According to the latest report by IMARC Group, titled “Industrial Valves Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global industrial valves market exhibited moderate growth during 2015-2020. Industrial valves refer to mechanical devices that regulate, direct, and control the flow of fluids, gases, liquids and slurries. They are heavy-duty industrial strength valves that form essential components in the piping system for managing various processes. These valves consist of the main body, stem, and seat made from polymers, rubber, metals, and materials to avoid leakage. They are manufactured with carbon steel, cast iron, stainless steel, and high functioning metal alloys to enhance flow control. They are used to handle high pressure by opening, closing, and partially obstructing various passageways. As a result, they find applications across the water and wastewater, oil and power, food and beverage, and chemical industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Industrial Valves Market Trends:
The global industrial valves market is primarily driven by the growing production and exploration of oil and gas. The increasing unconventional oil and gas activities across downstream segments are also propelling the market growth. In the power industry, industrial valves are widely used in condensate systems to control the deaerator level for feedwater heaters and regulate the additional flow required for fluid recirculation condensate pumps. Moreover, the rising adoption of diagnostics in industrial valves and the integration of industrial valves with smart control systems has helped to monitor upstream and downstream pressure stem positions, temperature and flow rates. Furthermore, the establishment of nuclear power plants and renovation of existing facilities is also positively impacting the market across the globe. Looking forward, the market value is expected to exhibit a CAGR of 7.6% during the forecast period (2021-2026).
- Based on the product type, the market has been segmented into the gate, globe, butterfly, ball, check, plug and other valves.
- On the basis of the functionality, the market has been bifurcated into on-off/insolation and control valves.
- The market has been categorized based on the material into steel, cast iron, alloy-based, and others.
- On the basis of the size, the market has been segregated into up to 1”, 1”-6”, 7”-25”, 26”-50”, and 51” and above.
- Based on the end use industry, the market has been classified into oil and gas, power, pharmaceutical, water and wastewater treatment, chemical, food and beverage, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being AVK Holding A/S, Cameron International Corporation (Schlumberger Limited), The Crane Company, Emerson Electric Co., Flowserve Corporation, Forbes Marshall, IMI Plc, Kitz Corporation, Neway Valve (Suzhou) Co. Ltd., Samson AG and Velan Inc.
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