Global Industrial Valves Market Outlook, 2028

Silently controlling the flow of liquids, gases, and even granular materials with accuracy and dependability, industrial valves are the major equipment of myriad of industrial operations. Industrial valves ensure the safe and effective operation of machinery and systems with their varied designs and materials that are designed to fit specific applications. Industrial valves are essential for many different uses in a variety of industries, such as water treatment, petrochemical, manufacturing, and energy. Because industrial valves are made to withstand harsh environments including high pressures and temperatures, corrosive substances, and abrasive materials, they are vital parts of keeping vital industrial processes reliable and intact. They are vital in a situation because of their flexibility and adaptability. Industrial valves are manufactured using the casting method. Some manufacturers also use a forged method that involves cutting and forging, trimming, sandblasting, machining, and surface treatment. In the highly competitive global industrial valve industry, several key market players have emerged as industry leaders, each contributing significantly to the sector's growth and innovation. Emerson Electric Corporation, a multinational conglomerate, has a strong presence in the market, offering a diverse range of industrial valves, automation systems, and control solutions. Schlumberger NV, a renowned name in the oilfield services industry, also plays a pivotal role in the valve sector, particularly for applications in the oil and gas sector. These market leaders, along with numerous others, continuously invest in research and development, technological advancements, and strategic acquisitions to maintain their competitive edge and provide innovative valve solutions to a wide array of industrial applications worldwide.

According to the research report," Global Industrial Valves Market Outlook, 2028" the market is anticipated to cross USD 104 Billion market size by 2028, increasing from USD 74.79 Billion in 2022. The market is projected to grow with 5.73% CAGR by 2023-28. The use of smart valves - which integrate cutting-edge sensors and automation features - has increased dramatically in the market in recent years. Because these smart valves can monitor and analyze data in real-time, they improve operational efficiency and enable predictive maintenance, which lowers maintenance costs and downtime. Enhancing safety and performance, this has completely changed the way industries oversee their operations. The introduction of 3D printing technology into valve manufacture is another innovative development worth noting. Complex and unique valve designs that were previously unachievable are now possible because to additive manufacturing processes. In addition to cutting lead times, this offers businesses looking for specially designed valve solutions for their unique requirements affordable options. In the valve market, environmental sustainability is also becoming more and more important. These days, businesses are concentrating on creating environmentally friendly valves that use less energy and produce less pollutant. Low-emission valves are becoming more and more popular, particularly in sectors like the oil and gas industry that are subject to stringent environmental laws. We are seeing a trend in the materials used in valve manufacturing toward composite materials and high-performance polymers. These materials provide increased durability and corrosion resistance, which increases valve dependability under demanding operating circumstances. In addition, new developments in control technologies are being seen in the market. One such technology is proportional-integral-derivative (PID) control, which facilitates accurate and dynamic control over fluid flow. These advancements make it possible for industrial processes to function more precisely and effectively.

The Asia-Pacific region stands as the global leader in the industrial valve market, boasting the highest market share in this important sector. This dominance can be attributed to the rapid industrialization, urbanization, and infrastructure development occurring in countries like China and Japan. As these nations continue to expand their manufacturing, energy production, and water management sectors, the demand for industrial valves has surged. The growth of sectors such as oil and gas, petrochemicals, and water and wastewater treatment has been a significant driver of this trend. Additionally, the Asia-Pacific region's proactive approach toward adopting innovative technologies, including smart valves and advanced materials, has propelled its market growth. Thus the overall market is anticipated to grow with more than 6% CAGR from 2023-2028. Following closely behind is North America, which has a well-established industrial valve market. The United States have long been key player in the global industrial valve industry, driven by a robust industrial base and significant investments in sectors like energy, chemicals, and water management. North America has also seen a growing emphasis on infrastructure modernization, particularly in the oil and gas industry, with the expansion of pipelines and petrochemical plants. This has contributed to a sustained demand for industrial valves. Furthermore, the region's focus on environmental regulations and safety standards has encouraged the adoption of advanced valve technologies, further bolstering the market. The United Kingdom is well-known for its engineering and inventions. The market benefits from a research and development culture, which has resulted in cutting-edge valve technology, automation solutions, and smart valve systems. Manufacturing, aerospace, automotive, pharmaceuticals, energy, and other industries are all represented in the UK's industrial landscape. The market of United Kingdom is anticipated to reach at more than 3 Billion in the coming years. The market share of more than Infrastructure development is a major priority in the Middle East and Africa region. Many varieties of industrial valves are utilized in the construction of power plants, water treatment plants, oil and gas pipelines, and manufacturing hubs. This increases the demand for valve solutions.

