Industrial Valve Market Development Strategy, Growth Potential, Analysis and Business Distribution | COVID-19 Effects
Market Insights
The industrial valve market is garnering substantial traction. The market growth attributes to the increasing usages of industrial valves in burgeoning industries, such as oil & gas, energy & power, construction, and chemicals. Besides, the rise in demand for maintenance operations in refineries substantiates the market growth. Moreover, increasing usages of industrial valves in the O&G and energy industry escalates the market growth, creating a vast demand.
According to Market Research Future (MRFR), the global industrial valve market share is projected to grow to USD 90.77 BN by 2023, registering 4.53% CAGR during the anticipated period (2018-2023). In its industrial valves market research, MRFR also states that in 2017 the market was valued at USD 70.53 billion. The industrial valve market continues to demand better service and value. To meet this demand, industry players form strategic partnerships with suppliers.
Additionally, increasing investments in the development of these valves, alongside the upscale of nuclear power plants, boost the market size. Furthermore, ongoing industrialization in developing countries such as India and continued advancement to increase output in manufacturing units influence market growth. Conversely, fluctuating prices, and the demand-supply gap in raw materials required for production are the major factors estimated to impede market growth.
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Industrial Valve Market – Segmentation
The market is segmented into five dynamics;
By Valve Type : Ball, Butterfly, Check, Gate, Globe, Plug, and others.
By Material : Stainless Steel, Cast Iron, Alloy Based, Cryogenic, and others.
By End-Use : Oil & Gas, Energy & Power, Chemicals, Construction, and others.
By Size : 1”, 1" to 25", 25" to 50", and 50" and above.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
Regional Insight
The regional consideration of the industrial valve market share by MRFR covers Europe, North America, APAC/Asia Pacific, and the rest of the world/RoW.
Ever since procuring the top position in 2017, the APAC market has maintained its lead in the industrial valve market and is also projected to advance at the highest rate between 2018 and 2023. The market here has gained traction backed by the rapid infrastructural development, rising industrialization, and the high investments in industries like oil & gas, energy & power, chemicals, construction and water & wastewater treatment. All this, coupled with the increasing backing from the government, contribute to the demand for industrial valves in the region.
Considering the growing demand for high performance and quality equipment along with the rapid transition towards power generating using renewable energy such as wind turbine energy, hydroenergy and solar panels, the market outlook in North America seems quite promising. The industrial valves market in the region is quickly advancing, strongly supported by the frequent technological innovations. With industries like metalworking, water treatment and chemical constantly demanding advanced equipment fulfill their requirements, industrial valves manufacturers are focusing on redefining their tactics to facilitate optimized asset utilization while exploring the latest technologies. This gives North America the edge over other regions, in terms of revenue generation.
Key Industry Contenders
The key industry contenders profiled in the study include IMI PLC (US), Samson AG (Germany), Weir Group (UK), AVK Holding A/S (Denmark), Emerson (US), PR Valves LLC (US), Avcon Controls (India), Dwyer Instruments Inc. (US), Dwyer Instruments (US), Schlumberger Limited (US), Velan Inc. (Canada), Danfoss A/S (Nordborg), Conbraco Industries Inc. (US), Flowserve Corporation (US), Forbes Marshall (India), Crane Co. (US), Kitz Corporation (Japan), Neway Valve (Suzhou) Co., Ltd (China), to name a few.
Major Players:
Players leading the global industrial valve market include Schlumberger Limited (US), Emerson (US), IMI PLC (US), Weir Group (UK), Flowserve Corporation (US), Crane Co. (US), Kitz Corporation (Japan), AVK Holding A/S (Denmark), Neway Valve (Suzhou) Co., Ltd (China), Samson AG (Germany), Conbraco Industries Inc. (US), Velan Inc. (Canada), Dwyer Instruments, Inc. (US), Forbes Marshall (India), Avcon Controls (India), PR Valves LLC (US), Dwyer Instruments (US), and Danfoss A/S (Nordborg), and others.
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Industry/ Innovation /Related News:
September 1, 2020 ---- Valco Instruments Company Incorporated (VICI) announced the acquisition of Beric Valves, a leading producer of the cast and forged steel gate in the United States and its territories. The acquisition would add Beric Valves to Valco’s family of PVF products and its ability to provide high-quality valves at competitive prices.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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