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.
An industrial valve is a device that either
automatically or manually regulates, controls, or restricts the flow of a
liquid or gas running through the piping system. These valves function
either through external actuation or as per its design. Ball valves,
butterfly valves, check valves, and gate valves some of the types of
these valves.
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Ball Valves Projected to Lead Industrial Valves Market During the Forecast Period
Based on valve type, the industrial valves market is
segmented into ball valves, globe valves, butterfly valves, gate valves,
diaphragm valves, plug valves, check valves, and safety valves. Among
all types, the ball valves segment is expected to lead the industrial
valves market from 2018 to 2023. The adoption of these valves is
anticipated to increase in oil & gas and water & wastewater
treatment industries, due to their tight sealing with low torque
feature.
Cryogenic Valves Expected to be the Fastest-growing Material Types of the Industrial Valves Market
The cryogenic valves segment is projected to grow at
the highest rate during the forecast period. These valves differentiate
from other standard valves due to their ability to be fully functional
both in low temperatures and at high-pressure ratings. Hence, they are
widely used by companies that work with Compressed Natural Gas (CNG) or
Liquefied Natural Gas (LNG). Cryogenic valves are used to help transport
and store cryogenic gasses safely and efficiently.
Asia Pacific Anticipated to Be the Leading Revenue Contributor to the Industrial Valves Market
APAC is projected to be the leading market for
industrial valves during the forecast period. There is an increase in
power generation, which is a direct result of the rapidly growing
population and industrialization. The growth of energy & power, oil
& gas, construction, chemicals, and pharmaceuticals industries and
the increasing demand for new and improved wastewater treatment systems
are some of the major factors fueling the growth of the industrial
valves market in this region.
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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