Industrial Valves Market Outlook 2031
The global industrial valves market size was valued at USD 76.48 Billion in 2022 and is likely to reach USD 109.52 Billion by 2031, expanding at a CAGR of 4.07% during the forecast period, 2023 – 2031. The market growth is attributed to the increasing adoption of industrial valves for regulating the flow of materials.
Industrial valves control the pressure and flow within a system or process and they are essential components of the several industrial piping systems that deliver gases, liquids, slurries, vapors, and others. Different valve options are available to purchase that can be used as per the specific application requirements of the industry for deriving optimal results.
Pharmaceutical industry is using industrial valves as a measure against faulty chemical handling. The integration of industrial valves in the pharmaceuticals sector has become more crucial with the need for high-quality pharmaceutical products. This demand rise in the pharmaceutical industry is anticipated to fuel the market.
In energy & power and water & wastewater treatment, industrial valves play an important role. These industries also witnessed a major decline, during the lockdown. However, the demand for these industries is recovering, which is likely to drive the global industrial valve market share in the coming future.
The market report finds that the COVID-19 pandemic has negatively impacted the growth of the global industrial valve industry. Oil & gas is one of the major key industries using industrial valves and was affected severely during the pandemic, due to the lockdown restrictions imposed by various governments all over the world.
The pharmaceutical and healthcare industries have led the fight against the COVID-19 pandemic. Thus, there has been an increase in the production of medical devices, that are required to cure COVID-19 patients.
Industrial valves play a major role in the manufacturing of several types of medical devices. The key industry players are focused on manufacturing advanced to support the healthcare sector’s fight against the pandemic.
Artificial Intelligence Impact on Industrial Valves Market
The emergence of AI in water management applications and in various end-use industries such as chemical, healthcare, pharmaceutical, oil & gas, power, and energy is propelling the market.
The manufacturing industry is using artificial intelligence (AI) to increase the outcome and improve work quality. The rising need for the renovation of old power plants and the development of new power plants is expected to boost the market.
AI offers assistance in selecting the accurate valve for specific applications. It is applied to the production data for maintenance planning and early detection of failure. It provides the estimation of the flow of a fluid at a single site and in a specific time. This estimation and observation help to remove or resolves any bottleneck issue.
Industrial Valves Market Dynamics
Major Drivers
Rising developments in infrastructural and industrial equipment are expected to boost the market during the forecast period. The demand for industrial valves increased from several sectors, as the employment of this system minimizes machine repair costs and saves production downtime. Infrastructure-related projects are rising and further driving private participation in infrastructure to invest and generate demand for industrial valves. For instance,
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In September 2021, Fairbanks Morse Defense (FMD), a leading provider of high-value defense equipment, acquired Hunt Valve Company Inc., a manufacturer of electrotechnical actuators and naval valves. This acquisition is expected to expand FMD’s capabilities and service solutions for defense, shipyards, and industrial customers.
Existing Restraints
Lack of uniform policies across the regions is expected to hamper the market growth. Industrial valve manufacturers are required to follow regulation policies and certifications of various regions regarding valve manufacturing. This factor results in the manufacturing of products with a diverse range of specifications, as it makes industry players to adhere product manufacturing according to region-based regulations.
Thus, manufacturers have to establish new facilities in each region and they require additional investments and resources to meet the requirements of production. The additional capital investment required for adhering to regulations in various regions is anticipated to hinder market expansion.
Emerging Opportunities
Expansion of petrochemical and refinery plants enlarges the profitable opportunities for the market players. The use of the industrial Internet of Things (IIoT) and Industry 4.0 in industrial valves is expected to boost the market in the coming years. These monitoring technologies minimize unfavorable incidents due to industrial valve failures and unplanned downtime.
Advancements in industrial procedure help experts monitor equipment health and condition from remote locations. Experts minimize the failure of industrial valves that lead to disruption of the plant process and unforeseen hazards with the help of advanced technologies. For instance,
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In June 2023, Aquana, a subsidiary of Geospace Technologies, announced the launch of the water Internet of Things (IoT) platform. This platform includes a remote shutoff ball valve called the Actuator Valve Serial (AVS) which has an IP68 rating. The AVS is manufactured in the U.S. and is expected to be used with any existing Advanced Metering Infrastructure (AMI) platform.
Scope of Industrial Valves Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Industrial Valves Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Ball, Gate, Butterfly, Check, Globe, and Others), Material (Steel, Cast Iron, Alloy-based, Bronze Brass, Plastic, and Cryogenic), Application (Water & Wastewater, Food & Beverages, Oil & Gas, Energy & Power, Chemical, and Others), and Component (Positioner, Actuator, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Velan Inc.; McWane, Inc.; Swagelok Company; SAMSON AG; Honeywell; Forbes Marshall; Spirax-Sarco Engineering plc; Crane Co.; Metso Corporation; KITZ Corporation; Curtiss-Wright Corporation; Schlumberger Limited; ALFA LAVAL; KSB SE & Co. KGaA; Rotork; Neway valve.; GE VALVE; Emersion Electric Co.; Flowserve Corporation; and Others.
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Industrial Valves Market Segment Insights
Type Segment Analysis
Based on type, the global industrial valves market is divided into ball, gate, butterfly, check, globe, and others. The globe segment is expected to expand at a significant growth rate during the forecast period, due to its growing use for controlling the flow in a pipeline. The major advantage of a globe valve is moderate to good throttling and shutoff capability, and shorter stroke as compared to other valves.
The butterfly valve segment has witnessed considerable growth in the market in recent years, due to its evolving usage in the oil & gas industry and it is anticipated to grow substantially during the forecast period. The exploration and up-gradation activities are increasing owing to the refineries in the oil & gas industry and significant investments in pipelines.
