According to a research report "Industrial Valves Market with COVID-19 Impact Analysis by Function (On-off/Isolation, Control), Material, Type, Component, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment) and Region - Global Forecast to 2026" published by MarketsandMarkets, the global industrial valves market size was valued at USD 73.0 billion in 2021 and is projected to reach USD 90.5 billion by 2026. It is expected to grow at a CAGR of 4.4% during the forecast period. Increasing demand for valves from healthcare and pharmaceuticals industries due to COVID-19 pandemic, surging requirement of establishing new nuclear power plants and revamping existing ones, rising need for connected networks to maintain and monitor industrial equipment, rising adoption of automation technologies in process industries, and growing focus on development of smart cities globally are the key driving factors for the industrial valves market.
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“Globe valves to account for the largest share of the industrial valves market from 2021 to 2026.”
Globe valves are among the most popular valves used to control the flow in a pipeline. These valves regulate the position of a movable disk in relation to the stationary ring seat. The major advantage of globe valves is the lower amount of leak compared with other valves. Other advantages such as better full-closing characteristics, shorter opening and closing time, and positive shut-off drive the adoption of these valves across various industries. These can also be used as stop check valves.
“Oil & gas accounted for the largest share of the industrial valves market in 2020”
The oil & gas industry accounted for the largest share of the industrial valves market in 2020 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 recovering from an economic crisis due to the outbreak of the COVID-19 pandemic. Post COVID-19, the increasing demand for maintenance operations in oil & gas sector would create lucrative opportunities for companies. Furthermore, as most of the existing oil and gas refineries are aging, the requirements for maintenance operations would create more opportunities for maintenance services providers in oil & gas industries, thereby boosting the demand for valves.
“Asia Pacific to account for the largest share of the industrial valves market”
Asia Pacific accounted for the largest share of the overall industrial valves market in 2020. The industrial valves market in APAC for the water & wastewater treatment industry is growing at a significant rate; a similar trend is likely to be observed in the coming years. The dense population and high per capita income in this region, along with large-scale industrialization and rapid urbanization, are the major factors fueling the growth of the industrial valves market in the region. The region consists of a few fast-growing economies, such as China, India, and Southeast Asian countries. Owing to the increasing urban population in the region, there is a high demand for new and improved wastewater treatment systems. The increasing need for proper utilization of water and the growing demand for advanced water and wastewater treatment techniques are creating a demand for industrial valves in APAC countries.
A few of the key players in the industrial valves market are Emerson Electric Co. (US), Schlumberger (US), Flowserve Corporation (US), IMI plc (US), Neles Corporation (Finland), Spirax Sarco Limited (UK),Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (US), Bray international (US) , and CIRCOR International, Inc. (US).
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