Chicago, May 15, 2024 (GLOBE NEWSWIRE) -- The global industrial valves market size is projected to reach USD 99.8 Billion by 2028 and is estimated to be USD 80.4 Billion in 2023 at a compound annual growth rate (CAGR) of 4.4%.
The rising demand for valves from healthcare and pharmaceutical industries, establishment of smart cities globally, and rapid deployment of connected networks to monitor valve conditions and predict system failures are the major factors driving the growth of the industrial valves industry.
To know about the assumptions considered for the study
Major Industrial Valves companies include:
- Emerson (US),
- Flowserve Corporation (US),
- Schlumberger Limited (US),
- Crane Co. (Sweden),
- Neles (Finland),
- KITZ Corporation (Japan),
- IMI PLC (UK),
- KSB SE & Co. KGaA (Germany),
- Bray International (US), and
- Spirax-Sarco Engineering PLC (UK).
Industrial Valves Market Dynamics:
DRIVERS: Increasing need to establish new power plants and revamp existing ones
Although valves make up a small portion of a power plant, they play a vital role. In the case of large power plants, hundreds of valves are used to manage steam and water flows. In recent years, improvements in material technology and manufacturing techniques have enabled the newly developed valves to offer optimum performance even in increased pressure and temperature conditions. Control valves are used to diagnose problems and improve the overall performance efficiency of the power plant.
RESTRAINT: High capital investment and low profit margin due to varying valve standards across regions
As outsourcing offers pricing benefits, valve manufacturers focus on identifying low-cost manufacturing destinations. Although they managed to reduce costs, additional issues such as low quality and late delivery cropped up. This led to increased rejection rates and customer dissatisfaction, which, in turn, is compelling manufacturing to make amends to the supply chain to standardize quality across every facility.
OPPORTUNITIES: Rising demand for AI-integrated valves for intelligent water supply
Artificial intelligence (AI) can be described as any algorithm that allows processing data and learning, thereby increasing the system’s performance over time as its algorithm becomes better tested and trained. In a water distribution network, AI can be integrated into various applications, such as predicting flow at one location at one time based on what happened at a previous location, forecasting future scenarios to deal with any contingencies, and choosing the best options available for solving a particular problem or eliminating any bottleneck.
CHALLENGES: Unplanned downtime due to malfunctioning and failure of valves
Malfunctioning or failure of valves results in unplanned downtime or shutdown of a plant. As a result, the facility faces enormous consequences, such as loss in production, heightened repair costs, related labor costs, and wastage of raw materials. Furthermore, this can put a strain on customer relationships as a result of delayed deliveries or poor product quality. In this scenario, replacing or repairing the valves are the only options. However, industry players are trying to overcome this issue by adopting predictive maintenance, connected infrastructure, or condition monitoring solutions. Smart valve monitoring is another development through which manufacturers can overcome the issue of downtime and help customers improve process efficiency.
