According to the new market research report "Industrial Valves Market
by Material Type (Cast Iron, Steel, Cryogenic, Alloy Based), Size,
Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Industry (Oil
& Gas, Water & Wastewater, Energy & Power), and Geography -
Global Forecast to 2023", the industrial valve market is
expected to grow from USD 70.53 billion in 2018 to USD 85.19 billion by
2023, at a CAGR of 3.96% between 2018 and 2023. The key factors that
are driving the growth of this market include 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 energy sector more resilient.
The industrial valve market in Asia Pacific (APAC)
accounted for the largest share of the overall market in 2017 is
expected to grow at the highest CAGR during the forecast period. Major
factors driving the growth of the valve market in APAC include
increasing population and rising focus of emerging economies on
investing in industries such as energy & power, oil & gas, water
& wastewater treatment, chemicals, and construction in which
industrial valves are used.
Emerson (US), Cameron – Schlumberger (US), IMI PLC
(US), Flowserve (US), and Weir Group (UK) are among a few major players
in the industrial valve market.
Oil & Gas
Each
segment of the oil & gas industry upstream, midstream, and
downstream offers its own examples of extreme conditions for valves. In
the upstream segment, valves control the flow of crude oil and natural
gas from high-pressure injection systems to choke valves and blow-out
preventers at the top of wells. In the upstream segment, valves are used
in gas treatment and liquefaction, and storage in the oil and gas
plant. Valves, generally gate or ball valves, are selected especially
for tight shut-off, flow erosion resistance, and corrosion resistance.
Cryogenic services demand that valves should be made of materials
compatible with low temperatures and other special designs. Midstream
solutions for loading/offloading terminals and storage tanks for oil and
gas products offer more opportunities for valve suppliers. Gate valves
are commonly used for oil and refined-product pipelines, and ball valves
are usually implemented for gas pipelines. Valve requirements for the
downstream market include higher pressure designs and metal-seating
technology and metallurgies to accommodate temperatures at which modern
refineries operate.
The increasing demand for
maintenance operations in refineries will create lucrative opportunities
to companies with core engineering competencies. Apart from the growing
demand for fuel and subsequent capacity expansions, the market for
maintenance repair overhaul (MRO) services will get a boost from
stringent environmental and quality regulations. All these factors will
boost the demand for industrial valves from the oil & gas sector.
Energy & Power
A
large power plant uses hundreds of valves to manage the flow of water
and steam. In this plant, valves are used in different units/systems,
such as gas pipelines, SCR storage and gas injection units, fuel storage
and distribution systems, combustion turbines, flash tanks, steam
turbines with condensers, feed water distribution units, heat
exchangers, and deaerators. In the energy & power industry, valves
are also used to stop and start the flow, reduce or increase the flow,
control the direction of the flow, and regulate the flow or process
pressure or relieve a pipe system of a certain pressure. Applications of
industrial valves include pollution control, feed water, cooling water,
chemical treatment, and steam turbine control systems.
Water & Wastewater Treatment
In
the water & wastewater treatment industry, application-specific
valves are used in finished water storage units, influent control units,
equalization basin systems, blowers, pumps, neutralization units,
sludge thickening units, filtration units, disinfection units,
incinerators, and others.
The need for clean water
and wastewater treatment facilities will increase despite the industry
struggles with rising operational and maintenance costs because of the
increasing expenditures on chemicals and enhanced treatment procedures.
The industry also must adapt more easily to meet changing environmental
regulations and comply with the existing and upcoming federal water
regulations. These factors will drive the demand for industrial valves
from the water & wastewater treatment industry.
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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