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.
Opportunity: Use of IIoT and Industry 4.0 in industrial valves
Valves are critical components of various industrial equipment. The failure of valves could lead to disruptions in plant processes. Traditional, schedule-based maintenance methods fail to alert manufacturing companies about impending valve failures. Due to this, technicians often inform about faults while inspecting valves, which, in turn, results in unplanned downtime that could have been avoided by the implementation of Industrial Internet of Things (IIoT). However, recent developments in data science, communications, and computing power have enabled companies to leverage IIoT technology for reducing unplanned downtime due to valve failures. IIoT enables valve experts to monitor the health of valves in a plant remotely and track the efficiency, life cycle, and potential chances of failure of these valves, thus ensuring better valve performance and a secure work environment. Valves equipped with sensors and connected through IIoT can help industry players reduce maintenance and shutdown costs.
Challenge: Rise in collaborations among industry players.
The industrial valves market is highly fragmented. Mergers and acquisitions are expected to help manufacturers enhance their product portfolios and acquire a larger market share. Due to declining oil prices, the oil & gas industry is focusing on the implementation of efficient processes. To fulfill this requirements, big market players are acquiring small companies having innovative solutions to ensure sustainable growth and profitability. For instance, in January 2021, DeZURIK, Inc. announced the acquisition of Red Valve. Similarly, in 2018, Emerson acquired Advanced Engineering Valves (Belgium), a leading manufacturer of innovative smart valves that help LNG customers operate more efficiently. In 2019, Emerson acquired the Spence and Nicholson product lines from CIRCOR International to expand its portfolio of steam system solutions for process industries and commercial buildings.In the same year, IMI plc acquired PBM, a manufacturer of ball valves and specialty valves for sanitary and industrial applications. All these acquisitions would result in increased competition in the industrial valves market.
“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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Thanks for sharing this informative knowledge. The IoT industry is the largest share of the IIoT and Industry 4.0 today. To build and operate smart cities in the future, they invest in IIoT implementation. The future is all about the internet everything is connected to the internet so, its means everything related to IoT that is why the Internet of things is the largest share of the IIoT and Industry 4.0 now and in the future.
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