According to the new research report titled “Industrial Valves Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 43,127.40 million by 2028 and register a CAGR of 5.4% from 2023 to 2028.
Rising advancements in microprocessor processing capabilities and high-speed connectivity technologies have paved the way for the wide-scale deployment of the Internet of Things (IoT). With the growing emphasis on digitalization and automation, manufacturers are expected to achieve higher efficiency across production processes, which is increasing the demand for smart valves. For instance, Belimo Energy Valves, a product of BELIMO Holding AG, offers easy access to valuable data and various control functions of the valves, including measure flow; monitor current energy consumption; and control valves position, flow, or the thermal power with the help of Modbus, MP-Bus, BACnet, or IoT connectivity. In addition, smart valves can monitor their health and predict any forthcoming adversities in their operations. An ideal smart valves includes an integrated battery backup, a small solar panel, Wi-Fi connectivity, and a dedicated remote control feature. In water supply applications, authorized users receive an SMS when the valves cuts the water supply. Thus, continuous progress in smart city projects across the globe is anticipated to create demand for smart industrial valves for monitoring and controlling utility lines, which is expected to fuel the industrial valves market growth during the forecast period.
The chemical sector in North America is undergoing a once-in-a-generation resurgence. The US accounts for more than 80% of the North America chemical market and is expected to be the largest net exporter of chemicals during the forecast period. On the supply side, the shale boom is improving the underlying economics of US chemical production relative to the rest of the world by increasing the availability of low-cost natural gas and natural gas liquids (NGLs). From 2010 to early 2015, disclosed capital investments in shale gas-related chemical production in the US totaled more than US$ 130 billion. The chemical sector is capitalizing on the revitalization of manufacturing industries in the US on the demand side. These factors augment the industrial valves market growth in North America.
According to the BP Statistical Review of World Energy 2020, the US is the world's largest producer and consumer of natural gas. However, the lockdown imposed in the country in mid-2020 due to the onset of the COVID-19 outbreak resulted in a considerable decline in oil prices that further restricted the oil & gas industry-related activities, such as storage and transportation of liquid gasses. Due to this, industrial valves manufacturing companies faced revenue losses and slow growth. However, the industries started to reopen during the Q3 of 2020, which helped revive the market. The North America oil & gas market is expected to experience rapid growth by establishing new oil & gas plants and recruitment plans by 2027. These factors are aiding the North America oil & gas industry, which is bolstering the North America industrial valves market.
The global industrial valves market size is segmented based on material type, valves type, industry, and geography. Based on material type, the industrial valves market is segmented into cast iron, steel, cryogenic, alloy-based, and others. Based on valves type, the industrial valves market is classified into ball valves, butterfly valves, diaphragm valves, safety valves, piston ram valves, gate valves, and control valves. Based on industry, the market is bifurcated into oil & gas and chemicals & petrochemical. The industrial valves market, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America
Industrial Valves Market - Key Findings of Study:
Large population, high per capita income, and rapid industrialization are driving the industrial valves market in APAC. Further, highly industrialized countries such as China, India, Japan, and South Korea are increasingly focusing on developing wastewater treatment facilities to be in line with several environmental conservation initiatives. Also, the region is the largest consumer of crude oil and gas, which is another factor for the high uptake rate of industrial valves, thereby contributing to the growth of the industrial valves market.
North America is among the largest crude oil and natural gas producers. The US is the largest oil producer across the globe, with a crude oil production share of more than 20% according to the International Energy Agency. Further, with the growing production of liquid nitrogen gas, the US was one of the leading exporters of LNG in 2021. This is increasing the demand for industrial valves for seamless transportation of oil & gas across processes and to the end-users. Additionally, the presence of several chemical and petrochemical companies and leading industrial valves market players such as Emerson, Cameron-Schlumberger, Flowserve Corporation, and Crane Company are offering lucrative business opportunities to the North America industrial valves market players.
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