Valve Revolution: The $99.8 Billion Industrial Valves Market Outlook
As per 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," it is expected that the industrial valves market will grow significantly worldwide. The market, which is currently estimated to be worth USD 80.4 billion in 2023, is expected to rise at a compound annual growth rate (CAGR) of 4.4% to reach USD 99.8 billion by 2028. This growth trajectory is explained by a number of causes, including the rise of businesses requiring fluid control systems, advancements in valve technology, and the rising demand for industrial valves across a variety of applications.
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Many important reasons are driving the rapid expansion of the industrial valves market. First off, the pharmaceutical and healthcare sectors are a rising market for valves because they depend on accurate fluid control to uphold strict quality standards and operating efficiency. Second, in order to increase productivity, lower operating costs, and boost safety, process industries are putting more and more emphasis on the adoption of automation technologies. Because of this, there is an increasing need for sophisticated industrial valves with smart technology installed for remote monitoring and control. Important investments in the industrial valves market are also being driven by the requirement for new power plants to be established globally and for existing ones to be modernised in order to fulfil the increasing demands for energy.
Based on type, globe valves held the largest share of the industrial valves market in 2022
Globe valves are used for cryogenic applications because of their resistance to extremely high temperatures, especially those composed of bronze and stainless steel. These valves usually need an extended bonnet in such cases to keep the packing gland area from freezing. Globe valves are also a preferred option for controlling high-pressure steam applications in power plants since they work well in high-pressure systems. Furthermore, globe valves are essential for controlling fluid flow in coolant pipes and lubricating systems in power plants, guaranteeing efficient and maximum performance. These characteristics highlight globe valves' adaptability and dependability in a range of industrial settings, highlighting their importance in the power generating and cryogenic industries.
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Based on component, actuators held the largest share of the industrial valves market in 2022
Pneumatic actuators are extremely adaptable parts with a broad range of torque capabilities, making them ideal for a variety of applications. Pneumatic actuators range in size from few inch-pounds to over a million inch-pounds. Even the smallest ones may produce torque up to this level. Hydraulic actuators, on the other hand, use fluid pressure in response to signals to start motion. They are powered by an external source and react to signals with quantities like pressure, volts, or amperes. In situations when a substantial amount of force is required to operate valves efficiently, hydraulic actuators are especially helpful. Hydraulic actuators are key components in industrial settings where high force production and precision control are necessary due to their capacity to transform fluid pressure into precise motion.
Based on function, on/off function held the larger share of the industrial valves market in 2022
In industrial systems, isolation valves are essential components that can be arranged in either the usually closed (NC) or normally open (NO) configurations. Normally open valves are used in many different applications, including liquid-level measurement equipment, pumps, compressors, and pressure vessels. They make flow logic easier to understand, enabling operators to choose particular flow channels or efficiently connect external equipment to a system. These valves allow fluid flow between parts or process integration with sensors at various points. On the other hand, typically closed valves, such as drain and vent valves, stay closed under normal circumstances and only open when necessary for certain processes, like fluid drainage from a system or depressurization. In a variety of industrial applications, this valve design adaptability guarantees effective fluid management and system performance.
Based on material, steel valves held the largest share of the industrial valves market in 2022
In industrial settings, where they must effectively tolerate high pressure, increased temperatures, and corrosive conditions, steel valves are essential components. The inherent strength and corrosion resistance of several varieties of steel, such as ferritic, austenitic, martensitic, and duplex, make them popular choices for use in valve construction. A wide range of industries, including oil and gas, water and wastewater treatment, pharmaceuticals, building and construction, and pulp and paper manufacture, are particularly well-suited for carbon steels and stainless steels like 316s, 329s, and 400s. Steel valves are essential parts for guaranteeing the secure and dependable functioning of industrial processes in a variety of applications because of their strong design and robustness.
Based on size, industrial valves in the size range of 1” to 6” held the largest share of the market in 2022
Most valves in process systems are usually mounted in piping that is either 4 inches or smaller in diameter. Specific application requirements and subjectivity influence the choice of valve materials. In general, when a specific size preference is not stated, valves that are 6 inches or less are preferable. This range of sizes is adaptable and can handle a broad range of media, such as water, chemicals, and slurries. These valves are widely used in many different industries, including water and wastewater treatment, food and beverage, and pharmaceuticals, where they are essential for managing fluid flow inside the system.
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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 building of new coal-fired power plants, gas turbines, and nuclear power plants are expected to have a major impact on the growth of the industrial valves market in the energy and power sector. The growing need for energy on a worldwide scale is what is driving these innovations. Furthermore, end-user businesses are being prompted to concentrate on lowering carbon footprints and emissions by strict environmental requirements in places like the US and Europe. As a result, the requirement to renovate and repair current power plants in order to comply with sustainability objectives is increasing. It is anticipated that the energy and power sector's push for modernization and environmental compliance will increase demand for industrial valves, creating development and expansion prospects for the market.
The industrial valves market in Asia Pacific held the largest share of the market in 2022
With a large number of medium-sized producers and a strong export capacity, China emerges as a major participant in the industrial valves industry. In the meantime, new laws allowing the integration of nuclear facilities to meet electricity demands has significantly boosted the market for industrial valves in Japan, a country that heavily depends on imports to supply over 90% of its primary energy needs. The expansion of pipeline infrastructure and offshore exploration drive the need for valves in India's oil and gas industry. In pipelines, especially in the upstream and midstream domains, valves are essential components that drive demand in the oil and gas market segment.
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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