New Jersey, NJ, Jan. 22, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global industrial valves market is expected to grow from USD 70.17 billion in 2018 to USD 93.79 billion by 2026, at a CAGR of 3.66% during the forecast period 2019-2026.
Industrial valves are built to handle high pressure of fluid or gas, and to last through years of use in harsh environments. Most utilities, from water to oil and gas, have high requirement of heavy duty, industrial-strength valves. Industrial valves are of various types such as ball valves, butterfly valves, check valves, pressure valves, gate valves, globe valves, and diaphragm valves etc. The flow of liquids or gases can be controlled using these valves. This can be done through pipes and other passageways by opening, closing, and partially obstructing the passageway or pipe. The growing demand for flow control equipment is expected to fuel market growth over the forecast period. In addition to this, smart valves with intelligent control systems are expected to gain a major market growth during the forecast period.
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Global Industrial Valve Market Key Findings:
- Factors such as immense rise in demand for power in developing regions, replacement of manual valves with smart valve, and process-oriented manufacturing units strive to continuously increase their operating efficiencies, resulting in an increase in the demand for industrial valves during the forecast period.
- The volatility in the valve material prices and erratic supply of valve materials is expected to hinder the market growth.
- The product segment is divided into ball, butterfly, gate, globe, check, and plug. Ball Valves are used for flow control and whenever tight shut-off is required, they have accounted for over 19% of the revenue share in 2018. New innovation and design in ball valves, such as segmented ball valves, allow greater control over flow rates and helps to enhance the efficiency.
- The application segment includes oil & gas, power, pharmaceutical, municipal wastewater, chemical, and food & beverage. The oil and gas industry accounted for over 25% of the overall revenue share in 2018. This is mainly due to increased reserves in natural gas exploration and refineries which are probable to boost the demand for these valves. Increasing offshore and onshore drilling activities, shale and tar sand related exploration activities help in boosting the sales of industrial valves.
- The regions analyzed for the global industrial valve market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the industrial valve and held a market value of USD 38.65 billion in the year 2018.
- Factors such as increasing smart city projects, industrialization, and urbanization in developing countries such as India and China are boosting the growth of the market.
- North America and Middle East & Africa held a significant market share in the global industrial valve market, owing to presence of several key market players in this region. In addition to this, growing exploration activities in oil and gas sector, are positively impacting the market growth in the region.
- Key players in the global industrial valve market are Flowserve Corporation, Kitz Corp., Curtiss-Wright Corp., Emerson Electric, KSB AG, CIRCOR International, Cameron International, AlfaLaval AB, AVK Group, Camtech Manufacturing FZCO, Delta-Pacific Valves Ltd., Goodwin PLC, GWC Valve International Inc., and Watts Water Technologies, Inc. among others.
- In the year 2019, CIRCOR International, Inc., announced the acquisition of Critical Flow Solutions (CFS), a privately held company that develops and manufactures high-quality severe service valves for decoking and fluid catalytic cracking processes in Oil and Gas refineries. The CFS business will operate as a new business unit within the CIRCOR Energy Group.
- In February 2018, KSB Pumps Ltd has secured a €55 million order from M/s Nuclear Power Corporation of India (NPCIL) to supply primary coolant pumps as a part of the Make in India initiative.
- In April 2017, Pentair plc announced that it has completed the sale of its Valves & Controls business to Emerson Electric Co for USD 3.15 billion, subject to customary working capital adjustments.
- In the year 2019, Alfa Laval has unveiled a new version of the Alfa Laval ThinkTop, the company’s valve sensing and control unit for hygienic valves used in the dairy and other industries.
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About the report:
The global industrial valve market is analysed on the basis of value (USD billion), volume (units), consumption (units), imports (units) and exports (Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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