Dublin, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The "Industrial Valves Market with COVID-19 Impact Analysis by Function (On-off/Isolation, Control), Material, Type, Component, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment) and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global industrial valves market size was valued at USD 73 billion in 2021 and is projected to reach USD 90.5 billion by 2026. It is expected to grow at a CAGR of 4.4% during the forecast period.
Based on the size, valves sized <1 and 1- 6 to account for the largest share during 2021-2026
Valves sized <1 and 1- 6 together account for a larger share of the overall industrial valves market in 2020. A similar trend is likely to be observed during the forecast period. This growth can be attributed to the rising adoption of these valves in various critical and severe service applications in multiple industries, such as oil & gas, energy & power, water & wastewater treatment, chemicals, food & beverages, and pulp & paper.
Actuators to witness a higher CAGR during the forecast period
Actuators are expected to witness the highest CAGR during the forecast period. Rapid developments in electronics have resulted in the introduction of advanced control systems and state-of-the-art actuator and valve combinations are now installed in new plants. Through connected networks, monitoring of valve conditions and predicting impending valve deterioration is possible. This, in turn, reduces the unplanned/accidental shutdown of plants and leads to the rising adoption of actuators in valves. Various critical/severe service applications use actuators where manual operation is either not safe or requires more effort and time. Hence, the market for actuators is expected to grow at a higher CAGR during the forecast period.
Energy & power end-use industry to witness the highest CAGR during the forecast period
Energy & power end-use industry is expected to witness the highest CAGR during the forecast period. In the energy & power industry, there is a strong need to develop infrastructure to balance future energy demand. This trend is creating an opportunity for manufacturers to design and develop their products as per the requirements and standards of the industry. Valves, specifically with digital capabilities, are in demand for safety applications and critical operations.
North America to record the highest growth rate in industrial valves market during the forecast period
North America is likely to be the highest growing market for the industrial valves market in the coming years. North America is a key market for industrial valves as the region is home to a few of the largest multinational corporations, such Emerson Electric Co. (US), Schlumberger (US), Flowserve Corporation (US), and Crane Co. (US). The increasing R&D activities in the region pertaining to the use of actuators in the valves for automation and the rising demand for safety applications are among the crucial factors driving the market in North America. R&D at industry levels is broadening the application areas of industrial valves in different industries, such as energy & power and chemicals, in the US. Control valves are used in the oil & gas, energy & power, and water & wastewater treatment industries to control media flow through a system, as well as to start, stop, or throttle the flow and ensure safe and efficient process automation.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
3.1 Realistic Scenario (Post-COVID-19)
3.2 Optimistic Scenario (Post-COVID-19)
3.3 Pessimistic Scenario (Post-COVID-19)
4 Premium Insights
4.1 Attractive Growth Opportunities in Industrial Valves Market
4.2 Industrial Valves Market, by Function
