The global industrial valves market accounted for a value of USD 40.3 billion in 2019 and is projected to register growth at a CAGR of 9.9% during forecast period.
COVID-19 has impacted the industrial valves market. The manufacturing facilities have to halt its production due to lockdown and the supply chain of finished products and raw material got disrupted due to travel restriction. The oil & gas industry is impacted significantly due to outbreak of corona virus as the oil prices are slashing and major oil producers are running out of storage space for and demand is declining adversely. The international borders are closed which leads to suspension of import and export activities and the foreign trade is restricted to control transmission of corona virus. This leads to reduction in demand and adoption of valves in the market however, the vales market is likely witness growth post COVID-19.
For more details, visit: Global Industrial Valves Market By Type (Gate Valves, Globe Valves, Others), By Material (Steel, Cast Iron, Others), By Function (Control, On-Off/Isolation, Others), By End-Users, By Region, Forecast & Opportunities to 2026
The demand for valves is rapidly increasing in pharmaceuticals and healthcare industries due to outbreak of corona virus. The demand for critical medical devices is increasing around the world due to increasing number of cases of corona virus. The industrial valves are vital for manufacturing of different type of medical devices. This increases the demand for industrial valves and drives growth in industrial valves market during forecast period.
On the basis of type, the industrial valves market is segmented into ball valves, butterfly valves, check valves, diaphragm valves, gate valves, globe valves, safety valves and plug valves. The globe valves segment is estimated to hold largest market share during forecast period. The globe valves are most popular valves and these valves are used to control flow in a pipeline. The globe valves not leak as much as other valves. These valves offer various benefits such as shorter opening & closing time, positive shut-off and better-closing characteristics. This increases adoption of globe valve and drives growth in this segment during forecast period.
On the basis of end-users, the industrial valves market is segmented into oil & gas, agriculture, metals & mining, pharmaceuticals & healthcare, pulp & paper, building & construction, chemicals, food & beverages, energy & power, water & wastewater treatment and others. The oil & gas segment is estimated to hold largest market share during forecast period. The energy demand is increasing and drilling activities are also increasing in the Gulf Cooperation Council (GCC) countries. The oil & gas adopts valves at large scale to operate and this drives growth in oil & gas end-users segment during forecast period.
North America region is estimated to grow at highest CAGR during forecast period. The industrial valves are largely adopted in this region as this region is home for largest multinational companies such as Cameron-Schlumberger, Emerson, Crane and Flowserve Corporation. The R&D activities are increasing in this region due to increasing demand for the actuators in the valves for automation. The R&D sector increases the application of industrial valves in different industries. The demand and adoption of industrial valves is higher in this region and this drives growth in North America region during forecast period.
The key market players in industrial vales sector are Emerson, Cameron-Schlumberger, Flowserve Corporation, IMI PLC, Metso Corporation, Spirax Sarco, Crane Co., Kitz Corporation, Trillium Flow Technologies, Bray International, Neway valve Co., Samson Controls, Velan Inc., AVK Holdings A/S, Avcon Controls, Forbes Marshall and Ham-Let.
- What are the expected industry trends over the next three to five years?
- Which of the industrial valves type is likely to lead by 2026?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?