The industrial valve market is intricately segmented based on the type of valves used, each serving specific purposes in a wide range of applications across various industries. Among these valve types, globe valves occupy a significant portion of the market share. Globe valves are widely favored for their precise control over fluid flow, making them ideal for applications where throttling or fine-tuning of flow rates is necessary. Their versatile design, which features a globe-shaped body and a movable plug, allows for excellent regulation of flow, making them indispensable in industries such as power generation, oil and gas, and water treatment. Gate valves follow behind the globe valves in terms of market share. These valves feature a gate or wedge-shaped closure that moves up and down to control the flow of fluids. Gate valves excel at providing a straight-through flow path when fully open and an effective shut-off when fully closed. They are frequently used in applications where low pressure drop and minimal fluid resistance are crucial, such as in large pipeline systems and the oil and gas industry. Ball valves also hold the significant market share. Ball valves are recognized for their quick and reliable shut-off capabilities. They consist of a spherical closure that allows for full, unobstructed flow when the valve is open and a tight seal when it's closed, making them suitable for applications where on/off control is essential. They are commonly found in industries like chemical processing, petrochemicals, and water distribution systems. In addition to these three major segments, a variety of other valve types, including butterfly valves, check valves, plug valves, diaphragm valves, pinch valves, needle valves, and pressure relief valves, contribute significantly to the overall growth of the industrial valve market. These valves cater to specific needs in different industries, from preventing backflow to handling corrosive or abrasive fluids, providing isolation, and ensuring safety by relieving excessive pressure.

The industrial valve market, when segmented by the material used in valve making, offers valuable insights into the diverse range of materials employed to meet specific industry requirements. Steel-based valves have carved out a dominant position within this market segment. Steel valves are favored for their exceptional durability, high-temperature resistance, and resistance to corrosion, making them a preferred choice in demanding industrial applications. Industries such as oil and gas, petrochemicals, power generation, and water treatment rely heavily on steel valves due to their reliability and ability to withstand harsh operating conditions. Cast iron valves also hold a significant market share. Cast iron is valued for its robustness and cost-effectiveness, making it particularly suitable for applications where high-pressure and high-temperature conditions are not a primary concern. Industries like HVAC systems, municipal water supply, and wastewater treatment frequently use cast iron valves. Their reliability and economical nature contribute to their enduring presence in the market. Alloy-based valves represent another substantial portion of the market. These valves are specially designed to cater to specific requirements, such as resistance to corrosive environments or extreme temperatures. The versatility of alloy-based valves makes them crucial in industries such as chemical processing, where the handling of aggressive chemicals and fluids is commonplace. The other types, encompassing a wide array of materials, including cryogenic, brass, bronze, plastic, aluminum, copper, and PVC, also plays a vital role in the industrial valve market. Cryogenic valves, for instance, are designed to function at extremely low temperatures and are essential for industries like liquefied natural gas (LNG) production and storage. Brass and bronze valves are known for their corrosion resistance and are extensively used in plumbing and water distribution systems. Plastic valves are lightweight, corrosion-resistant, and suitable for applications in chemical processing and water treatment. Additionally, aluminum and copper valves find applications in specialized industries.