4.3 Industrial Valves Market, by Material
4.4 Industrial Valves Market, by Type
4.5 Industrial Valves Market, by Component
4.6 Industrial Valves Market, by Size
4.7 Industrial Valves Market in Apac, by Country and End-User Industry
4.8 Industrial Valves Market, by Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Valves from Healthcare and Pharmaceuticals Industries due to COVID-19 Pandemic
5.2.1.2 Surging Requirement of Establishing New Nuclear Power Plants and Revamping Existing Ones
5.2.1.3 Rising Need for Connected Networks to Maintain and Monitor Industrial Equipment
5.2.1.4 Rising Adoption of Automation Technologies in Process Industries
5.2.1.5 Growing Focus on Development of Smart Cities Globally
5.2.2 Restraints
5.2.2.1 Lack of Standardized Policies
5.2.3 Opportunities
5.2.3.1 Use of IIoT and Industry 4.0 in Industrial Valves
5.2.3.2 Manufacturing of Industrial Valves Through 3D Printing
5.2.3.3 Expansion of Refineries and Petrochemical Plants
5.2.3.4 Focus of Industry Players on Offering Improved Customer Services
5.2.3.5 Need for Replacement of Outdated Valves and Adoption of Smart Valves
5.2.4 Challenges
5.2.4.1 Rise in Collaborations Among Industry Players
5.2.4.2 Local Manufacturers Offering Low-Priced Valves
5.2.4.3 Unplanned Downtime due to Malfunctioning or Failure of Valves
5.3 Value Chain Analysis
5.4 Technology Analysis
5.4.1 Digitalization and Integration of Advanced Technologies Such as Artificial Intelligence into Industrial Valves
5.4.2 Impact of IoT on Industrial Valves Market
5.5 Pricing Analysis
5.6 Ecosystem Analysis
5.7 Trends/Disruptions Impacting Customers
5.8 Case Studies
5.9 Porter's Five Forces Analysis
5.10 Trade Analysis
5.11 Patents Analysis
5.12 Regulations and Standards
6 Industrial Valves Market, by Type
6.1 Introduction
6.2 Ball Valves
6.2.1 Ball Valves Would Continue Accounting for Largest Market Size During Forecast Period
6.2.1.1 Trunnion-Mounted Ball Valves
6.2.1.2 Floating Ball Valves
6.2.1.3 Rising Stem Ball Valves
6.3 Butterfly Valves
6.3.1 Butterfly Valves Account for Major Market Share Owing to Their Reliable Field Operations, Tight Shut-Off, and Precise Control
6.3.1.1 Zero-Offset Butterfly Valves
6.3.1.2 Double-Offset Butterfly Valves
6.3.1.3 Triple-Offset Butterfly Valves
6.4 Check Valves
6.4.1 Check Valves are Adopted for Applications Requiring Unidirectional Flow Control
6.5 Diaphragm Valves
6.5.1 Diaphragm Valves are Highly Adopted in Pharmaceuticals and Chemicals Industries to Avoid Contamination
6.6 Gate Valves
6.6.1 Gate Valves are Widely Adopted for On/Off Applications
6.6.1.1 Standard Plate Gate Valves
6.6.1.2 Wedge Type Gate Valves
6.6.1.3 Knife Gate Valves
6.7 Globe Valves
6.7.1 Globe Valves to Hold Second-Largest Market Size by 2026
6.8 Plug Valves
6.8.1 Market for Plug Valves to Witness Substantial Growth in Next Few Years
6.9 Safety Valves
6.9.1 Safety Valves are Highly Adopted in Oil & Gas, Energy & Power, and Chemicals Industries
7 Industrial Valves Market, by Component
7.1 Introduction
7.2 Actuators
7.2.1 Actuators to Dominate Industrial Valves Market for Components During 2021-2026
7.3 Valve Body
7.3.1 Valve Body Acts as Main Control Center
7.4 Others
8 Industrial Valves Market, by Function
8.1 Introduction
8.2 On/Off Valves
8.2.1 On/Off Valves Accounted for Larger Market Share in 2020
8.3 Control Valves
8.3.1 Control Valves to Witness Significant Growth During Forecast Period
9 Industrial Valves Market, by Material
9.1 Introduction
9.2 Steel
9.2.1 Demand for Steel Industrial Valves to Rise During Forecast Period
9.3 Cast Iron
9.3.1 Growing Use of Cast Iron Valves in Water & Wastewater Treatment and Hydroelectric Power Plants Results in Considerable Market Size
9.4 Alloy-Based
