U.S.). Among the key drivers propelling the market in North America are the increased need for safety applications and the region's expanding R&D efforts connected to using actuators in valves for automation. In the U.S., industrial valve application fields are being expanded by industry-level R&D in various sectors, including energy & power and chemicals. Oil and gas, energy and electricity, and water and wastewater treatment industries all employ control valves to start, stop, or throttle flow and ensure safe and effective process automation.
Key Market Players
The industrial valve market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are G.E. Company, Emerson, Flowserve Corporation, Schlumberger Limited, TechnipFMC Plc, KSB SE & Co. KGaA, KITZ Corporation, Alfa Laval Corporate AB, Curtiss-Wright Corp., CIRCOR International, Inc., Oilwell Varco, Inc., Weir Group Plc., Neway Valves, AVK International A/S, Flowserve Corporation and LESER GmbH & Co. K.G.
Recent Developments
- In October 2021, Emerson introduced the first complete valve assemblies that meet safety integrity level 3 (SIL) requirements under the International Electrotechnical Commission's IEC 61508 standard.
- In September 2021, ToA Valve Engineering Inc. (Japan) common shares will be acquired by KITZ Corporation, which also announced the signing of a capital and business cooperation agreement. By sharing ideas, technology, and strengths linked to valves, this commercial collaboration enabled both companies to increase their corporate value and grow their businesses.
- In January 2021, Flowserve Corporation launched a new loT service suite, RedRaven, for the remote monitoring of facilities. RedRaven advanced loT condition monitoring helps plants monitor valve performance and proactively identify and address issues before failures.
- In February 2020, Schlumberger Limited opened a manufacturing center in King Salman Energy Park (SPARK), Saudi Arabia, that supports Saudi Aramco's In-Kingdom Total Value Add (IKTVA) program to promote economic growth.
Global Industrial Valves Market – By Valve Type
- Gate
- Parallel
- Wedge
- Globe
- Tee
- Angle
- Wye
- Ball
- Trunnion
- Floating
- Threaded Series
- Butterfly
- High Performance
- Lined
- Plug
- Lined
- Lubricated
- Non-Lubricated
- Check
- Dual Plate
- Piston Lift
- Spring Loaded Disk
- Swing Check
- Tilting Check
- Y Pattern
- T Pattern
- Safety Relief
- Spring Loaded
- Pilot Operated
- Other Customized
- Cast Steel
- Carbon Steel
- Stainless Steel
- Bronze
- Other Alloys
- Oil & Gas
- Chemical
- Water & Wastewater Treatment
- Power Plants
- Paper & Pulp
- Others
- Manual
- Automatic
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
