Industrial Valves Market by Material, Type, Size, and Application: A Detailed Analysis
According to a study by MarketsandMarkets, the Industrial Valves Market is anticipated to expand at a CAGR of 4.4% between 2023 and 2028. According to the analysis, the market is expected to reach USD 99.8 billion by 2028 from an anticipated USD 80.4 billion in 2023. The need for industrial valves in the oil and gas and energy & power sectors is rising, as is the need for smart valves and the desire for technologically sophisticated valves, all of which are driving the market's expansion. However, factors including the high cost of valves and the availability of substitute technologies are anticipated to impede market expansion. The research includes a thorough analysis of the market dynamics, opportunities, and challenges. It offers insights into the market by function, material, type, component, size, end-user, and geography.
According to a MarketsandMarkets analysis, the COVID-19 pandemic has increased demand for valves in the healthcare and pharmaceutical industries. According to the report, an increase in the construction of new nuclear power plants and the renovation of existing ones is fueling the market for industrial valves. Other significant market-drivers include the requirement for linked networks to maintain and monitor industrial equipment, the increasing adoption of automation technology in process industries, and the growing attention being paid to the creation of smart cities. However, constraints including the high cost of valves and the availability of substitute technologies could impede market expansion.
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Key Players
- Emerson Electric Co. (US),
- Schlumberger (US),
- Flowserve Corporation (US),
- IMI plc (US),
- Neles Corporation (Finland),
- Spirax Sarco Limited (UK),
- Crane Co. (US),
- KITZ Corporation (Japan),
- Trillium Flow Technologies (US),
- Bray international (US) , and
- CIRCOR International, Inc. (US).
Opportunity: Use of IIoT and Industry 4.0 in industrial valves
Industrial valve manufacturers have a tremendous opportunity to cut down on unscheduled downtime caused by valve failures by utilising IIoT and Industry 4.0. Valves are essential parts of many pieces of industrial machinery, and their malfunction can stop plant operations in their tracks. Conventional maintenance techniques are ineffective at warning manufacturers of potential valve failures, which leads to unplanned downtime that could have been prevented. With the use of IIoT, valve specialists may remotely check on the condition of the valves in a plant, track their effectiveness, life cycle, and prospective failure rates, and improve valve performance and workplace security. Industry participants can save maintenance and shutdown costs by sensorizing valves and linking them through the IIoT.
Challenge: Rise in collaborations among industry players.
Due to its highly fragmented character, the industrial valves market is seeing an increase in industry player cooperation. By mergers and acquisitions, manufacturers hope to expand their product offerings and get a larger market share. The oil and petrol business is placing a strong emphasis on the adoption of efficient processes as a result of the falling price of oil. Large market leaders are purchasing small businesses with creative solutions to address this demand and secure long-term growth and profitability.
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Emerson is a top producer of automation systems, transmitters, analyzers, regulators, industrial valves, and other products and solutions for process management. Additionally, it provides industry-specific engineering, consulting, and maintenance services to a number of sectors, including chemicals, food & beverage, onsite utilities, industrial energy, life sciences & medical, metals & mining, oil & gas, power, pulp & paper, and water & wastewater treatment. The business offers customers full lifecycle management for valve assets through monitoring and maintenance tools. The business uses additive manufacturing technology to develop cutting-edge valve designs and solutions in order to maintain its competitive position in the industrial valves market. As evidenced by the company's announcement of comprehensive valve assemblies meeting safety integrity level (SIL) 3 criteria in October 2021, product development is its primary organic growth strategy.
Via its Valves & Measurement product line, Schlumberger provides technology and services to the worldwide energy sector, providing valve products and measurement systems to some sectors in the upstream, midstream, and downstream. Oil and gas flow control, direction, and measurement are the main uses for its products. In order to provide pore-to-pipeline products and services to the worldwide oil & gas industry, Schlumberger merged its reservoir and well expertise with Cameron's wellhead and surface equipment and processing technologies after purchasing Cameron International Company (US) in April 2016. The business keeps its attention on research and development, with its technology centre fostering innovation in the quickly developing fields of automation and technology. In order to manufacture or create prototypes for new products, Schlumberger intends to use 3D printing, particularly in the valve ecosystem.
Industrial flow management equipment is designed, produced, and distributed by Flowserve Corporation, which also offers associated services. The Flow Serve Pump Division and the Flow Control Division are the company's two main segments (FCD). In addition to energy management goods including steam traps, boiler controls, condensate and energy recovery systems, its Flow Control Division also provides valves and automation solutions, such as isolation and control valves, actuation, controls, and related machinery. Oil and gas, chemicals, water and wastewater treatment, water management, power generation, mining, pharmaceuticals, pulp and paper, and food and beverage industries are among the sectors served by Flowserve. The company offers complete flow control systems and services, and its product line for the chemical, oil & gas, water management, and power generation industries includes valves, pumps, seals, automation, and aftermarket services. With its manufacturing and quick response centre, Flowserve offers a wide variety of aftermarket services, including repair, installation, and retrofitting.
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