9.4.1 Market for Alloy-Based Valves to Grow at Significant Rate in Coming Years
9.5 Cryogenic
9.5.1 Cryogenic Valves to Exhibit High CAGR During Forecast Period
9.6 Others
9.6.1 Bronze
9.6.2 Brass
9.6.3 Plastic
10 Industrial Valve Market, by Size
10.1 Introduction
10.2 <1"
10.2.1 Less Than 1" Segment to Continue to Hold a Significant Market Share During Forecast Period
10.3 1-6"
10.3.1 1-6" Valves are Widely Used in Critical Industries, Including Oil & Gas and Chemicals
10.4 7-25"
10.4.1 Market for 7-25" Valves to Grow Significantly During Forecast Period
10.5 26-50"
10.5.1 Chemicals, Pharmaceuticals, and Energy & Power are Key Industries That Use Control Valves Sized 26-50"
10.6 >50"
10.6.1 Oil & Gas, Power, and Petrochemicals Industries to Accelerate Growth of Market for >50" Valves
11 Industrial Valves Market, by End-User Industry
11.1 Introduction
11.2 Oil & Gas
11.2.1 Steady Recovery of Oil & Gas Industry to Create Opportunities for Industrial Valves Through Capacity Expansion Projects and Mro Contracts
11.3 Water & Wastewater Treatment
11.3.1 Rise in Demand for Cleaner Water and Modification in Older Water Infrastructure to Augment Demand for Industrial Valves
11.4 Energy & Power
11.4.1 Increasing Need for Energy in Developing Countries to Boost Market Growth by 2026
11.5 Pharmaceuticals
11.5.1 APAC to Lead Industrial Valves Market for Pharmaceuticals Industry During 2021-2026
11.6 Food & Beverages
11.6.1 Implementation of Industrial Valves to Improve Process Efficiency
11.7 Chemicals
11.7.1 Industrial Valves Meet Stringent Protection Requirements and Standards in Chemicals Industry
11.8 Building & Construction
11.8.1 Significant Decrease in Demand for Industrial Valves Owing to Canceled or Postponed Smart Infrastructure Projects in Building & Construction Industry
11.9 Pulp & Paper
11.9.1 Industrial Valves Help in Predictive Maintenance of Equipment Used in Pulp and Paper Manufacturing
11.1 Metals & Mining
11.10.1 Growing Demand for Predictive Maintenance Encouraging Use of Industrial Valves
11.11 Agriculture
11.11.1 Growing Demand for Predictive Maintenance Encourages Use of Industrial Valves in Agriculture
11.12 Others
12 Geographic Analysis
13 Competitive Landscape
13.1 Overview
13.2 Key Player Strategies/Right to Win
13.3 Revenue Analysis of Top Companies
13.4 Market Share Analysis, 2020
13.5 Company Evaluation Quadrant
13.5.1 Star
13.5.2 Emerging Leader
13.5.3 Pervasive
13.5.4 Participant
13.6 Small and Medium-Sized Enterprises (SME) Evaluation Quadrant, 2020
13.6.1 Progressive Company
13.6.2 Responsive Company
13.6.3 Dynamic Company
13.6.4 Starting Block
13.7 Industrial Valve Market: Company Footprint
13.8 Competitive Situations and Trends
13.8.1 Industrial Valve Market: Product Launches, April 2019-March 2021
13.8.2 Industrial Valve Market: Deals, April 2019-March 2021
13.8.3 Industrial Valve Market: Others, April 2019-March 2021
14 Company Profiles
14.1 Key Players
14.1.1 Emerson Electric Co.
14.1.2 Schlumberger Limited
14.1.3 Flowserve Corporation
14.1.4 Imi plc
14.1.5 Neles Corporation (Metso Corporation)
14.1.6 Spirax Sarco Limited
14.1.7 Crane Co.
14.1.8 Kitz Corporation
14.1.9 Trillium Flow Technologies (Weir Flow Control)
14.1.10 Bray International
14.1.11 Circor International, Inc.
14.1.12 Ebro Armaturen Gebr. Broer GmbH
14.2 Other Players
14.2.1 Neway Valve Co.
14.2.2 Velan Inc.
14.2.3 Samson Controls
14.2.4 Avk Holding A/S
14.2.5 Avcon Controls Pvt Ltd.
14.2.6 Forbes Marshall
14.2.7 Swagelok Company
14.2.8 Ham-Let Group
14.2.9 Dwyer Instruments LLC.
14.2.10 Apollo Valves
14.2.11 Alfa Laval
14.2.12 Curtiss-Wright Corporation
14.2.13 Klinger Holding
15 Adjacent & Related Markets
16 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/1f5wi9
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