The Rise of Industrial Valves Market Insights and Future Prospects
According to the study "Industrial Valves Market by Type, Material, Component, and Function - Global Forecast to 2028," the market for industrial valves is predicted to rise steadily over the next few years. The market is anticipated to increase at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2028, from an estimated market size of USD 80.4 billion to USD 99.8 billion.
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).
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Based on type, globe valves held the largest share of the industrial valves market in 2022
By holding the biggest market share in 2022, globe valves have become the dominating kind in the industrial valves market. These valves are especially popular for cryogenic applications, and bronze and stainless steel globe valves are frequently utilised. These valves often need a longer bonnet to cover the packing gland area to prevent freezing in such applications. Globe valves are an excellent option for managing high-pressure steam applications in power plants since they are well-suited for high-pressure systems. Their prominence in power plant operations is a result of their design, which enables accurate control and regulation of fluid flow. These valves are used in power plants' lubricating systems and coolant pipes, where they are essential for controlling fluid flow.
Based on component, actuators held the largest share of the industrial valves market in 2022
In 2022, actuators held the biggest market share for industrial valves, becoming as the industry leader. Pneumatic actuators are among the various forms of actuators and are particularly well-liked because of their adaptability and broad variety of applications. Even the tiniest pneumatic actuators are capable of producing a few inch pounds of torque, while the largest ones are capable of producing over a million. Pneumatic actuators are excellent for a range of industrial valve activities because of their versatility. Another form of actuator, hydraulic actuators, translate fluid pressure into motion in response to a signal. They are dependent on an outside source of power and receive signals that can be expressed as pressure, volts, or amperes. Applications where operating a valve requires a significant amount of force frequently use hydraulic actuators.
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Based on function, on/off function held the larger share of the industrial valves market in 2022
With a bigger market share in 2022, the on/off function proliferated as the leading function in industrial valves. Isolation valves, which are available in two positions—normally open (NO) and usually closed (NC)—play a vital part in this function. Normally open valves are used in a variety of parts and systems, including liquid-level measurement equipment, pumps, compressors, tanks, pressure sensors, and pressure vessels. When in their default position, these valves are made to let fluid flow, which facilitates the efficient running of the corresponding systems. Additionally, flow logic is provided by isolation valves, allowing one flow path to be chosen over another and making it easier to connect extra equipment to a system. These valves guarantee a controlled flow of fluids between various parts or devices, facilitating a process' seamless integration and effective operation. Normally closed valves, such as vent and drain valves, are made to stay closed in normal circumstances. They are normally only opened for certain tasks, like depressurization or fluid removal from a system. These valves are used to relieve pressure or to make it easier to remove fluids from a specific system or component.
Based on material, steel valves held the largest share of the industrial valves market in 2022
With the biggest market share in 2022, steel valves have emerged as the industry standard. Steel valves are frequently employed in industrial settings where it is necessary to handle high pressures, high temperatures, and corrosion resistance effectively. Valve construction can use ferritic, austenitic, martensitic, or duplex steel, among other types of steel. Each variety has unique qualities and advantages that meet various industrial needs. In industries like oil and gas, water and wastewater treatment, pharmaceuticals, building and construction, and pulp and paper, carbon steels and basic stainless steels like 316s, 329s, and 400s are frequently utilised. Steel valves provide the essential strength, durability, and corrosion resistance in these industries because they frequently operate under severe conditions. Steel valves are ideal for situations where dependability and lifespan are important because of their toughness and ability to tolerate hostile environments. They can withstand high temperatures and pressures, ensuring the efficient and secure operation of industrial processes.
Based on size, industrial valves in the size range of 1” to 6” held the largest share of the market in 2022
Industrial valves with a size range of 1" to 6" became the dominating market category in 2022, accounting for the biggest share. When the pipe size is equal to or less than 4, these valves are frequently employed in process systems. This size range's valve material selection is subject to, and frequently based on, particular application requirements. When there is no specific size preference, valves 6" or smaller are frequently used. In a variety of sectors, they are useful for handling diverse media types, including slurries, chemicals, and water. For their fluid control requirements, the food and beverage, pharmaceutical, and water and wastewater treatment industries typically turn to industrial valves in this size range.
