The industrial valve market was valued at USD 67.49 billion in 2017 and is expected reach USD 85.19 billion by 2023, at a CAGR of 3.96% during the forecast period. The industrial valve market is likely to witness rapid growth in the coming years due to 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.
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Market Dynamics
Drivers
- Increased need for industrial valves from oil and gas production-related facilities in GCC countries
- Elevated energy demand in APAC
- Smart city development initiatives across the world
- High demand for automation and predictive maintenance techniques from manufacturing industries
- Stringent environmental and safety regulations to make the energy sector more resilient
Restraints
- Lack of standardized certifications and government policies
- Slowdown in oil and gas extraction
- Downtime due to repair and maintenance
Opportunities
- Integration of IIoT technology in industrial valves
- Use of 3D printers in the manufacturing sector
- Constant need for valve replacement
- Increase in the number of refineries and petrochemical plants
- Rise in the discovery of global offshore oil reserves
Challenges
- Minimization of lead times
- High cost of fabrication
- Existence of manufacturers providing low-priced valves
- Duplication of technology
Asia Pacific Anticipated to Be the Leading Revenue Contributor to the Industrial Valves Market
APAC is projected to be the leading market for industrial valves during the forecast period. There is an increase in power generation, which is a direct result of the rapidly growing population and industrialization. The growth of energy & power, oil & gas, construction, chemicals, and pharmaceuticals industries and the increasing demand for new and improved wastewater treatment systems are some of the major factors fueling the growth of the industrial valves market in this region.
Some of the key manufacturers of industrial valves are Wier group (UK), Flowserve Corporation (US), Emerson Electric Corporation (US), IMI Plc (UK), and Cameron –Schlumberger (US).
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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