The global industrial valves market 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.
Download PDF Brochure:-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=256097136
The world is facing an economic crisis caused by the COVID-19 pandemic outbreak. The pandemic has affected the oil & gas industry badly, with oil prices slashing like never before. Major producers of oil are running out of storage space for extracted oil, and the demand is on a declining trend. This has resulted in a huge gap between supply and demand. Oil & gas is one of the key industries using valves. The water & wastewater treatment and energy & power industries are also among the key end-users of valves. These industries are also witnessing a shrinking demand due to the pandemic situation globally. There is a restriction on foreign trades due to the lockdown of international borders, non-operational distribution channels, and various government laws to take precautionary measures for public health and safety. However, it is expected that there will be an increasing focus on hygiene and sanitation due to the rise in people’s concern for a better and safer lifestyle. An increase in demand from the energy & power sector is also likely to drive the industrial valves market for the energy & power end-use industry gradually from 2021 to 2025.
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.
Challenge: Adverse impact of COVID-19 pandemic on key end-user industries such as oil & gas and energy & power
From a single case in China to a global pandemic in less than 3 months, the outbreak of COVID-19 has forced governments worldwide to take drastic measures to protect public health in 2020. This global health crisis has also dented economic growth prospects and upended the oil market. The oil market has been supported by additional production adjustments put in place by OPEC and non-OPEC countries in the Declaration of Cooperation for the first quarter of 2020. In the last week of March and the entire April, all the indices have deteriorated in terms of economy, stocks, equities, financial instruments, metals, commodities, and oil. Since the beginning of 2020, crude oil prices are decreasing dramatically. Consumer demand has declined following the continued spread of the virus and its negative impact on the economy, which, in turn, has led to the disagreement between of the largest oil producers, Russia and Saudi Arabia, in early March. All these factors are expected to lead to a setback in the industrial valves market in the oil & gas industry.
The pandemic has affected the oil & gas industry badly, with oil prices slashing like never before. Key oil-producing companies are running out of storage space for extracted oil, and the demand is on a declining trend. This has resulted in a huge gap between supply and demand. Oil & gas is one of the key industries for industrial valves. The pandemic has an adverse impact on the growth of the industrial valves market.
During the last two months, i.e., March and April, in 2020, the electricity demand curve has changed in the affected regions. The demand for residential use electricity is high; however, the commercial and industrial use of electricity is almost near to null, except for essential services. The power sector has been adversely affected by the COVID-19 pandemic. The energy & power industry will see a decline in industrial production in 2020. This, in turn, is expected to affect the global industrial valves market because usually, a large power plant uses hundreds of valves to manage the flow of water and steam.
The lockdown in many countries has led to the shutdown of most commercial activities, except essential ones, across the world. People are instructed to remain within the confines of their homes and work from home as far as possible. Consequently, the electricity demand in the industrial and commercial sectors has reduced significantly, while from the residential area, the demand has increased. Such a decline in demand has directly affected the industrial valves market. New projects have come to a standstill, along with which the demand for valves used or required for new facilities has been affected.
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).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments:
Post a Comment