Material Segment Analysis
On the basis of material, the global market is segregated into steel, cast iron, alloy-based, and others. The steel segment is anticipated to register a considerable CAGR during the forecast period, due to the rising demand for high-quality industrial valves as it handles both high & low pressure and temperatures.
Steel industrial valves are the most commonly adopted products across various industries as they are corrosion resistance, durable, and its low cost making them ideal for the production of industrial valves.
The cast iron segment is anticipated to account for a major market share in the coming years, due to the rising demand from machinery industries. Cast iron offers different mechanical properties for wide range of application. Thus, major players are experimenting with the materials to offer efficient and durable industrial valves. For instance,
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In December 2022, SISTO Armaturen S.A., a KSB Group company based in Echternach, Luxembourg, produced diaphragm valves using 3D printing technology and a special alloyed material. The valves are intended for delivery to leading pharmaceutical companies in Germany by the end of 2022.
Application Segment Analysis
Based on application, the global industrial valves market is segmented into water & wastewater, food & beverages, oil & power, chemical, and others. The oil & gas segment accounted for the largest share of the industrial valves market, due to the rising transportation sector and growing energy demand globally.
Factors such as longer pipes, deeper wells, and low production costs along with technological enhancement of production, processing, and transportation is anticipated to boost the segment in the industrial valve market.
Water & wastewater segment is expected to witness significant growth during the forecast period, due to the urbanization and increasing population. The rising need of controlling the flow of water &wastewater treatment and the need for isolating the pumps & equipment in the urban areas, is expected to play a major role in fueling the demand of the segment, further propelling the growth of the market.
Component Segment Analysis
On the basis of component, the market is divided into positioner, actuator, and others. The positioner segment is expected to account major share of the market during the forecast period, due to the rising demand for smart valve positioner in various plant operations. Additionally, the adoption of digital and smart valve positioner has upsurged, as it offers versatile, intelligent, and reliable valve solution for valve control.
The actuator segment is projected to hold considerable market share, owing to rising technological advancements and increasing demand for desalination activities. Several companies are investing to adopt advanced technologies for manufacturing actuators, which is enhancing the demand of the segment in the market.
Regional Analysis
In terms of region, the global industrial valves market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific holds the largest share of 33% of the industrial valves market and is expected to propel the market in the forecast period.
Factors such as rapid growth in population and urbanization in emerging countries such as India, China, and Japan have led to the expansion of sectors such as oil & gas, chemicals, energy & power, and others. In addition, the rising construction activities and use of chemicals in the region are anticipated to positively impact the market.
North America is expected to witness significant growth during the forecast period, due to the presence of major key players and accessibility to technologically advanced products and biopharmaceuticals in the region. Production of oil sands and shale gas is increasing and offers significant growth potential across the region.
The market of Europe is anticipated to expand at a rapid pace during the forecast period, due to the increase in R&D activities for the development of advanced products, rapid industrialization, and the presence of several market players in the region.
Segments
The global industrial valves market has been segmented on the basis of
Type
- Ball Valves
- Gate Valves
- Butterfly Valves
- Check Valves
- Globe Valves
- Others
Material
- Steel
- Cast
- Alloy-based
- Others
Application
- Water & Wastewater
- Food & Beverages
- Oil & Gas
- Energy & Power
- Chemical
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Velan Inc.
- McWane, Inc.
- Swagelok Company
- SAMSON AG
- Honeywell
- Forbes Marshall
- Spirax-Sarco Engineering plc
- Crane Co.
- Metso Corporation
- KITZ Corporation
- Curtiss-Wright Corporation
- Schlumberger Limited
- ALFA LAVAL
- KSB SE & Co. KGaA
- Rotork
- Neway valve
- GE VALVE
- Emersion Electric Co.
- Flowserve Corporation
- Others
Competitive Landscape
The competitive landscape of the global industrial valves market report provides key insights into the growth strategies and development initiatives implemented by the key players in the market.
Key players competing in the industrial valves market are Velan Inc.; McWane, Inc.; Swagelok Company; SAMSON AG; Honeywell; Forbes Marshall; Spirax-Sarco Engineering plc; Crane Co.; Metso Corporation; KITZ Corporation; Curtiss-Wright Corporation; Schlumberger Limited; ALFA LAVAL; KSB SE & Co. KGaA; Rotork; Neway valve.; GE VALVE; Emersion Electric Co.; Flowserve Corporation; and Others.
Major companies utilized various strategies including mergers, acquisitions, partnerships, collaborations, product launches, and expanding production capacity to boost market share and customer base.
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In October 2021, Emerson introduced the industry’s first Complete SIL 3-Certified Valve Assemblies. First valve assemblies meet the design process requirements of Safety Integrity Level (SIL) 3 per the International Electronical Commission IEC 61508 standard.
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In April 2022, ITT Inc. announced that that it had completed an all-cash acquisition of privately held Habonim for USD 140 million. Company is expected to be a part of ITT's Industrial Process segment. This acquisition was finalized in the second quarter of 2022 and is anticipated to enhance ITT's consolidated EBITDA margin.
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In April 2021, Oceaneering International's Rotator business introduced a high-performance valve named, Topside Chemical Throttle Valve (T-CTV). This valve is designed to cater to the chemical dosing needs of various industries such as wastewater treatment, oil & gas, medical, chemical processing, and pharmaceutical. The T-CTV utilizes technology that is field-proven and reliable, to ensure efficient topside chemical dosing operations.
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In November 2021, KITZ Corporation invested in the semiconductor field to further expand the group. It is expected to invest in the construction of a new factory building and production facilities at Nitta SC Factory, which is the core factory of KITZ SCT Corporation. It has a wholly subsidiary that manufactures and sells valves and joins for semiconductor and FPD manufacturing processes.
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