North America to witness the highest CAGR in the Industrial Valves Market

 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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North America to witness the highest CAGR in the industrial valves market during the forecast period

The market in North America has been classified into the US, Canada, and Mexico. North America is a key market for industrial valves as the region is home to a few of the largest multinational corporations, such as Emerson (US), Cameron-Schlumberger (US), Flowserve Corporation (US), Crane Co. (US). The increasing R&D activities in the region pertaining to the use of actuators in the valves for automation and the rising demand for safety applications are among the crucial factors driving the market in North America. R&D at industry levels is broadening the application areas of industrial valves in different industries, such as energy & power and chemicals, in the US. Control valves are used in the oil & gas, energy & power, and water & wastewater treatment industries to control media flow through a system, as well as to start, stop, or throttle the flow and ensure safe and efficient process automation.

Globe valves to account for the largest share of the industrial valves market

Globe valves are among the most popular valves used to control the flow in a pipeline, and they regulate by the position of a movable disk in relation to the stationary ring seat. The major advantage of the globe valve is that it does not leak as much as other valves. Owing to various benefits such as better full-closing characteristics, shorter opening and closing time, positive shut-off, these valves are adopted across various industries. They can also be used as stop check valves.

Oil & gas accounted for the largest share of the industrial valves market in 2019

The oil & gas industry accounted for the largest share of the industrial valves market in 2019 owing to the growing transportation sector, increasing energy demand, and rising drilling activities in the Gulf Cooperation Council (GCC) countries. However, at present, the world is facing an economic crisis due to the outbreak of the COVID-19 pandemic. The onset of this epidemic has affected the oil & gas industry badly, with oil prices slashing like never before. Similarly, on the one side, major oil-producing companies are running out of space to store extracted oil. On the other side, the oil demand has declined drastically, which has created a huge demand-supply gap. Oil & gas is one of the key industries for industrial valves, but the pandemic has adversely affected the industrial valves market in 2020 to a greater extent.

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