The industrial valve market is likely to witness rapid growth in the
coming years due to 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
the energy sector more resilient. The industrial valve market was valued
at USD 67.49 billion in 2017 and is expected reach USD 85.19 billion by
2023, at a CAGR of 3.96% during the forecast period.
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Among all applications, the oil & gas industry is expected to account for the largest size of the industrial valve market during the forecast period. Recent uptrend in the oil & gas industry has boosted the demand for and increased the production of oil and gas in the Middle East and North America. Growing production of oil sands and shale gas fuels the demand for industrial valves in North America, and the increased investments in natural gas exploration and refineries are likely to boost the demand for these valves during the forecast period. Additionally, technological advancements and the adoption of more innovative valves for oil and gas transportation are the major factors that are likely to have a positive impact on the industrial valve market growth.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
• Request for Sample Pages:-
https://www.marketsandmarkets.com/requestsample.asp?id=256097136
Among all applications, the oil & gas industry is expected to account for the largest size of the industrial valve market during the forecast period. Recent uptrend in the oil & gas industry has boosted the demand for and increased the production of oil and gas in the Middle East and North America. Growing production of oil sands and shale gas fuels the demand for industrial valves in North America, and the increased investments in natural gas exploration and refineries are likely to boost the demand for these valves during the forecast period. Additionally, technological advancements and the adoption of more innovative valves for oil and gas transportation are the major factors that are likely to have a positive impact on the industrial valve market growth.
Cryogenic valves are expected to be the fast-growing
segment in the industrial valve market, based on material, during the
forecast period. Cryogenic plug valves are expected to be highly
installed in the oil & gas and chemicals industries for the
isolation application, that is, to separate cryogenic media from other
media. The oil & gas, energy & power, and chemicals industries
are likely to have high demand for cryogenic ball valves due to their
ability of quarter turn on-off operation, minimal lubrication, and
capability to provide tight sealing with low torque in cryogenic fluid
handling applications and will drive the market for these valves during
the forecast period.
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.
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.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
