Vancouver, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The global industrial valves market size was USD 76.86 Billion in 2022 and is expected to register a rapid revenue CAGR of 4.4% during the forecast period. Increasing need for establishing new power plants and revamping the old ones and rising demand for Artificial intelligence (AI)-integrated valves for water management and application of valves in various end-use industries such as pharmaceutical, healthcare, chemical, Oil & Gas (O&G), power & energy for monitoring flow, and for isolating various gases in the refining process are major factors driving market revenue growth. Industrial valves are used in process industries for direction, regulation, and control of gases, slurries, liquids, vapors, and others. There are various kinds of industrial valves, including ball valves, butterfly valves, check valves, gate valves, globe valves, pinch valves, and others, which are designed for regulation, control, and on & off purposes.
The rapid growth in the Oil & Gas (O&G) industry in developing countries is another factor driving revenue growth of the market. According to research, global production of crude oil in 2021 was around 4.2 billion tonnes. Demand for industrial valves is further expected to rise in the U.S., Russia, and Saudi Arabia, which are among the major oil producers. Valves are an important component of every piping system, thus these have a significant impact on the O&G sector. These can be utilized to function in the refining process of O&G, hydrogen, and other similar media as well as control flow rates, isolate, and safeguard equipment.
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However, a plant will shut down or have unplanned downtime if its valves malfunction. The facility will suffer severe repercussions as a result, including production loss, increased maintenance expenses, additional labor expenditures, and raw material waste. Furthermore, owing to late deliveries or subpar product quality, this may damage relationships with customers. The valves can only be repaired or replaced in this situation. Such factors are limiting demand for industrial valves, which could restrain market revenue growth.
Segment Insights
Type Insights:
On the basis of type, the global industrial valves market is segmented into ball valves, check valves, butterfly valves, plug valves, globe valves, gate valves, diaphragm valves, and safety valves. The ball valves segment is expected to account for largest revenue share in the global industrial valve market over the forecast period. This is because ball valves' extended service lives and dependable sealing abilities are their main advantages. These serve as a shutoff for corrosive fluids, slurries, ordinary liquids, and gases and are mostly utilized for flow and pressure control, which are used in manufacturing, chemical storage, natural gas, and oil industries.
Benefits, such as leak-proof service, quick opening and closing, high efficiency, convenient usage, low maintenance, cost-efficiency, and robust services, are expected to rise demand for ball valves and thus are expected to drive revenue growth of this segment. These valves are frequently utilized because of their dependability, toughness, and cost, which are easy to install and operate with a quarter-turn, which improves the effectiveness of piping systems. Ball valves are used extensively in many different industries, including chemical operations, the petroleum industry, and water treatment facilities, owing to their durability.
Material Insights:
On the basis of material, the global industrial valves market is segmented into steel, cast iron, alloy-based, cryogenic, plastic, and other materials. The steel segment is expected to register steadily fast revenue growth rate in the global industrial valve market during the forecast period. This is because steel is extremely durable, which has exceptional resistance to fatigue and is strong at both high and low temperatures.
In addition, steel is mostly utilized in one-, two-, and three-piece ball valves as well as gate, globe, and check valves for applications up to 454ºC. Steel construction and resistance to corrosion make stainless steel valves very durable, which can withstand temperatures both high and very low. Compared to brass or plastic valves, steel valves are typically rated for a wider range of working temperatures. Such factors are rising demand for steel in industrial valve manufacturing, thus is expected to drive revenue growth of this segment during the forecast period.
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Regional Insights:
The North America market accounted for largest revenue share in the global industrial valve market in 2022 owing to rapid growth in the energy sector, technological advancements, regulatory compliance, and increasing concern for infrastructure development. In addition, presence of key companies and increasing investments resulting in various product launches, and innovations, forming mergers and acquisitions, and entering into partnership agreements is another major factor driving market revenue growth in this region during the forecast period.
