Industrial valve Market Competition to Heat Up with Launch Innovative Technologies Reported Worldwide

The industrial valve market is expected to reach US$ 125.59 billion by 2028 from US$ 78.18 billion in 2021; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028

Gate valves, like ball valves, are widely used in various industries and continue to be in high demand. This has led to the gate valve segment holding a significant market share in the industrial valve market. Gate valves are available in two types: parallel and wedge-shaped, and they find applications in industries such as oil & gas, manufacturing, automotive, pharmaceuticals, and thermal power. The growth of these industries, especially the manufacturing, oil & gas, and pharmaceutical sectors, has been a key driver for the growth of the gate valve segment in the industrial valve market.

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Key Companies:

The global industrial valve market is served by several prominent players, including Valen Inc., Crane Co., Circor International, Emerson Electric Co., Flowserve Corporation, Kitz Corporation, Neway Valve (Suzhou) Co. Ltd., Spirax Sarco, Schlumberger Limited, and IMI PLC. 

Ball valves are characterized by a simple design that involves a ball placed within a pipe. These valves are recognized for their excellent durability, resistance to damage, and low maintenance needs. They can be easily repaired without the need for specialized skills. In addition, ball valves do not require lubrication, while still providing a tight seal with low torque. Moreover, they are cost-effective and user-friendly. In addition, ball valves are capable of managing and adjusting high volume, pressure, and flow at elevated temperatures, which renders them highly suitable for operations that involve various gases and liquids. As a result, these factors are driving the increasing adoption of ball valves in several industries, including oil and gas, power generation, chemicals and petrochemicals, and healthcare.

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Market Segmentation:

The industrial valve market is divided into segments based on material type, valve type, and industry. Material type segments include cast iron, steel, cryogenic, alloy-based, and other materials. Valve type segments consist of ball valve, butterfly valve, diaphragm valve, safety valve, and piston ram valve. The industrial valve market is also categorized by industry, including oil and gas, water treatment, power & energy, chemical and petrochemical, food and beverage, healthcare & pharmaceutical, and other industries. Further, the global industrial valve market is categorized into North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America. APAC is a significant region, with a large population, high per capita income, and extensive industrialization and urbanization. Additionally, countries such as China, India, Japan, and South Korea, which are highly industrialized, are placing increasing importance on the development of wastewater treatment facilities to address environmental conservation concerns. The region is also the primary consumer of crude oil and gas, further driving the adoption of industrial valves.

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. Industrial Valve Market Landscape

4.1 Market Overview

4.2 PEST Analysis

4.2.1 North America

4.2.2 Europe

4.2.3 Asia-Pacific

4.2.4 Middle East and Africa

4.2.5 South America

4.3 Ecosystem Analysis

4.4 Expert Opinions

5. Industrial Valve Market - Key Market Dynamics

5.1 Market Drivers

5.1.1 Growing Use of Valve in Oil and Gas Industry

5.1.2 Increasing use of Ball Valves and Butterfly Valves

5.2 Key Market Restraints

5.2.1 Long Service Life and Risk of Corrosion

5.3 Key Market Opportunities

5.3.1 Expanding Application Range in Healthcare Sector

5.4 Future Trends

5.4.1 Growing Popularity of IoT

5.5 Impact Analysis of Drivers and Restraints

6. Industrial Valve Market - Global Analysis

6.1 Industrial Valve Market Global Overview

6.2 Industrial Valve Market - Global Revenue and Forecast to 2028 (US$ Million)

6.3 Market Positioning- Five Key Players

7. Industrial Valve Market Analysis - By Material Type

7.1 Overview

7.2 Industrial Valve Market, By Material Type (2020 and 2028)

7.3 Cast Iron

7.3.1 Overview

Regional Overview

China, Australia, Iran, Indonesia, and Malaysia are a few of the prominent natural gas-producing countries in the region. China imposed strict lockdown and social isolation in early 2020, which stopped exploration activities and resulted in shrinking the country's demand for oil and other energy commodities. Thus, natural gas storage and transportation activities across China plummeted significantly and resulted in weak demand for ball and butterfly valves. Similarly, Iran and Australia (the two major natural gas-producing countries of the region) imposed nationwide lockdowns to control the growing number of COVID-19 cases. Thus, the overall decline of exploration and production (E&P) activities in the oil & gas sector hampered the demand for globe and check valves in APAC in the first two quarters of 2020. In the Asia-Pacific region, India has been the most severely impacted by the pandemic. As governments implemented social restrictions to help contain the virus, the production sector in these countries experienced a setback. China, Australia, Iran, Indonesia, and Malaysia are some of the key natural gas-producing nations in the region, and China was the first to impose a strict countrywide lockdown. This caused exploration activities to halt, resulting in decreased demand for oil and other energy commodities. The storage and transportation of natural gas also decreased significantly, leading to a drop in demand for ball and butterfly valves. In addition, Iran, and Australia, two of the major natural gas-producing countries, also imposed lockdowns. This caused a decrease in exploration and production activities in the oil and gas sector, leading to a weakened demand for industrial valve market in the Asia-Pacific region during the first two quarters of 2020. 

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