The gate valve market is expected to grow from US$ 8.71 billion in 2020 to US$ 12.98 billion by 2028; it is estimated to grow at a CAGR of 4.5% from 2022 to 2028.
New York, July 18, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Gate Valve Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Valve Type (Flexible wedge, Solid wedge, Split wedge or Parallel disks Valve), Valve Size (2" to 12", 14" to 36", and 42" & above), and Valve Size ( Oil & Gas, Water & Wastewater Treatment, Chemical, and Others)” The global gate valve market growth is driven by increasing demand in oil & gas sector with growth in industrialization worldwide.
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No. of Charts & Figures
Valve Type, Valve Size, and Valve Size
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
A gate valve is a mechanical device that closes and opens or partly obstructs numerous entrances to control or regulate fluid flow (liquid or gas). Gate valves are commonly used in municipal areas to restrict the water flow for home uses. Furthermore, gate valves are utilized in industries such as oil & gas and chemical to accomplish critical functions. Some types of valves employed are flexible wedge, solid wedge, split wedge, and parallel disc valves, among others. Valves are also utilized in desalinated water systems, high-integrity pressure protection systems, radwaste systems in nuclear power plants, pressure control systems, on/off designs, and other applications. Oil & gas, petroleum, and pharmaceutical industries are the biggest users of gate valves. The demand for various industrial products, including gate valves, is increasing throughout the world due to fast economic growth in numerous emerging nations. The increasing demand for petroleum products encourages oil companies to boost output, which benefits the gate valve industry. Furthermore, manufacturers are concentrating on technological advancements and product developments to meet the rising demand in various markets. During the forecast period, improvements in gate valve characteristics such as friction reduction and pressure control and continual development in valve efficiency are likely to boost the growth of the gate valves market.
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Gate Valve Market: Competitive Landscape and Key Developments
The gate valve market report includes a detailed competitive analysis of the global gate valve market's major players, including Weir Group PlC; ITT Inc.; Emerson Electric Company; Velan Inc.; Jash Engineering Ltd.; Mueller Water Products Inc.; Process Systems; T-T Pumps; Econosto; Red Valve Company, Inc., FKB; and KSB SE & Co KgaA. Several industrial activities, including product introduction, acquisition, agreement, and expansion, are taking place in the gate valve market globally. ITT Friction Technologies, for example, opened its new state-of-the-art factory in Silao, Mexico, in May 2018.
In 2021, DeZURIK has released a new cast stainless steel AIS-compliant knife gate valve. The AIS-compliant knife gate valve is based on DeZURIK's popular KGC-BD design, which is a robust seated, bi-directional knife gate valve made of cast stainless steel. The AIS-compliant variant is available in 3-24" sizes and complies with all American Iron and Steel Act requirements.
Gate Valve Market: Application Overview
Based on application, the Gate Valves market is segmented as oil & gas, water and wastewater treatment, chemical, and others. In almost every industry, gate valves play a significant role. They're found in various everyday mechanical devices, including workplace HVAC and water systems and an automobile's gasoline motor. Furthermore, gate valves are widely found in homes and commercial facilities and are utilized for various functions. These valves are made of various materials, including stainless steel, cast iron, alloy steel, forged steel, and others.
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Growing Demand for Gate Valve across the Oil & Gas Sector to Power the Growth of the Global Gate Valve Market
In the oil & gas sector, gate valves have widespread applications in upstream, middle, and downstream operations. These valves employ a gate mechanism to open or close a pipeline completely. These valves provide an apt solution for the regulation and maintenance of flow rates. Thus, with the flourishing oil & gas sector across the world, the gate valves market is likely to keep up its pace during the forecast period.
During the next two decades, the global energy demand is expected to increase by 50%. This projected surge in demand is mainly attributed to the expanding global population and rising living standards in emerging countries. Petroleum remains a key source of energy despite the burgeoning popularity of new and renewable energy sources. New refineries are being planned at several locations across the world. For instance, in August 2021, Indian Oil Corporation Limited announced its plan of investing US$ 15 billion to triple its refining capacity by 2025. Meanwhile, the Indian Oil Group's refining capacity was 80.2 million metric tons per annum (MMTPA) in August 2021, accounting for 33% of the total national refining capacity of 249.87 MMTPA. Furthermore, the company indicated that by 2025, it would increase its annual oil refining capacity to 87.55 million metric tons. As a result, the flourishing oil and gas sector is a major contributor to the gate valves market proliferation.
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