The industrial valve market, when segmented by the material used in valve construction, offers valuable insights into the diverse range of materials employed to meet specific industry requirements. Steel-based valves have carved out a dominant position within this market segment. Steel valves are favored for their exceptional durability, high-temperature resistance, and resistance to corrosion, making them a preferred choice in demanding industrial applications. Industries such as oil and gas, petrochemicals, power generation, and water treatment rely heavily on steel valves due to their reliability and ability to withstand harsh operating conditions. Cast iron valves also hold a significant market share. Cast iron is valued for its robustness and cost-effectiveness, making it particularly suitable for applications where high-pressure and high-temperature conditions are not a primary concern. Industries like HVAC systems, municipal water supply, and wastewater treatment frequently use cast iron valves. Their reliability and economical nature contribute to their enduring presence in the market. Alloy-based valves represent another substantial portion of the market. These valves are specially designed to cater to specific requirements, such as resistance to corrosive environments or extreme temperatures. The versatility of alloy-based valves makes them crucial in industries such as chemical processing, where the handling of aggressive chemicals and fluids is commonplace. The other types, encompassing a wide array of materials, including cryogenic, brass, bronze, plastic, aluminum, copper, and PVC, also plays a vital role in the industrial valve market. Cryogenic valves, for instance, are designed to function at extremely low temperatures and are essential for industries like liquefied natural gas (LNG) production and storage. Brass and bronze valves are known for their corrosion resistance and are extensively used in plumbing and water distribution systems. Plastic valves are lightweight, corrosion-resistant, and suitable for applications in chemical processing and water treatment. Additionally, aluminum and copper valves find applications in specialized industries.

Industrial valves are essential to many different industries, but the oil and gas sector is where their importance is most felt because of how many different uses it depends on these vital parts for. In the oil and gas industry, midstream transportation, downstream refining and distribution, and upstream exploration and production all require industrial valves. By controlling the flow of petrochemicals, natural gas, and oil, these valves maintain efficiency, safety, and compliance with environmental regulations. They play an important part in an industry that is vital to the production of energy and the functioning of world economies because they are necessary in managing the extraction of hydrocarbons, preventing leaks, and distributing refined goods. The chemicals sector utilizing industrial valves to manage the many and frequently corrosive chemicals used in processing and manufacturing. In order to guarantee product quality, worker safety, and environmental protection, valves in this industry withstand challenging circumstances and retain accurate control. Industrial valves are also very important to the energy and electricity sectors, particularly in power generation plants. These valves are essential for managing the flow of water, steam, and other fluids in nuclear, thermal, and renewable energy power plants. The energy industry's transition to greener and more efficient technologies, such renewable energy and natural gas, has opened up new markets for sophisticated valve solutions. Simultaneously, the waste and wastewater treatment industry holds a significant market share for industrial valves. In this sector, valves are essential for managing the flow of sewage, industrial effluents, and potable water. They help ensure the safe and efficient treatment and distribution of water and the proper handling of waste, contributing to public health and environmental conservation.

Key Developments

• In 2023, PetrolValves, a leading provider of valve maintenance and repair services, has completed a major overhaul project at the Kollsnes gas processing plant in Norway. The project involved the inspection, repair, and refurbishment of over 1,000 valves, including butterfly valves, gate valves, and check valves.
• MRC Global, a leading distributor of pipe, valves, and fittings, has been selected as a key valve provider for the Preem Lysekil refinery biofuel project in Sweden. The project is part of Preem's efforts to reduce its greenhouse gas emissions and produce more renewable fuels.
• Emerson has announced the release of its new Fisher™ FIELDVUE™ DPC2K digital process controller (DPC2K). The DPC2K is a single-loop controller that is designed to be simple, flexible, and reliable. It can be used to control a wide range of industrial processes, including flow, pressure, temperature, and level.

Driver

Growing Industrialization and Urbanization: The rapid expansion of industrialization and urbanization in emerging economies, such as China and India, is one of the primary drivers of the global industrial valve market. As these countries undergo extensive development, there is an increasing demand for various industries, including oil and gas, water and wastewater treatment, chemicals, and power generation. These industries rely heavily on industrial valves to control and regulate the flow of fluids and gases, making them a critical component in these processes. The growth in infrastructure and manufacturing sectors, accompanied by urbanization, necessitates the use of industrial valves for the efficient operation of industrial processes, thereby propelling the demand for these components.

