The industrial valves market is expected to be valued at USD 84.30 Billion by 2023, growing at a CAGR of 3.6% between 2017 and 2023. The major factors driving the growth of this market include growing demand from oil & gas production-related facilities in the GCC countries, increasing demand for energy in APAC, increasing focus on smart cities in emerging economies such as China, India, and Brazil, revenue shift in the industry, and rising demand for automation from manufacturing and process industries for predictive maintenance and monitoring.
This report segments the industrial valves market on the basis of material type, valve type, size, industry, and region. The market for energy & power is expected to witness a significant growth during the forecast period. The significant growth of this industry can be attributed to the usage of power in industrial process because of urbanization and rapidly increasing population.
Globe and Ball valves accounted for the largest share of the industrial valves market in 2016. This growth can be attributed to its usage for subsea applications, high temperature service, high pressure service, abrasive service, cryogenic service, sour service, and cryogenic service in the industries such as oil & gas, water & wastewater, chemical, and pulp & paper industries. Additionally, in the oil & gas industry, ball valves are mainly used for stopping and starting the flow of any fluid, moderate throttling, and flow diversion.
The industrial valves market for the energy & power industry is expected to grow at the highest rate between 2017 and 2023. This high market growth rate can be attributed to the rapidly growing population and demand from emerging economies such as China, India, and Brazil.
The APAC region accounted for the largest share of the overall industrial valves market in 2016. This growth can be attributed to the increasing demand for power from the oil & gas industry. This demand in power generation is a direct result of rapidly growing population as well as industrialization. Growing demand for transportation and power from emerging economies such as China, India, and Brazil can propel the market growth during the forecast period.
High cost of fabrication of industrial valves is one of the challenging factors impeding the growth of the industrial valves market. The use of industrial valves varies with the application; also, the material required to manufacture valves varies according to the application. Therefore, the fabrication of valves varies according to the application. It is very difficult process to manufacture the right combination of materials to get the desired application. Therefore, fabrication of industrial valves is a time-consuming and critical process. Hence, the cost of fabrication of industrial valves is high. As the cost of fabrication and lead time of industrial valves is a challenge for the growth of the industrial valves market. There is a need for further innovation and development based on IIoT and 3D printing to overcome the challenge.
The key players in this market are AVK Holding (Denmark), Avcon Controls Private Limited (India), Cameron – Schlumberger (US), Crane Co. (US), Emerson (US), Flowserve Corporation (US), Forbes Marshall (India), IMI Plc. (UK), Metso (Europe), Neway Valves (China), Velan Inc. (Canada), Samson AG (Germany), Spirax Sarco (UK), and The Weir Group Plc. (UK).
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Pune, Maharashtra 411013, India
1-888-600-6441
Email: sales@marketsandmarkets.com
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