Industrial Valves Market

Market Overview 2023-2028:

The global industrial valves market size reached US$ 68.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 105.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.1% during 2023-2028. Rising industrialization and infrastructure development across the globe, stringent government regulations regarding safety and environmental standards, the need for replacement and upgradation of aging infrastructure, the expansion of the oil and gas industry, and the growth of renewable energy sectors are some of the major factors propelling the market.

Industrial valves are essential components in various industrial processes, facilitating the control and regulation of fluid and gas flow. They are manufactured using high-quality materials such as stainless steel, cast iron, or brass, ensuring durability and reliability. The production process involves precision machining, casting, or forging, followed by rigorous testing to meet stringent quality standards. Once installed, valves operate by opening and closing to control the flow rate and direction of fluids or gases. They consist of several key components, including the body, bonnet, seat, disc, stem, and actuator. The advantages of industrial valves lie in their ability to regulate flow, prevent backflow, and provide tight shut-off when necessary, contributing to process efficiency and safety.

The global industrial valves market is bolstered by a multitude of factors, including the rising industrialization and infrastructure development across the globe. This, in turn, is creating a strong demand for industrial valves in various sectors such as oil and gas, water and wastewater treatment, chemicals, and power generation. Additionally, stringent government regulations regarding safety and environmental standards propel the market as valves play a crucial role in controlling and regulating the flow of hazardous substances. Besides this, the increasing focus on energy efficiency and the adoption of smart valves and automation technologies further drive the market growth. Moreover, the growing demand for reliable and high-performance valves in emerging economies, coupled with ongoing investments in industrial projects, is providing significant opportunities for market expansion. Other drivers include the need for the replacement and upgradation of aging infrastructure, the expansion of the oil and gas industry, the rise in offshore exploration activities, and the growth of renewable energy sectors.

Industrial Valves Market Trends/Drivers:

Rising industrialization and infrastructure development              

The global industrial valves market is experiencing significant growth due to the ongoing process of industrialization and infrastructure development across the globe. As countries strive to enhance their economic growth and modernize their industries, there is a growing demand for industrial valves in sectors such as oil and gas, water and wastewater treatment, chemicals, and power generation. These valves play a critical role in controlling and regulating the flow of fluids and gases within industrial processes. With the expansion of industries and the establishment of new manufacturing facilities, the demand for industrial valves is increasing to ensure efficient and reliable operation. Additionally, infrastructure development projects, such as the construction of pipelines, water treatment plants, and power plants, require a substantial number of valves for fluid control and safety purposes. The rising need for infrastructure development, coupled with the growing industrialization trend, is a major driver of the global industrial valves market.

Stringent government regulations and safety standards 

Governments worldwide have implemented stringent regulations to ensure the safety of workers, the protection of the environment, and efficient industrial processes. Industrial valves serve as vital components in meeting these regulatory requirements by controlling the flow of hazardous substances, preventing leaks and spills, and ensuring the safety of personnel and equipment. These valves are designed to withstand high pressures, temperatures, and corrosive environments, making them essential in industries such as oil and gas, chemicals, and petrochemicals. Compliance with safety standards and regulations is crucial for industries to avoid penalties, maintain their reputation, and prevent accidents. As a result, there is a growing demand for reliable and high-performance industrial valves that meet these regulatory requirements, driving the market's growth. 

Energy efficiency and the adoption of smart valves 

Industries are increasingly focusing on optimizing their processes to reduce energy consumption and operational costs. Industrial valves play a vital role in achieving energy efficiency by regulating and controlling fluid and gas flow with high precision. This, in turn, helps minimize wastage, improve process efficiency, and enhance overall system performance. In addition to energy efficiency, the adoption of smart valves and automation technologies is gaining momentum. Smart valves incorporate advanced sensors, actuators, and control systems that enable real-time monitoring and remote control, providing enhanced process control and automation. These valves can be integrated into the Industrial Internet of Things (IIoT) platforms, allowing for data collection, analysis, and predictive maintenance. The growing demand for energy-efficient solutions and the adoption of smart technologies in various industries are driving the market for industrial valves and opening up new opportunities for market players.

Industrial Valves Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global industrial valves market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on product type, functionality, material, size and end use industry.