Technological Advancements: The continuous advancement of valve technology stands as a pivotal driver in the global industrial valve market. These technological innovations encompass the development of smart valves that incorporate sensors and automation capabilities, enhancing the precision and monitoring of industrial processes. Furthermore, the adoption of materials with superior durability and corrosion resistance, such as advanced alloys and composite materials, is becoming increasingly prevalent. These advancements in valve technology not only improve performance but also reduce maintenance requirements and enhance overall operational efficiency, motivating industries to upgrade their valve systems to stay competitive.

Challenges

Intense Competition: The industrial valve market is characterized by fierce competition, with numerous local and international manufacturers vying for market share. This intense competition can lead to price wars and thinner profit margins, making it challenging for valve manufacturers to maintain profitability. To overcome this challenge, companies must focus on product differentiation, innovation, and superior customer service to stand out and maintain a sustainable position in the market.

Economic Fluctuations: The industrial valve market is highly sensitive to economic fluctuations as it relies heavily on industries such as construction, manufacturing, and oil and gas. During economic downturns, industries often reduce their capital expenditures, which can lead to a decrease in demand for industrial valves. Managing the cyclical nature of the market and diversifying into more recession-resistant sectors can be a major challenge for valve manufacturers.

Trends

Smart Valve Technology: One of the prominent trends in the industrial valve market is the integration of smart technologies, such as sensors, actuators, and connectivity. Smart valves enable remote monitoring, data analytics, and predictive maintenance, resulting in improved operational efficiency and reduced downtime. This trend aligns with the principles of Industry 4.0, emphasizing automation and data-driven decision-making in industrial processes. As industries increasingly adopt these technologies, the demand for smart industrial valves is expected to grow.

Adoption of Renewable Energy Sources: The global shift towards cleaner and more sustainable energy sources, such as wind and solar power, is influencing the industrial valve market. Valves are essential components in renewable energy systems, including wind turbine hydraulic systems and solar thermal power plants. As the demand for renewable energy continues to grow, the industrial valve market is expected to see increased demand in this sector, reflecting the global commitment to reduce carbon emissions and transition to more environmentally friendly energy sources.

Competitive landscape: Emerson Electric Co. (U.S., Flowserve Corporation (U.S.), Crane Company (U.S.), IMI (U.K.), Velan Inc. (Canada), KITZ Corporation (Japan), Neway valve (China), AVK Holding A/S (Denmark), Metso (Finland), Spirax Sarco Limited. (U.K.), Johnson Controls (Ireland), Powell Valves (U.S.), Curtiss-Wright. (U.S.), Mueller Co. LLC. (U.S.), Crane Co., CRANE ChemPharma & Energy Corp (U.S.), The Weir Group PLC (U.K.), Wärtsilä (Finland), Bray International (U.S.), Dwyer Instruments LTD (U.S.), Watts. (U.S.), Bonney Forge Corporation (U.S.), NIBCO Inc. (U.S.).

Considered in this report:

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:

• Global Industrial Valves market Outlook with its value and forecast along with its segments
• Country-wise Industrial Valves market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report

• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa

By Type:

• Globe Valve
• Ball Valve
• Butterfly Valve
• Gate Valve
• Check Valve
• Pressure Relief Valve
• Plug Valve
• Needle Valve
• Pinch Valve
• Diaphragm Valve
• Others

By Materials:

• Steel
• Cast Iron
• Alloy based
• Others

By Application:

• Water & Wastewater
• Oil & Gas
• Energy & Power/ Utilities
• Chemical
• Food & Beverages
• Pharmaceuticals
• Agriculture
• Others (automotive, marine, metals & mining ,construction, pulp & paper)

Intended audience:

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Industrial Valves industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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