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Based on end-user industry, the energy & power industry held the largest share of the industrial valves market in 2022
With the biggest market share in 2022, the energy and power industry emerged as the top end-user sector for industrial valves. The development of new coal-fired power plants, gas turbines, and nuclear power plants are just a few of the causes of this supremacy. Investment in the energy and power sector has expanded as a result of the rising demand for energy and the requirement to adhere to strict environmental regulations. A large number of industrial valves are necessary for the efficient control and regulation of fluid flow during the construction of new power plants.
The industrial valves market in Asia Pacific held the largest share of the market in 2022
By having the biggest share in 2022, the Asia Pacific region emerged as the market leader for industrial valves. This can be attributable to a number of things, including the substantial presence of industrial valve producers in nations like China and the rising need for valves in significant regional industries. Due to its position as a major producer and exporter of industrial valves, China has a sizable market share in the Asia Pacific area. There are various medium-sized valve producers in the nation that serve both domestic and foreign markets. The region's market for industrial valves is expanding thanks to China's strong manufacturing capabilities.
The majority of Japan's principal energy requirements are imported, which has increased demand for industrial valves. The nation significantly relies on its nuclear programme to provide power, and recent Nuclear Regulation Authority legislation has made it easier to integrate nuclear reactors, which has increased demand for industrial valves. On the other hand, the oil and gas sector has raised demand for industrial valves in India. The construction and extension of oil and gas pipeline infrastructure, together with offshore explorations, have all contributed to a significant increase in the demand for valves in the upstream and midstream industries. Valves are crucial parts of the oil and gas industry because they maintain and regulate the flow of fluids in pipelines.
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As we step into 2023, the world of technology continues to amaze with its rapid advancements and innovations, and the actuators market is no exception. Actuators, the essential components responsible for converting electrical signals into physical motion, have been undergoing significant transformations, shaping various industries and enhancing automation processes.
ReplyDeleteOne of the most striking trends observed in the actuators market this year is the escalating demand for smart actuators. With the integration of Internet of Things (IoT) technology, actuators have evolved into intelligent systems capable of collecting and analyzing data to make informed decisions autonomously. These smart actuators have ushered in an era of unparalleled efficiency and precision across industries such as manufacturing, aerospace, healthcare, and more.
Another noteworthy development in the actuators market is the growing adoption of nanotechnology. Miniaturization of actuators has led to the creation of micro and nano-actuators, opening up possibilities for applications in fields like medical devices, consumer electronics, and robotics. As these tiny marvels continue to evolve, they hold the potential to revolutionize the way we interact with technology on a daily basis.
The year 2023 has also witnessed a surge in the deployment of soft actuators. Inspired by natural biological systems, soft actuators have become an attractive option for applications requiring flexibility and adaptability. Industries exploring wearable technology, soft robotics, and biomechanics are particularly drawn to this new wave of actuator technology.
Moreover, sustainability has become a major driver in the actuators market this year. With a rising focus on eco-friendly solutions, manufacturers are investing in the development of energy-efficient actuators. These advancements not only contribute to reducing environmental impact but also present significant cost-saving benefits for end-users.
Furthermore, additive manufacturing, also known as 3D printing, has made notable contributions to the actuators market in 2023. This technology allows for the creation of intricate and customized actuator designs that were previously unimaginable. As a result, industries can now design actuators tailored to their specific needs, optimizing performance and enhancing overall product capabilities.
Despite the impressive strides made in the actuators market, challenges remain. The increased complexity of actuators necessitates a greater focus on cybersecurity measures to safeguard against potential threats. As actuators become integral to critical systems, ensuring their protection becomes paramount.
In conclusion, the actuators market in 2023 continues to evolve with innovations that push the boundaries of what was once deemed possible. From smart actuators driving autonomous decision-making to sustainable and miniature marvels with soft and 3D-printed designs, the industry is witnessing a paradigm shift. As we venture further into this exciting technological era, collaboration between stakeholders, a commitment to sustainability, and a dedication to cybersecurity will undoubtedly shape the future trajectory of the actuators market.
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