Breakup by Product Type:

• Gate Valve
• Globe Valve
• Butterfly Valve
• Ball Valve
• Check Valve
• Plug Valve
• Others
   

Ball valve dominates the market

The report has provided a detailed breakup and analysis of the market based on the product type. This includes gate valve, globe valve, butterfly valve, ball valve, check valve, plug valve, and others. According to the report, ball valve represented the largest segment.

Ball valves offer excellent sealing capabilities, ensuring tight shut-off and minimal leakage. This characteristic makes them ideal for applications where leak prevention is critical, such as oil and gas pipelines, chemical processing, and water treatment plants, thus acting as a major driver propelling the market growth. Addirionally, ball valves provide quick and reliable operation. They have a simple design with a spherical ball-shaped disc that rotates 90 degrees to open or close the flow. This mechanism allows for fast response times and efficient control of fluid or gas flow rates. Another factor contributing to the dominance of ball valves is their versatility. They can handle a wide range of pressures and temperatures, making them suitable for diverse applications. Besides this, ball valves are available in various materials such as stainless steel, brass, and PVC, enabling compatibility with different types of fluids and environments.

Breakup by Functionality:

• On-Off/Isolation Valves
• Control Valves
   

On-off/isolation valves hold the largest share in the market

A detailed breakup and analysis of the market based on the functionality has also been provided in the report. This includes on-off/isolation valves and control valves.  According to the report, off/isolation valves accounted for the largest market share.

The off/isolation valves segment dominates the industrial valves market due to several key factors. Off/isolation valves, also known as shut-off valves, are designed to completely stop the flow of fluids or gases in a pipeline or process system. These valves play a critical role in ensuring the safety and efficiency of industrial operations. One of the main reasons for the dominance of the off/isolation valves segment is their wide range of applications across various industries. They are used in oil and gas production, refineries, chemical plants, power generation facilities, water treatment plants, and many other sectors. Off/isolation valves are essential in emergency situations, routine maintenance, and when isolating specific sections of a pipeline for repair or inspection.

Furthermore, stringent safety regulations and standards imposed by governments and industry bodies drive the demand for off/isolation valves. In line with this, the focus on operational efficiency and cost reduction also contributes to the dominance of the off/isolation valves segment. By isolating specific sections of a system, maintenance and repairs can be performed without interrupting the entire operation, reducing downtime and associated costs.

 Breakup by Material:

• Steel
• Cast Iron
• Alloy Based
• Others
   

Steel dominates the market

The report has provided a detailed breakup and analysis of the market based on the material. This includes steel, cast iron, alloy based, and others. According to the report, steel represented the largest segment.

Steel offers exceptional strength and durability, making it an ideal material for manufacturing industrial valves. Steel valves can withstand high pressures, extreme temperatures, and corrosive environments, ensuring long-term reliability and performance. Additionally, steel valves exhibit excellent resistance to wear, erosion, and abrasion, making them suitable for demanding applications in industries such as oil and gas, power generation, and chemicals. In line with this, steel is readily available and cost-effective compared to other materials, further favoring the market growth. Furthermore, steel valves comply with stringent safety and quality standards imposed by regulatory authorities. These valves are extensively tested and certified to meet industry-specific requirements, ensuring their suitability for critical applications.

Breakup by Size:

• Upto 1”
• 1”-6”
• 7”-25”
• 26”-50”
• 51” and Above
   

1"-6" holds the largest share in the market

A detailed breakup and analysis of the market based on the size has also been provided in the report. This includes upto 1”, 1”-6”, 7”-25”, 26”-50”, and 51” and above.  According to the report, 1"-6" accounted for the largest market share.

The 1"-6" caters to a wide range of applications in various industries, making it highly versatile. Valves within this size range are commonly used in processes that require medium to high flow rates, such as water and wastewater treatment, oil and gas, chemicals, and power generation. These industries have a consistent demand for industrial valves, contributing to the market leadership of the 1"-6" segment.

