- 20 November 2020 02:11
Industrial Valves Market Drive Growth 3.4% by 2027
The global industrial valves market was valued at USD 87.23 Billion in 2019 and expected to reach USD 110.91 Billion by 2027 and poised to grow at a compound annual growth rate (CAGR) of 3.4% during the forecast period 2020 to 2027.
Growth of industrial valves market is driven by increasing demand in industries such as oil and gas, wastewater and power among others. The government of developing countries such as Brazil, India, and China among others is investing heavily in pipeline infrastructure development mainly in oil and gas sector, which is expected to drive the installation of industrial valves over the forecasted period. This result in higher demand of valves used in valve actuators namely, electrically, hydraulically and pneumatically among others in different industry verticals. Moreover, continuous generation of power via existing and old power plant is also driving the demand for industrial valves market in power sector.
Some of the major restraints for industrial valves market are price war among vendors and strict government regulations and policies in the market. The participation of cross-industry vendors in the industrial valves market is also escalating the competition among valve vendors. For instance, pump and filtration vendors are offering valves along with the core valve vendors. However, the companies would have to develop specialized products in order to bring about product differentiation and produce higher margin valves which will be less vulnerable to competition.
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The main types of industrial valves includes are ball, globe, gate, and butterfly valves among others Ball valves are used in rotational motion to start, stop or throttling the flow of fluids in the system. The industrial valves market can be further segmented by end use industries such as oil and gas, chemical and power among others. The growth in revenues of the industrial valves market is observed with multiple factors such as increased sale of industrial valves in building new infrastructure development and utilities globally. In addition, repairs and renovation in the existing infrastructure also drives the growth of industrial valves market.
Key Findings Of The Study
- By material type, the steel segment dominated the global industrial valves market share in 2019.
- On the basis of valve type, the ball valves segment is expected to generate high revenue, globally.
- Depending on application, the oil & power industry segment garnered major share of the industrial valves market in 2019.
- Region wise, North America dominated the market in 2019.
- Asia-Pacific is expected to witness a high growth rate during the forecast period.
North America is the largest contributor in the industrial valves industry with the highest share during 2019.The U.S. and Canada are the largest consumers of industrial valves within the region and have strong trade relations with manufacturing countries in the Europe and Asia-Pacific. However, the industrial valves market has lucrative growth opportunities in China and India, which are likely to exhibit significant growth during the forecast period. This is due to the low material costs and extensive growth in industrial infrastructure during the past years.
Depending on valve type, ball valves segment held a major share in the market during 2019. Although the gate, globe, and check valves are largely popular for food & beverage, oil & power, and other industrial applications. Considering the application segment, oil & power industry has significantly contributed to industrial valves market share during the base period. The oil & gas industry mainly includes downstream, midstream, and upstream applications and require industrial valves on a large scale. In addition, major countries in Europe and Asia-Pacific are now switching toward clean power sources, which has created a large demand for valves during infrastructural up gradation processes.
The key market players profiled in the report include AVK Holding A/S, Avcon Controls Private Limited, Schlumberger Limited, Crane Co., Emerson Electric Co., Flowserve Corporation, Forbes Marshall, IMI plc, Metso Corporation, and The Weir Group plc.
Many competitors in the industrial valves market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in June 2019, Crane Co. acquired Circor International Corporation, which is a U.S.-based manufacturer of flow and motion control products. It provides products such as pumps, valves, actuators, and others for industrial applications, and the acquisition has aided Crane Co. to improve its foothold in the U.S. Similarly, in August 2019, IMI plc acquired PBM Inc., which is a specialty valve manufacturer and offers a wide portfolio of industrial valves and other flow control products.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
- Butterfly Valves
- Ball Valves
- Globe Valves
- Gate Valves
- Check Valves
- Plug Valves
- Diaphragm Valves
- Cast Iron
- Water & Wastewater
- Oil & Power
- Food & Beverages
- North America
- Asia Pacific
- South Korea
- Rest of the World