The report "Industrial Valves Market With COVID-19 & Oil Price Crisis Impact Analysis By Function (On-off/Isolation, Control), Material, Type, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment), and Region - Global Forecast to 2025", size was valued at USD 48.1 billion in 2020 and is projected to reach USD 85.7 billion by 2025. It is expected to grow at a CAGR of 12.3% during the forecast period. Increasing demand for valves from the pharmaceuticals industry due to the outbreak of the COVID-19 pandemic, growing focus on the development of smart cities globally, rising need for connected networks to maintain and monitor industrial equipment, and surging requirement for establishing new nuclear power plants and revamping existing ones are the key driving factors for the industrial valves market.
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Driver: Increasing demand for valves from healthcare and pharmaceuticals industries due to the outbreak of the COVID-19 pandemic
With the rapid spread of the coronavirus, healthcare and pharmaceutical industries are at the forefront of combating COVID-19. There is a rise in the production of all the critical medical devices required to cure COVID patients. Industrial valves play an important role in the manufacturing of different types of medical devices, and several key industry players have grabbed the opportunity to fight against the deadly coronavirus pandemic. For instance, Emerson’s valves are capable of managing pressure relief, keeping equipment and materials clean in sterilizers, in oxygen therapy devices to help high-risk patients or those in recovery, as well as support blood analyzers and other vital hematology equipment. The company’s high-pressure and high-purity valves also provide oxygen supply to pop-up and remote hospitals, as well as triage centers.
Additionally, Emerson makes a series of miniature instrument-level valves for analytical and medical equipment, and the company, for the first time, is witnessing the growing demand from the providers of oxygen therapy devices. Additionally, new hospital beds, these days, have air bladders that are pneumatically actuated and designed to increase patient comfort. Emerson makes valves for these air beds. With the skyrocketed requirement for hospital beds, Emerson’s valves are adopted to a great extent by the manufacturers of hospital beds. The company’s ASCO series offers a range of associated or similar valves, as well as valves with different capabilities such as pinch valves, which find applications in medical devices. The company also offers a series of ASCO solenoid valves that find applications in hospital beds.
Also, companies are increasingly investing in research and development pertaining to automatic components such as solenoid valves that are supplied to the pharmaceutical industry. Likewise, pharmaceutical companies seek to develop sophisticated fluid handling systems, such as automatic sanitizer dispensers and liquid soap dispensers, which, in turn, is creating the need for valves. Thus, the growing production of healthcare devices and increasing R&D investments in the pharma field boost the growth of the industrial valves market.
Restraint: Lack of standardized norms and governing policies
Valve manufacturers need to adhere to certain norms and regulations. Different regions have different certifications and policies with respect to valves. This factor creates diversity in demand due to the wide applicability of valves in various industries, such as oil & gas, food & beverages, pharmaceuticals, energy & power, water & wastewater treatment, building & construction, chemicals, and pulp & paper. However, such diversity is hindering the growth of the valves market as industry players have to amend the same product according to the regional policies, which makes it difficult for the valve manufacturers to achieve an ideal cost of installation. To resolve this issue, they have to invest their resources in setting up manufacturing facilities across the world, thus requiring additional capital.
Opportunity: Implementation of valves in water & wastewater treatment plants to handle sanitation-related issues with the rapid spread of COVID-19
In the COVID-19 pandemic situation, water utilities are under close observation to provide safe drinking water and sanitation. The outbreak of coronavirus has created insecurity among people. Water & wastewater treatment is among the essential services, and hence, the plants are operational for all residential services. The pandemic has made people more concerned about sanitation and clean water. Thus, investments in establishing water treatment plants are expected to propel the growth of the industrial valves market.
Additionally, the aging infrastructure in the water & wastewater treatment industry is the primary concern in several countries. For instance, the US has a wide network of old pipelines that are used for transporting water and wastewater. Valves used in old infrastructure are also on the verge of replacement as they have surpassed their operational life. Hence, it is important to replace such valves for improved performance and better worker safety. Thus, the rising concern of people for better sanitation and increasing fresh investments in water supply and sanitation projects creates significant opportunities for the providers of valves having applications in the water & wastewater treatment industry.
North America to account for the largest share of the industrial valves market by 2025
North America is a large consumer and a producer of natural gas, and the market in this region is dominated by the US supply and demand dynamics. The US was the world’s largest producer and consumer of natural gas in 2019. This factor, along with the shale gas boom in North America, contributed to the significant growth of the oil & gas industry in the region until 2019. However, right from the beginning of 2020, the entire world has been strongly hit by the COVID-19 pandemic, a health and an economic crisis. The US is among the most affected countries in the world. The COVID-19 pandemic has plummeted the oil demand drastically. The Energy Information Administration (EIA) reported that the global oil demand was 11.4 million b/d, lower in March 2020 than the annual average in 2019. It further forecasts the demand to be 17.1 million b/d, lower in April 2020. For the year, the EIA estimates that the demand will be 95.5 million b/d (5.2% lower than that in 2019). This is anticipated to be the largest drop since the EIA began keeping records. This drop in demand is likely to have an adverse impact on the growth of the industrial valves market in 2020.
A few of the key players in the industrial valves market are Emerson (US), Cameron – Schlumberger (US), Flowserve (US), IMI Plc. (UK), Metso (Europe), Spirax Sarco (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (UK), and BRAY International (US).
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