May 09, 2022 08:00 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York US, May 09, 2022 (GLOBE NEWSWIRE) -- Industrial Valve Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Industrial Valve Market” information by Type, by Material, by End-Use and Region – Forecast to 2030” market size to reach USD 95.13 billion, growing at a compound annual growth rate of 6.1% by 2030.
Market Scope: The demand and necessity for a broad linked network to transport industrial equipment, combined with rapid urbanization and the creation of smart cities, will provide lucrative growth prospects for the industrial valves industry.
Dominant Key Players on Industrial Valve Market Covered are:
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Industrial Valve Market USP Exclusively Encompassed: Market Drivers Increasing Adoption in Power Industry to Boost Market Growth The increasing adoption of industry valves in power industry will boost market growth over the forecast period. Valves are employed in the power industry for a variety of purposes, including feed pump recirculation, boiler startup, steam conditioning, & turbine bypass.
Lack of Standardized Policies to act as Market Restraint The lack of standardized policies may act as a market restraint over the forecast period.
Increase in Collaborations to act as Market Challenge The increase in collaborations amid industry players may act as a market challenge over the forecast period.
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Segmentation of Market Covered in the Research: The global industrial valve market is bifurcated based on size, end use, material, and end use.
By type, plug will lead the market over the forecast period.
By material, cryogenic will dominate the market over the forecast period.
By end use, oil and gas will spearhead the market over the forecast period.
By size, the industrial valve market is segmented into above 50”, 50”, less than 1”, 1” to 25”, and 25”to 50”.
Regional Analysis APAC to Command Industrial Valve Market The Asia-Pacific region, which has the biggest market share in the global industrial valves market in 2017, had the largest share in 2017. Furthermore, rising industrialization, along with increased investment in different end-user verticals where these valves are used, is driving market demand to this area. In 2020, Asia Pacific held the highest share of the global industrial valves market. The water and wastewater treatment industry's market in APAC is booming, and a similar trend is expected to continue in the next years. The region's high per capita income and dense population, as well as large-scale industrialization and increasing urbanization, are driving the expansion of the industrial valves market there. India, China and Southeast Asian countries are among the region's fast-growing economies. Because of the region's growing urban population, new and enhanced wastewater treatment facilities are in high demand. In APAC countries, there is a growing need for industrial valves due to the increasing requirement for proper water usage and the growing demand for better water & wastewater treatment procedures. The use of industrial valves is expanding in the region as oil & gas industrial activities grow, as does the requirement for water treatment in nations like China, India, and Japan. Due to developments in oil and gas, as well as an increase in demand for water treatment, the Asia-Pacific apart from Japan (APEJ) region is expected to be the fastest-growing area over the projection period. Increased production in downstream sectors will increase petrochemical product production capacity, boosting demand for industrial valves in the region. Because of the increased need for oil and gas in APEJ, the region has become a major manufacturer of industrial valves.
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North America to Have Significant Growth in Industrial Valve Market North America is an important for the industrial valve industry since it is home to some of the world's top multinational firms, including Emerson (US), Flowserve Corporation (US), Cameron-Schlumberger (US), Crane Co., and others (US). Increasing R&D activities in the region relating to the usage of actuators in valves for automation, as well as the increased need for safety applications, are two key factors boosting the North America market. In the United States, R&D at the industry level is expanding the industrial valves’ application areas in industries such as energy and electricity & chemicals. Control valves are used in the energy and electricity, oil and gas, and water & wastewater treatment industries to regulate media flow, begin, stop, or throttle flow, as well as assure safe & effective process automation. In the coming years, North America is expected to be the fastest-growing market for industrial valves.
COVID-19 Impact on the Global Industrial Valve Market The healthcare & pharmaceutical industries are at the forefront of combating COVID-19's rapid spread, and production of all critical medical devices needed to cure COVID-19 patients is on the rise. Industrial valves are utilized in the production of a variety of medical equipment, and several major industry players have indeed jumped at the chance to help with the fight against the pandemic.
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Emerson valves, for example, can handle pressure relief, keep sterilizer and oxygen treatment device components and materials clean, and support analyzers & other critical haematology equipment. High-pressure and high-purity valves from the company are also used to give oxygen to pop-up & remote hospitals, and also triage centres. Emerson manufactures a line of small instrument-level valves for both analytical & medical equipment, and for the first time, it is seeing an increase in demand from oxygen treatment device manufacturers. The new hospital beds contain pneumatically driven air bladders that are designed to improve patient comfort.
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