Valve Technology Revolution: Driving the Industrial Valves Market to $99.8 Billion
The "Industrial Valves Market by Type, Material, Component, and Function - Global Forecast to 2028" study offers information about the international market for industrial valves. The market is anticipated to reach an estimated value of USD 80.4 billion in 2023, with a projected CAGR of 4.4%. By 2028, the market is anticipated to have grown to a value of USD 99.8 billion. The paper sheds light on how this crucial industry is changing, with an emphasis on the upward trajectory it is expected to take in the next years. It does this by examining various types of industrial valves, the materials utilised, components employed, and their functions.
A number of crucial elements are basically driving the huge rise of the industrial valves market. The soaring need for valves in the pharmaceutical and healthcare industries, where precise control over operations is essential, is one of the main factors. Additionally, process industries are turning more and more of their attention to automation solutions, which is encouraging the use of industrial valves. Additionally, the global need to build new power plants and modernise old ones in order to address environmental issues and improve energy efficiency is accelerating the market's growth. The industrial valves sector is preparing for a dynamic and promising future as a result of these combined influences.
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Based on Type, globe valves held the largest share of the Industrial Valves Market in 2022
Globe valves were the dominating player among valve types in 2022, accounting for the biggest proportion of the Industrial Valves Market. Globe valves' adaptability is to blame for their widespread use, especially in cryogenic settings where stainless steel and bronze varieties are preferred. These globe valves are particularly suited for low-temperature situations because all that is needed to prevent the packing gland area from freezing is an expanded bonnet. Additionally, they are essential for tasks like controlling high-pressure steam in power plants due to their capacity to manage high-pressure systems. Globe valves are also useful in the coolant pipes and lubrication systems of power plants, where they efficiently control fluid flow, adding to their market dominance.
Based on Component, actuators held the largest share of the Industrial Valves Market in 2022
Actuators became the leading part of the Industrial Valves Market in 2022, accounting for the biggest share. Actuators are widely used in a wide variety of applications, and they play a critical part in regulating valve operation. For instance, pneumatic actuators are incredibly adaptable; even the smallest models can produce a sizable amount of torque, while larger models can generate extraordinary torque capacities up to one million inch-pounds. In contrast, hydraulic actuators are renowned for transforming fluid pressure into motion in response to outside signals that can be expressed as pressure, volts, or amperes. They excel in situations when significant force is required to operate the valve, making them essential parts in numerous industrial applications.
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Based on Function, on/off function held the larger share of the Industrial Valves Market in 2022
The on/off function accounted for a bigger part of the Industrial Valves Market in 2022. Isolation valves, which can be found in either ordinarily open (NO) or usually closed (NC) configurations, are principally responsible for this function. Normally open valves are used in a variety of applications, including liquid-level measurement equipment, pressure sensors, pumps, compressors, tanks, and pressure vessels. They play a crucial role in providing flow logic, offering selections among several flow channels, and facilitating the attachment of extra equipment to a system. However, typically closed valves, such as vent and drain valves, are only opened when a system is being depressurized or drained of fluid. This contrast highlights the crucial function on/off valves play in the industrial environment.
Based on Material, steel valves held the largest share of the Industrial Valves Market in 2022
Steel valves dominated the industrial valves market in 2022, having the greatest share based on material. In industrial settings where excellent handling of pressure ratings, high-temperature conditions, and corrosion resistance are required, steel is the material of choice for valves. Different kinds of steel, such as ferritic, austenitic, martensitic, and duplex varieties, are used to make steel valves. Particularly well-suited for a variety of industries, including oil & gas, water & wastewater treatment, pharmaceuticals, building & construction, and pulp & paper, are carbon steels and basic stainless steels, such as 316s, 329s, and 400s. This emphasises the crucial part that steel valves play in delivering effective and consistent performance in challenging industrial situations.
Based on Size, industrial valves in the size range of 1” to 6” held the largest share of the market in 2022
Industrial valves in the size range of 1" to 6" secured the greatest share of the industrial valves market in 2022. This is consistent with the widespread practise of putting the majority of valves in process systems inside of piping that is 4 inches in diameter or less. The requirements of the application heavily influence the choice of valve material. In situations when a precise size preference cannot be established, valves measuring 6" or less are frequently used. These valves, which range in size from 1" to 6", are adaptable and able to handle a variety of media, including water, chemicals, and slurries. They are widely used in many different industries, including food and beverage, medicines, and water and wastewater treatment, underscoring their critical importance in a range of industrial applications.
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Based on End-User Industry, the energy & power industry held the largest share of the Industrial Valves Market in 2022
In terms of end-user industries, the energy & power sector held the greatest proportion of the industrial valves market in 2022. This is mainly attributable to the continued development of new coal-fired power plants, gas turbines, and nuclear power plants, which is a key factor fueling the expansion of the industrial valves market in the energy & power sector. Aside from that, the strict environmental regulations in the US and Europe, along with the coordinated efforts of end-user industries to reduce carbon footprints and emissions of carbon dioxide, are important factors that have a significant impact on how urgently existing power plants need to be repaired and renovated. This emphasises the crucial part that industrial valves play in sustaining the changing energy and power industry landscape.
The Industrial Valves Market in Asia Pacific held the largest share of the market in 2022
The Industrial Valves Market was dominated by the Asia Pacific region in 2022, accounting for the biggest share. One of the major participants, China, stands out as a top producer and exporter of industrial valves and is home to numerous medium-sized producers. While this is happening, Japan, whose major energy needs are met by imports more than 90% of the time, heavily relies on its nuclear programme to provide electricity. The Nuclear Regulation Authority of Japan recently passed regulations that made it easier for nuclear power facilities to expand, which increased market demand for industrial valves.
The demand for valves in India has been significantly influenced by the oil and gas industry, particularly as a result of offshore exploration and the construction and expansion of the infrastructure supporting oil and gas pipelines. Valves are essential parts that are commonly used in pipelines, which in turn drives upstream and midstream demand for them in the oil and gas industry. The vital position of the Asia Pacific region is highlighted by this dynamic environment, with each of these nations contributing to the market's expansion and leadership.
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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