The industrial valve market is expected to grow from
USD 70.53 billion in 2018 to USD 85.19 billion by 2023, at a CAGR of
3.96% between 2018 and 2023. The key factors driving the growth of this
market include the increased need for industrial valves from oil and gas
production-related facilities in GCC countries, elevated energy demand
in APAC, smart city development initiative across the world, high demand
for predictive maintenance techniques from manufacturing industries,
and stringent environmental and safety regulations to make the energy
sector more resilient.
Among all applications, the oil & gas industry is
expected to account for the largest size of the industrial valve market
during the forecast period. Recent uptrend in the oil & gas
industry has boosted the demand for and increased the production of oil
and gas in the Middle East and North America. Growing production of oil
sands and shale gas fuels the demand for industrial valves in North
America, and the increased investments in natural gas exploration and
refineries are likely to boost the demand for these valves during the
forecast period. Additionally, technological advancements and the
adoption of more innovative valves for oil and gas transportation are
the major factors that are likely to have a positive impact on the
industrial valve market growth.
Cryogenic valves are expected to be the fast-growing
segment in the industrial valve market, based on material, during the
forecast period. Cryogenic plug valves are expected to be highly
installed in the oil & gas and chemicals industries for the
isolation application, that is, to separate cryogenic media from other
media. The oil & gas, energy & power, and chemicals industries
are likely to have high demand for cryogenic ball valves due to their
ability of quarter turn on-off operation, minimal lubrication, and
capability to provide tight sealing with low torque in cryogenic fluid
handling applications and will drive the market for these valves during
the forecast period.
Plug valves will be the fastest-growing market for
industrial valves during the forecast period. The market for industrial
plug valves is expected to grow at a rapid pace in the coming years due
to the competitive trend in the APAC and European chemical companies.
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