(MENAFN- IMARC Group)
According to IMARC Group, the global industrial valves market size reached US$ 73.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 128.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032.
Global Industrial Valves Market Trends:
The growing emphasis on sustainability and environmental responsibility represents one of the key factors influencing the growth of the industrial valves market across the globe. This is primarily driven by stringent regulations and the need to reduce energy consumption and emissions which is boosting the market growth. Consequently, demand for low-emission and environmentally friendly valve solutions is on the rise. Moreover, the integration of Industry 4.0 technologies, such as the Industrial Internet of Things (IIoT), is reshaping the market. Smart valves equipped with sensors and connectivity capabilities enable remote monitoring, predictive maintenance, and data-driven insights, enhancing operational efficiency and minimizing downtime. In addition to this, the ongoing industrialization and infrastructure development across regions are driving increased demand for industrial valves in sectors like oil & gas, power generation, and water treatment.
Get Sample Copy of Report at – https://www.imarcgroup.com/industrial-valves-market/requestsample
Factors Affecting the Growth of the Industrial Valves Industry:
Rapid Industrialization and Infrastructure Development:
One of the primary factors driving the growth of the industrial valves market is the global trend of rapid industrialization and substantial infrastructure development. As countries invest in expanding their manufacturing sectors, constructing new infrastructure, and upgrading existing facilities, the demand for industrial valves to control and regulate fluid and gas flow in various applications, such as power generation, water treatment, and oil and gas, has significantly increased. This surge in industrial activities and construction projects fuels the demand for valves, making them a crucial component in diverse industries worldwide.
Stringent Regulatory Compliance and Environmental Concerns:
Increasing environmental regulations and heightened awareness of sustainability are key factors influencing the industrial valves market. Governments and international bodies have imposed stringent standards to minimize emissions, reduce energy consumption, and ensure safe operations. This has led to a growing need for industrial valves that can meet these regulatory requirements, such as low-emission and zero-leakage valves. Companies are increasingly adopting environmentally friendly valve solutions to comply with these regulations and reduce their ecological footprint, which is driving the growth of the market.
Technological Advancements and Industry 4.0 Integration:
Technological advancements play a pivotal role in the growth of the industrial valves market. The integration of Industry 4.0 technologies, including the Industrial Internet of Things (IIoT), automation, and data analytics, has enabled the development of smart valves and predictive maintenance solutions. These advanced valves can be remotely monitored, controlled, and optimized, enhancing operational efficiency and reducing downtime. As industries seek to improve productivity, reduce operational costs, and enhance reliability, the adoption of technologically advanced industrial valves is on the rise, fueling market expansion.
Industrial Valves Market Report Segmentation:
Breakup by Product Type:
Gate Valve Globe Valve Butterfly Valve Ball Valve Check Valve Plug Valve Others
Ball valves are the largest market segment due to their versatility and wide range of applications across various industries. They offer excellent shut-off capabilities, durability, and ease of operation, making them a preferred choice for controlling fluid and gas flow.
Breakup by Functionality:
On-Off/Isolation Valves Control Valves
Card-based access control systems are the largest market segment for on-off/isolation valves because they provide a secure and convenient method for restricting access to critical valves in industrial settings, ensuring safety and preventing unauthorized operation.
Breakup by Material:
Steel Cast Iron Alloy Based Others
Steel dominates the market because of its strength, durability, and resistance to corrosion, making it an ideal choice for industrial valve construction, especially in demanding environments where valves need to withstand harsh conditions.
Breakup by Size:
Upto 1” 1”-6” 7”-25” 26”-50” 51” and Above
The 1”-6” size range is the largest market segment because it encompasses a broad spectrum of applications across industries, offering a balance between flow capacity and compactness, making it suitable for various industrial processes.
Breakup by End Use Industry:
Oil and Gas Power Pharmaceutical Water and Wastewater Treatment Chemical Food and Beverage Others
The oil and gas sector leads in industrial valve demand due to its extensive infrastructure, which requires a vast array of valves for exploration, production, refining, and distribution processes, ensuring the safe and efficient flow of fluids.
Breakup by Region:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
Asia Pacific's dominance in the industrial valves market can be attributed to its robust industrialization, rapid infrastructure development, and the presence of major manufacturing hubs. The region's growing industries, particularly in China and India, fuel the demand for industrial valves across various sectors.
Competitive Landscape With Key Players:
The competitive landscape of the global industrial valves market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
AVK Holding A/S Cameron International Corporation (Schlumberger) The Crane Company Emerson Electric Co. Flowserve Corporation Forbes Marshall IMI Plc Kitz Corporation Neway Valves (Suzhou) Co. Ltd. Samson AG Velan Inc.
Key Highlights of the Report:
Market Performance (2018-2023) Market Outlook (2024-2032) Market Trends Market Drivers and Success Factors Impact of COVID-19 Value Chain Analysis Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact Us:
IMARC Group
134 N 4th St
Brooklyn, NY 11249, USA
Email: : +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800
MENAFN08022024004122016232ID1107825695
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.