Dublin, July 04, 2023 (GLOBE NEWSWIRE) -- The "Industrial Valves Market - Global Industry Size, Share, Trends, Opportunity and Forecasted, 2018-2028 By Valve Type (Globe Valves, Ball Valves, Butterfly Valves, Others), By Material Type, By Application, By Product, By Region, By Competition" report has been added to ResearchAndMarkets.com's offering.
Global Industrial Valves Genset Market was valued at USD 68,702.45 million in 2022 and is anticipated to grow with a CAGR of 4.96% through 2028.
Growing Industrial Sector
Due to the increase in unconventional oil & gas applications and expanding pipeline installations, the downstream sector of industrial valves is expected to grow considerably. The growing significance of automation in the process industry is the cause of the rising demand for automated control valves.
The market for industrial valves is largely driven by the expanding need for connected networks to maintain and monitor industrial equipment as well as the expanding specifications for the construction of new nuclear power plants and the renovation of existing systems.
Niche Applications of Valves
As ships get bigger and are used more frequently, they need to be able to generate power, handle garbage, and operate HVAC systems in addition to carrying out their basic functions. This puts a heavy burden on valves, which are crucial to the marine sector. Depending on their size and intended usage, the different valve types and numbers on board the ship would differ.
Among many other advantages, valves are used to regulate and handle wastewater, distribute water for fire reasons, control the power supply on loading and storage ships, and store any liquid cargo. Valves are often employed in non-industrial settings. These might be valves found in household items like faucets or garden hoses or in medical equipment like heart valves. Owing to this latest dependence on valves in marines and residential sectors is the factor propelling the market growth in the forecast period.
Need for Replacement in the Downstream
Questions about replacement valve accessibility as well as cutting, removing, supporting, and hot-enabling access to the industrial valve manufacturer are raised by the account of replacement choice. Since valves in the chemical industry frequently interact with a variety of chemicals and polymers, they must be replaced after a while for effective operation. In the upcoming years, the market is expected to expand even more.
Demand From Emerging Countries
Demand for industrial valves in China is anticipated to increase by 11.5% annually driven by the quickly growing public utilities sector, process industrial sector, and other construction-related industries. India eventually transformed into a predominantly agricultural country with a strong industrial base.
The government is advancing several programs that will greatly enhance the production of numerous industrial components, including valves. India imported faucets, cocks, valves, and related equipment worth USD 1.4 billion in 2018. The market for valves in India will experience considerable development as a result of the expansion of numerous industries, including agriculture and oil & gas.
Report Scope:
By Valve Type:
- Globe Valve
- Ball valve
- Butterfly valve
- RSV Gate Valve
- Wedge Gate Valve
- Check Valve
- Diaphragm Valve
- Knife Gate Valve
- Automatic Control Valve
- Pinch Valve
- Float Valve
- Air Valve
- Others
By Material Type:
- Steel
- Alloy Based
- Cast Iron
- Cryogenic
- Others
By Application:
- Oil & Gas
- Refinery
- Chemical
- Water
- Wastewater Effluent
- Power Generation
- Agriculture
- Mining
- Others
By Product:
- Multi-turn Valve
- Quarter-turn Valve
- Others
By Region:
- Asia-Pacific
- Europe
- North America
- Middle East & Africa
- South America
Companies holding major shares of the global Industrial Valves Market are
- Emerson Electric Co.
- Flowserve Corporation
- Alfa Laval Corporate AB
- Crane Co
- IMI Plc
- Schlumberger N.V. (Schlumberger Limited)
- Baker Hughes Company
- MRC Global Inc.
- KITZ Corporation
- The Weir Group PLC
For more information about this report visit https://www.researchandmarkets.com/r/phol94
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