PUNE, India, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The Global Valve Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global valve market was valued at US$ 73 billion in 2019 and is expected to grow at a CAGR of 9% through 2030. Valves are mechanical control devices used to regulate and control the pressure and flow of process fluids across wide applications. The valves play a vital role in maintaining the integrity of piping system and optimize process performance. Different types of valves are used across wide applications depending on process requirement. The valves are primarily used to start & stop flow, manage flow, regulate process pressure & flow, and to control the direction of flow. The valves are an integral part of process loop and are witnessing increased adoption across wide applications. The primary factors fuelling the growth of valves market is the increased adoption across multiple industries fuelled by industrial automation for process optimization and integration of advanced technologies in valve control mechanism. For instance, integration of PID (proportional, integral, and derivative) control along with valve actuators & valve positioners and integration of diagnostic solutions has contributed in optimizing the process efficiency. This has governed the growth of valve market during past decade and is driving the global valve market.
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Rising adoption of plug valves to drive the growth of market
The global valve market is segmented on the basis of type, material, end use industry, and geography. Based on type, the global valve market is segmented into gate valve, globe valve, check valve, plug valve, ball valve, butterfly valve, needle valve, pinch valve, and others. The ball valves contributed a prominent share to the global valves market owing to increased adoption across multiple industrial and commercial applications. The plug valves are anticipated to grow significantly during the forecast period owing to rising demand from isolation & flow control applications in water & waste water treatment and paper & pulp industries.
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Expansion of food & beverage processing, chemical and pharmaceutical manufacturing to drive market growth
Based on end use industry, the global valve market is segmented into oil & gas, energy & utility, water & waste water treatment, chemicals, pharmaceuticals, food & beverages, paper & pulp, agriculture, metal & mining, and others. The oil & gas industry contributed for a dominating share to the global valve market in 2019 and is anticipated to witness steady growth during forecast period owing to rising demand from natural gas exploration and refining applications. The application of valves in food & beverages industry is anticipated to grow significantly during the forecast period owing to expansion of food & beverage processing industry around the globe.
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Based on geography, the global valve market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific contributed the largest share to the global valve market in 2019 and is anticipated to be the most lucrative market during the forecast period owing to expansion of key application industries such as oil & gas, food & beverages, chemicals, and pharmaceuticals across China, India, and Southeast Asia. Additionally, the leading manufacturers of valves are focusing on strengthening manufacturing operations in Asian countries, which is anticipated to bolster the growth of Asia Pacific valve market during the forecast period. Europe contributed a prominent share to the global market in 2019 and is anticipated to grow significantly during the forecast period.
Major players active in the global valve market include AVK Holding A/S, Bürkert Fluid Control Systems, Emerson Electric Co., Flowserve Corporation, General Electric Company, Goodwin International Ltd, Honeywell International Inc., KITZ Corporation, Rotork Plc, and Schlumberger Limited.
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