Industrial Valves Market Technology Driving the Industry to $99.8 Billion by 2028
The report "Industrial Valves Market by Type (Ball, Butterfly, Globe, Gate, Diaphragm, Safety, Check, Plug), Material (Steel, Cast Iron, Alloy Based, Cryogenic, Plastic, Bronze, Brass), Component (Actuator, Positioner), Function - Global Forecast to 2028" The Global Industrial Valves Market Size is estimated to be USD 80.4 billion in 2023 and is projected to reach USD 99.8 billion by 2028 at a CAGR of 4.4%.
Growing demand for valves from pharmaceutical and healthcare industries, shifting focus of process industries towards adoption of automation solutions, and the globally rising need for establishing newer power plants and revamping existing ones are major factors driving the growth of the Industrial Valves Market.
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Based on Type, globe valves held the largest share of the Industrial Valves Market in 2022
For cryogenic applications, stainless steel and bronze globe valves are popular, requiring only an extended bonnet to keep the packing gland area from freezing. Globe valves are suitable for high-pressure systems, making them ideal for handling high-pressure steam applications in power plants. In addition, in the lubrication systems and coolant pipes in power plants, globe valves are used to regulate the fluid flow.
Based on Component, actuators held the largest share of the Industrial Valves Market in 2022
Pneumatic actuators are ideal for a range of applications because the smallest of pneumatic actuators can offer up to a few-inch pounds of torque, whereas the largest actuators are capable of offering more than a million inch-pounds of torque. Hydraulic actuators convert fluid pressure into motion in response to a signal. They use an outside power source and receive signals that can be measured in amperes, volts, or pressure. They can be used in applications wherein a large amount of force is required to operate a valve.
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Based on Function, on/off function held the larger share of the Industrial Valves Market in 2022
Isolation valves can be in the normally open (NO) or normally closed (NC) positions. Normally open valves find applications in pressure vessels, pumps, compressors, tanks, pressure sensors, liquid-level measurement instrumentation, and other such components. Isolation valves can be used to deliver flow logic, such as selecting one flow path over another and helping attach external equipment to a system. These valves allow fluids to flow between components/devices or to be connected to the sensors further in the process. Vent and drain valves are examples of normally closed valves, which are only opened while depressurizing or draining fluids from a system.
Based on Material, steel valves held the largest share of the Industrial Valves Market in 2022
Steel valves are used in industrial applications where pressure ratings, high-temperature functionality, and corrosion resistance are required to be handled more efficiently. The most common types of steel used to construct valves are ferritic, austenitic, martensitic, and duplex. Carbon steels and basic stainless steels, such as 316s, 329s, and 400s, are suitable for industries such as oil & gas, water & wastewater treatment, pharmaceutical, building & construction, and pulp & paper.
Based on Size, industrial valves in the size range of 1” to 6” held the largest share of the market in 2022
Most valves used in process systems are installed in piping that is equal to or less than 4” in size. The selection of valve materials is highly subjective and depends on application requirements. In the absence of a precise size preference, valves sized 6” or less are used. Valves in this size range are suitable for handling varied types of media including slurries, chemicals, and water across industries such as food & beverage, pharmaceutical, and water & wastewater treatment.
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Based on End-User Industry, the energy & power industry held the largest share of the Industrial Valves Market in 2022
The increasing construction of new coal-fired power plants, gas turbines, and nuclear power plants is likely to be the major factor contributing to the growth of the industrial valves market growth for the energy & power industry. The stringent environmental policies in the US and Europe and efforts by end-user industries to reduce carbon footprints and carbon dioxide emissions are the major factors that would increase the need to repair and renovate existing power plants.
The Industrial Valves Market in Asia Pacific held the largest share of the market in 2022
China is among the leading manufacturers and exporters of industrial valves, with several medium-sized manufacturers based in the country. Japan depends on imports for over 90% of its primary energy needs and relies heavily on its nuclear program to generate electricity for the rest of the energy needs. A new legislation by the Nuclear Regulation Authority has facilitated the integration of nuclear plants to generate electricity, thereby fueling the industrial valves market. In India, the demand from the oil & gas industry is due to offshore explorations, as well as the development and expansion of oil and gas pipeline infrastructure. Valves are frequently deployed in pipelines, thereby propelling their demand in the upstream and midstream sectors of the oil & gas industry.
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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