The report "Industrial Valves Market by Size, Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Material Type (Cast Iron, Steel, Cryogenic, Alloy Based), Industry (Oil & Gas, Water & Wastewater, Energy & Power), and Geography - Global Forecast to 2023", is anticipated to grow at a CAGR of 3.9% from 2018 to 2023, to reach USD 85.1 billion by 2023. The growing demand for industrial valves from oil & gas production facilities and smart city development initiatives undertaken across geographies are some of the major factors fueling the growth of this market.
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Opportunity: Integration of IIoT technology in industrial valves
Different kinds of valves are used across several industries in many applications. The failure of these valves could lead to disruption in the process. A traditional schedule-based maintenance method fails to alert end users about impending valve failures. This often leads to technicians introducing problems while inspecting valves, resulting in even more costly unplanned downtime that could have been avoided. However, recent developments in data science, communications, and computing power have enabled companies to begin leveraging the Industrial Internet of Things (IIoT) technology to reduce valve-related unplanned downtime. The IIoT enables valve experts at corporate engineering or company expertise centers to remotely monitor the health of the valves in a plant to drive better valve performance over the lifespan of those valves.
Valves equipped with sensors and connected through IIOT can help industry players to reduce maintenance and shutdown costs by consciously monitoring the functioning of valves. For instance, Emerson (US) offers IIoT technologies to valve users to improve operating performance and reduce unplanned downtime.
Challenge: Minimization of lead times
Product availability and its lead time are the most influencing factors for purchasing valves. Average lead time of valves is 18 weeks, which can vary with respect to valve type, valve material, and its application.
Generally, industrial valves are divided into 3 categories: commodity valves, advanced products, and specialty/customized products. Lead time plays a vital role in advanced and specialty/customized products. Industry players strive to quote a minimum lead time in their proposals to win the order. Successful order fulfillment with promised lead time depends on various factors such as supply–demand analysis, raw material procurement capacity, engineering capacity, and component stocking capacity of a manufacturer. Although the average lead time of industrial valves is 18 weeks, there are a few Chinese valve manufacturers who are using lead time as their differentiating strategy. These Chinese manufacturers are offering advanced and specialty/customized valves in around 10 weeks.
Industry players are trying to overcome the challenge of minimizing their lead time by using a number of lean and agile approaches. It is advisable that industry players should maintain a sound relationship with entities present in the value chain of their business. This approach can help industry players to gather the required inventory for valves easily at the lowest turn-around time; by this approach, industry players can tackle this challenging pain point of the valve industry.
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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