April 11, 2023 09:00 ET | Source: REPORTSINSIGHTS CONSULTING PVT LTD REPORTSINSIGHTS CONSULTING PVT LTD
New York, April 11, 2023 (GLOBE NEWSWIRE) -- According to the research report titled Global Industrial Valve Market published by Reports Insights, the market was valued at USD 65 billion in 2022. It is projected to surpass USD 100.72 billion by the year 2030, exhibiting a compound annual growth rate (CAGR) of 5.60% over the forecast period. Casting Butterfly Valve
Industrial valves electro-mechanical devices that are capable of regulating, controlling, and directing the flow of a fluid or gas by closing, opening, or partly impeding the fluid flow. Various types of industrial valves such as ball valve, globe valve, butterfly valve, gate valve, others are deployed in various industrial applications. The industrial valves are mainly composed of materials including steel, cast iron, aluminum, and bronze among others. The market for industrial valve is highly competitive, with a large number of players offering a wide variety of products. The market is expected to continue to grow in the coming years, driven by the increasing demand for industrial valves in a range of industries including oil and gas, water and wastewater treatment, chemical, energy and utilities, pharmaceutical, and others.
The increasing deployment of industrial valves in the oil & gas sector is one of the key factors driving the market growth. Valves are a crucial part of any piping system and play a key role in the oil and gas industry. Industrial valves are mainly deployed in the oil & gas plants for controlling flow rates, protecting equipment, and operating in the refining process of gas, oil, hydrogen, and other related media. Additionally, factors such as the rising investments in oil & gas projects and the growing trend for installation of industrial valves in oil refineries are the key factors driving the growth of the market.
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Further, the rising development of wastewater treatment facilities is another significant factor growth of the industrial valve market. An industrial valve is a vital component of wastewater piping systems. The utilization of valves wastewater piping systems helps in regulating the flow and pressure of gas and fluids, while preventing leakage and fluid contamination. In August 2021, Pennsylvania American Water initiated the development of a new wastewater treatment plant in the U.S. with initial investment of USD 8.7 million. The wastewater treatment plant commenced it operations in 2022. Further, factors such as rapid population growth and urbanization, along with stringent water treatment regulations are further driving the growth of the wastewater treatment sector. Thus, the expansion of wastewater treatment plants is increasing the deployment of industrial valves in the wastewater piping systems, thereby, fueling the growth of the market.
Industrial Valve Market Growth Drivers:
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Global Industrial Valve Market Segmentation Details:
Based on Product Type, the globe valve segment contributed the largest shares to the market growth in the year 2022. Globe valves are considered to be the most popular type of valves deployed in various industrial applications. Globe valves utilize linear motion to regulate the flow of liquid and gases in a system. Moreover, globe valve offers a range of benefits as compared to other valves including high leakage prevention, easier processing, shorter opening-closing time, and ideal shut-off characteristics. The aforementioned benefits of globe valve are a prime factor driving the growth of the segment.
Based on Material, the steel segment contributed the largest shares to the market growth in 2022. Steel valves such as stainless steel and carbon steel offers a range of characteristics including excellent corrosion resistance, higher temperature and pressure resistance, higher protection from leakage, and higher durability. Additionally, the above benefits of stainless-steel valves are increasing its adoption in various industrial applications including wastewater treatment, power generation, petroleum refining, chemical, and others, which is the major factor boosting the growth of the segment.
Based on End User, the water and wastewater treatment segment is anticipated to offer substantial shares to the global industrial valve market growth during the forecast period. Industrial valves are often utilized in wastewater treatment plants, particularly in piping systems to regulate the flow and pressure of fluids. Moreover, the installation of valves in wastewater piping systems also prevents leakage of wastewater fluids while reducing the risk of contamination. Further, the increasing adoption of industrial valves in the wastewater treatment plants to regulate the flow and pressure of wastewater fluids is expected to fuel the market growth during the forecast period.
Based on region, Asia Pacific accounted for the largest share contribution to the market growth in 2022. The growth in the Asia-Pacific region is attributed to the presence of high-growth economies such as China and India among others. For instance, the Indian government recently launched Make in India initiative, which has increased the development of new manufacturing and industrial facilities across the country. Likewise, the rising development of power generation projects, oil and gas projects, and other industries are positively influencing the demand for industrial valves in the region, thus, boosting the growth of the market in the Asia-Pacific region.
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List of Major Global Industrial Valve Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
Global Industrial Valve Market Segmentation:
Key Questions Covered in the Industrial Valve Market Report
Which By Product Type/By Material/By End User is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
Competitive analysis on key market players gaining the market shares?
SWOT analysis of key market players operating in the region?
PESTLE analysis of Industrial Valve market report.
Porter's analysis of Industrial Valve market report.
Key research and development activities associated with Industrial Valve Market
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