The global industrial valve market is estimated to witness a moderate growth rate of over 4% during the forecast period of 2022-2028 and was valued at around US$ 70 billion in 2021. Valves are essential components in piping systems primarily used for controlling the flow, pressure, and direction of the fluid. Growing industrialization in developing economies such as India, Indonesia, Thailand, Brazil, etc. is one of the primary factors fueling the industrial valve growth. Moreover, the increasing global focus on the creation of smart cities, the growing demand for linked connections to maintain and monitor industrial equipment, and the rising need to build new nuclear power plants, and renovation of existing ones are some of the factors that drive the growth of the global industrial valve market. Moreover, growing oil and gas industries, and an increase in demand from the energy and power sector are further expected to drive the demand. However, a lack of standardized norms and government policies is the majoar restraint of the global industrial valve market.
Growing demand from the Oil & Gas industry helps the industrial valve market to grow significantly
The oil & gas industry is estimated to hold a prominent share of the global industrial valve market due to the rising energy demand, and expanding drilling activities, especially in the Gulf Cooperation Council (GCC) nations. As the demand for fuel increases, various growing countries are launching new oil & gas exploration projects that boost the demand for advanced valve technology.
After COVID-19, the growing need for maintenance work in the oil industry would present profitable prospects for businesses. The need for maintenance operations would also increase prospects for maintenance service providers in the oil & gas industries, resulting in the increasing demand for valves. Moreover, in the oil and gas industry, valve performance can be negotiated by combinations of process conditions such as high-temperature, high-pressure, high-solids, or high cycles.
Asia Pacific is dominating the global market on account of rapid industrialization
Asia Pacific is dominating the global industrial valve market owing to the rapidly growing industrial sector. China is leading the regional market with a dominant market share in 2021 on the back of increasing industrial investment by the industry players and the presence of foremost market players in the country. For instance, GE started commercial operation for around 660 MW Junliangcheng power plant in China in 2021. Moreover, growing industrial activities and a large presence of local players in countries such as India, Indonesia, Thailand, etc. are further expected to push the regional market growth.
Europe is expected to hold a substantial market share in 2021 on account of ongoing government and municipal projects for water and water waste treatment, and increasing investment in oil & gas exploration activities across the European countries. In the Middle East & Africa, the market is expected to witness a strong growth rate owing to the implementation of mega projects in the region, and the KSA government’s ambitious development plan to diversify the economy by prioritizing the industrial and manufacturing sector. Moreover, increasing oil & gas exploration activities across the economies of the region are further fueling the industrial valve market growth.
Market Structure and Competitive Landscape
The global industrial valve market is fragmented in nature with the presence of many players in the market. There are over 800 valve manufacturers across the globe, with the top 20 players contributing nearly 15-20% market share in 2021. Some of the prominent players operating in the global industrial valves market include Emerson Electric Co., GE Company, KITZ Corp., AVK Holding A/S, Avcon Controls Private Ltd, Forbes Marshall, IMI plc, Metso Corp., The Weir Group plc, Schlumberger Ltd., Flowserve Corp., Neles Corp., Spirax Sarco Ltd., Crane Co., Trillium Flow Technologies, Bray International, and CIRCOR International Inc.
These players adopt various strategies including mergers and acquisitions, partnerships and collaborations which directly results in propelling the growth of the global industrial valve market. Some of the key market developments include,
- In July 2022, DexKo Global Inc. announced its acquisition of Fluid-Press Group, an Italy-based company that manufactures hydraulic valves for agricultural and industrial use. The acquisition helped Dexko Global Inc to further expand its product offering.
- In July 2021, Servern Group acquired US-based ValvTechnologies, a leader in the design and manufacturing of valves. The reason behind the deal was to offer better products in the market.
Key Market Segmentation
RationalStat has segmented the global industrial valve market on the basis of type, material, size, end user, and region.
- By Type
- Gate Valve
- Globe Valve
- Ball Valve
- Butterfly Valve
- Plug Valve
- Other (Check Valve, Pinch Valve, etc.)
- By Material
- Cast Iron
- Alloy Based
- Others (Brass, Bronze, etc.)
- By Size
- 1-6 inch
- 7-12 inch
- 13-24 inch
- 25-48 inch
- Above 48 inches
- By End User
- Oil and Gas
- Water and Waste Treatment
- Food and Beverages
- Energy & Power
- Others (Metals and Mining, Paper and Pulp, etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for industrial valve manufacturers, raw material suppliers, third-party distributors, dealers, exporters & importers, government organizations, educational organizations, regulatory agencies, end user industry, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global Industrial Valves market is expected to grow at a CAGR of over 4% during the forecast period 2022-2028.
Asia Pacific is dominating the global Industrial Valves market in 2021.
The global Industrial Valves market is estimated at around US$ 68.1 billion in 2020.
Growing oil & gas industry and the development of Water & water waste treatment plants are the key drivers of the global Industrial Valves market.
Major companies operating in the global Industrial Valves market include Emerson Electric Co., GE Company, KITZ Corporation, AVK Holding A/S, Avcon Controls Private Ltd, Forbes Marshall, IMI plc, Metso Corporation, The Weir Group plc, Schlumberge Ltd, Flowserve Corporation etc.