Additionally, the 1"-6" size range is often considered the standard or common size for many industrial applications. It is a widely accepted and utilized size range, ensuring the availability and accessibility of valves in this segment. Furthermore, the 1"-6" segment offers cost advantages compared to larger valves. Smaller-sized valves are generally more cost-effective in terms of manufacturing, installation, and maintenance. This affordability factor makes them a preferred choice for industries seeking efficient yet economical solutions. In line with this, the 1"-6" segment aligns with the requirements of small to medium-scale industrial operations. This segment's dominance can also be attributed to its compatibility with a wide range of industrial operations, meeting the needs of a significant portion of the market.

Breakup by End Use Industry:

• Oil and Gas
• Power
• Pharmaceutical
• Water and Wastewater Treatment
• Chemical
• Food and Beverage
• Others
   

Oil and gas dominates the market

The report has provided a detailed breakup and analysis of the market based on the end use industry. This oil and gas, power, pharmaceutical, water and wastewater treatment, chemical, food and beverage, and others. According to the report, oil and gas represented the largest segment.

The oil and gas industry is a major consumer of industrial valves, driving demand in the market. The industry relies heavily on valves for controlling the flow of fluids, gases, and hydrocarbons throughout various processes, including extraction, refining, transportation, and distribution. Industrial valves are essential for regulating flow rates, isolating sections of pipelines, preventing leaks and spills, and ensuring safe and efficient operations. Additionally, the oil and gas industry is characterized by complex and demanding operating conditions, such as high pressures, extreme temperatures, and corrosive environments. As a result, there is a strong requirement for specialized valves that can withstand these harsh conditions and provide reliable performance.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific exhibits a clear dominance, accounting for the largest industrial valves market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

The Asia Pacific region has emerged as a leader in the global industrial valves market due to several key factors. The region has experienced rapid industrialization and urbanization, resulting in increased demand for industrial valves in various sectors such as oil and gas, chemicals, power generation, water and wastewater treatment, and manufacturing. The growing population, rising disposable incomes, and improving living standards have fueled infrastructure development projects, leading to a surge in demand for industrial valves.

Additionally, the Asia Pacific region is home to several major economies, including China, India, Japan, South Korea, and Southeast Asian countries. These countries have witnessed significant investments in industrial and manufacturing sectors, which require a substantial number of valves for fluid control, process optimization, and safety purposes. Moreover, the region benefits from a strong manufacturing base, with many global valve manufacturers setting up production facilities in countries like China and India to cater to both domestic and export markets. This has led to increased availability and affordability of industrial valves in the region.

Competitive Landscape:

The global industrial valves market is witnessing a highly competitive landscape with the presence of numerous established players as well as new entrants. The market scenario is characterized by intense competition, technological advancements, and a constant drive for innovation. Key players in the market are focusing on expanding their product portfolios, enhancing product quality and performance, and establishing strategic partnerships and collaborations to gain a competitive edge. Moreover, the market is witnessing a trend towards the adoption of advanced technologies such as smart valves, IIoT integration, and automation. Companies are investing in research and development to develop innovative solutions that offer improved efficiency, reliability, and safety. The competitive landscape is further shaped by mergers and acquisitions, where larger companies acquire smaller players to expand their market presence and diversify their offerings. Additionally, players are also focusing on geographic expansion to tap into emerging markets and cater to the growing demand.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• AVK Holding A/S
• Cameron International Corporation (Schlumberger)
• The Crane Company
• Emerson Electric Co.
• Flowserve Corporation
• Forbes Marshall
• IMI Plc
• Kitz Corporation
• Neway Valves (Suzhou) Co. Ltd.
• Samson AG
• Velan Inc.

Recent Developments:

• In 2023, SLB and Quorum Software introduced a joint digital planning solution, which leverages Quorum’s Planning Space business planning and petroleum economics offering within the FDPlan™ agile field development planning solution from SLB.
• In July, 2023, Emerson announced that Cavendish Renewable Technology (CRT), an Australia-based startup with proprietary hydrogen technologies, will work with Emerson’s automation and software portfolio to accelerate the deployment of CRT’s hydrogen production solutions.
• In February, 2023, Flowserve acquired Velan in an All-cash Transaction Valued at Approximately USD 245 million to accelerate its 3D Strategy and provide meaningful aftermarket revenues.

Industrial Valves Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the industrial valves market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global industrial valves market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the industrial valves industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.