For instance, on 14 February 2023, Flowserve Corp., a U.S.-based provider of flow control products and services for the global infrastructure markets announced the acquisition of Velan Inc., a Montreal-based manufacturer of engineered industrial valves. This acquisition of Velan's premium brands, solid heritage, and technical know-how in appealing and diversified end markets is expected to significantly increase the value of Flowserve's current valves portfolio and strengthen the company's current assets.
The Europe market is expected to account for considerably large revenue share in the global industrial valve market over the forecast period. This is due to rising emphasis on infrastructural development, wastewater treatment, usage of renewable energy and energy transition, and modernization.
For instance, on 24 November 2022, Industrial Valves Ltd. (IVL) acquired Duvalco, a global leader in the design, manufacture, and distribution of valves for the process and utility industries. The industrial valves product portfolio is centered on the Duvalco range of valves, which is complemented by complementary valves and ancillary pipeline products from other top manufacturers to meet the needs of the various applications and markets they serve.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 76.86 Billion |
| CAGR (2023–2032) | 4.4% |
| Revenue Forecast To 2032 | USD 118.79 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, component, material, size, end-use industry, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Emerson Electric Co., Flowserve Corporation, SLB, Crane Company, Powell Valves, IMI, KSB SE & Co. KGaA, Bray International, Spirax Sarco Limited, and Gemini Valve |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global industrial valves market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective industrial valves solutions. Some major players included in the global industrial valves market report are:
- Emerson Electric Co.
- Flowserve Corporation
- SLB
- Crane Company
- Powell Valves
- IMI
- KSB SE & Co. KGaA
- Bray International
- Spirax Sarco Limited
- Gemini Valve
Strategic Development
- On 3 May 2023, Emerson announced the product launch of ASCO Series 209 proportional flow control valves that provide the best levels of accuracy, pressure ratings, flow characteristics, and energy efficiency attainable in a specially designed, compact architecture. The Series 209 valves' size and performance combination enables users to precisely control the flow of fluid in various devices that need exacting performance, such as those used in the F&B, Heating, Ventilation, and Air Conditioning (HVAC), and medical equipment industries.
- On 8 December 2022, Stephens Group, LLC. announced the acquisition Quality Valve, Inc., a leading distributor of Original Equipment Manufacturers (OEM) valve replacement and repair parts and accessories, providing a brand-agnostic “one-stop shop” for customers across a variety of end markets with mission-critical Maintenance, Repair, and Operations (MRO) needs. Quality Valve provides 25,000 orders annually to 500 different customers for over 12,500 SKUs from over 100 top suppliers, including producers of different relief valves, control valves, and various pump accessories, including guides, bellows, springs, digital valve controllers, positioners, mounting kits, pressure relief valves, back pressure valves, and pulsation dampeners chemical, serving the petrochemical, power and utility, refining, water/wastewater, and other industries.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented global industrial valves market on the basis of type, component, material, size, end-use industry, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Ball Valves
- Check Valves
- Butterfly Valves
- Plug Valves
- Globe Valves
- Gate Valves
- Diaphragm Valves
- Safety Valves
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Actuators
- Valve Body
- Other Components (Positioners and I/P Converters)
- Material Outlook (Revenue, USD Billion; 2019-2032)
- Steel
- Cast Iron
- Alloy Based
- Cryogenic
- Plastic
- Other Materials (Bronze and Brass)
- Size Outlook (Revenue, USD Billion; 2019-2032)
- <1”
- 1” to 6”
- 7” to 25”
- 26” to 50”
- >50”
- End-use Industry Outlook (Revenue, USD Billion; 2019-2032)
- Chemicals
- Energy & Power
- Oil & Gas (O&G)
- Water & Wastewater Treatment
- Building & Construction
- Paper & Pulp
- Metal & Mining
- Agriculture
- Semiconductor
- Pharmaceutical
- Food & Beverage (F&B)
- Others (Textile & Glass)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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