Industrial Valves Market on Track to Achieve $99.8 Billion by 2028

With a predicted CAGR of 4.4%, the Industrial Valves Market Size is expected to increase from an estimated USD 80.4 billion in 2023 to USD 99.8 billion by 2028.

Pune, 21/03/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

The Industrial Valves Market is expanding significantly due to many causes that are detailed in the research "Industrial Valves Market by Type, Material, Component, Function - Global Forecast to 2028." The market is expected to reach USD 99.8 billion by 2028, indicating a Compound Annual Growth Rate (CAGR) of 4.4%, from its anticipated value of USD 80.4 billion in 2023. This indicates that the market is well-positioned for further expansion. The study explores a variety of industrial valve types, emphasising the many uses in a variety of industries. These valve types include ball, butterfly, globe, gate, diaphragm, safety, check, and plug valves. Material composition, which includes plastic, bronze, brass, steel, cast iron, alloy-based, and cryogenic materials, is another important factor examined in the context of market dynamics. Insights into important parts like positioners and actuators are also given, illuminating their function in improving valve performance. All things considered, the study provides thorough projections and analysis, providing insightful information on how the industrial valves market is changing.

The study identifies many important aspects that are driving the rapid expansion of the industrial valves market. One of these factors is the growing need for valves from the healthcare and pharmaceutical sectors, where exact process control is necessary to meet strict quality requirements. The process industries' growing emphasis on the implementation of automation solutions, such as cutting-edge valve technology, to improve productivity, efficiency, and safety, is another noteworthy trend. Furthermore, there is a large need for industrial valves used in power generation applications due to the growing need to modernise current power plants and build new ones internationally to fulfil expanding energy demands. All of these elements work together to support the industrial valves market's upward trajectory, highlighting the industry valves' critical function in a variety of applications and industries. 

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Based on type, globe valves held the largest share of the industrial valves market in 2022

Stainless steel and bronze globe valves are commonly used in cryogenic applications because of their high temperature resistance. In order to keep the packing gland region from freezing and maintain dependable operation under harsh circumstances, these valves usually need an extended bonnet design. Because globe valves work well in high-pressure systems, they are ideal for controlling the high-pressure steam applications seen in power plants. Furthermore, globe valves are essential for controlling fluid flow in coolant pipes and lubricating systems in power plants, which helps ensure that different plant components operate effectively and under control. Globe valves are essential to the infrastructure of power production facilities because of their versatility, as these facilities must meet strict performance standards to guarantee dependable and safe operation.

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Based on component, actuators held the largest share of the industrial valves market in 2022

Because of its broad torque range, pneumatic actuators offer a flexible solution for a variety of applications. Pneumatic actuators vary widely in size; the smallest can produce torque as little as a few inch-pounds, while the largest can produce torque as high as one million inch-pounds. Conversely, hydraulic actuators work by using a signal to transform fluid pressure into motion. These actuators react to signals expressed in volts, pressure, or amperes and are dependent on an external power source. Hydraulic actuators are useful in situations where valve operation requires significant force. Their extensive use in a variety of industrial contexts can be attributed to their suitability for applications needing significant force output, which is made possible by their capacity to harness fluid pressure for motion. 

Based on function, on/off function held the larger share of the industrial valves market in 2022

Isolation valves are essential components in industrial environments and are available in two positions: normally closed (NC) and ordinarily open (NO), each of which is designed to meet a different set of requirements. Typically, open valves are used in a variety of equipment, including liquid-level measurement instruments, pumps, compressors, and pressure vessels. By offering flow logic and allowing the choosing of one flow path over another, they enable fluid flow between devices and components. They are also essential for connecting external devices to a system so that fluids can flow between different parts or be directed to sensors at a later stage of the process.

Based on material, steel valves held the largest share of the industrial valves market in 2022

Steel valves are essential parts of many industrial applications, particularly those where corrosion resistance, high temperature operation, and strict pressure handling requirements are crucial. Ferritic, austenitic, martensitic, and duplex steel are among the varieties of steel used in the construction of these valves. The most widely used varieties include carbon steels and basic stainless steels like 316s, 329s, and 400s. Steel valves are used extensively in a variety of industries, including pulp and paper, building and construction, pharmaceuticals, oil and gas, and water and wastewater treatment. This is because of their strength and longevity. Steel valves are essential in a variety of industrial industries because they provide dependable performance when handling high-pressure systems or harsh chemical conditions.

Based on size, industrial valves in the size range of 1” to 6” held the largest share of the market in 2022

In process systems, valves are essential, particularly in piping that has a diameter of 4 inches or smaller, which is where they are put most frequently. The selection of valve materials is frequently arbitrary and dependent on particular application requirements. When there are no specific size restrictions, valves that are 6 inches or smaller are usually the favoured option. This size range is adaptable and ideal for working with a variety of media, such as water, chemicals, and slurries. These size valves are widely used in the food and beverage, pharmaceutical, and water and wastewater treatment industries to control fluid flow and guarantee operational efficiency in a variety of operations.

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Based on end-user industry, the energy & power industry held the largest share of the industrial valves market in 2022

The building of new nuclear, gas turbine, and coal-fired power plants is anticipated to be the main driver of the industrial valves market expansion in the energy and power sector. This growth is a reflection of the requirement for dependable power generation infrastructure as well as the worldwide trend towards rising energy needs. Furthermore, end-user businesses are being forced by strict environmental rules in places like the US and Europe to implement policies meant to lessen their carbon footprints and mitigate their carbon dioxide emissions. As a result, in order to meet sustainability targets, there is an increasing focus on the maintenance and refurbishment of current power plants. The need for industrial valves is being driven by the move to greener and more efficient energy sources. These valves are essential to maintaining environmental regulations while assuring the safe and dependable functioning of power generation facilities. 

The industrial valves market in Asia Pacific held the largest share of the market in 2022

China is a significant player in the industrial valves market, with a large number of medium-sized producers and a thriving export sector. In the meanwhile, Japan's strong reliance on imported energy and concentration on nuclear power have led to legislative reforms that make it easier to integrate nuclear facilities for the production of electricity, which has increased demand for industrial valves. The oil and gas industry in India is primarily responsible for the spike in demand for valves, which is being driven by pipeline development and offshore exploration. The need for valves in India's oil and gas sector is fueled by their crucial role in pipeline operations, notably in the upstream and midstream segments. These geographical dynamics highlight the various factors that affect the industrial valves market in various regions, highlighting the sector's worldwide significance in the context of changing energy landscapes.

Major companies operating in the industrial valves market include Emerson (US), Flowserve Corporation (US), Schlumberger Limited (US), Crane Co. (Sweden), Neles (Finland), KITZ Corporation (Japan), IMI PLC (UK), KSB SE & Co. KGaA (Germany), Bray International (US), and Spirax-Sarco Engineering PLC (UK).

News Covered:

https://www.globenewswire.com/en/news-release/2023/02/03/2601315/0/en/Industrial-Valves-Market-Size-Share-Growth-Drivers-and-Analysis.html 

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