industrial valve Market

The industrial valves market is expected to reach US$ 43,127.40 million by 2028 and it is estimated to grow at a CAGR of 5.4% from 2023 to 2028.

Operations related to the discovery of oil and gas in the Norwegian Sea, Kara Sea, Barents Sea, and the adjacent region near the North pole are a few factors fueling the demand for industrial valves in Europe. Increased emphasis on wastewater treatment across Europe and stringent government regulations related to the same are the other factors boosting the need for industrial valves in the region.

With the growing demand for crude oil and natural gas, the Gulf countries are increasing the production capacity of crude oil and natural gas, thereby driving the industrial valves market in the MEA. Countries such as Iran and Nigeria are actively focusing on increasing oil production, which is expected to offer lucrative growth opportunities to the industrial valves market players across the region. Venezuela and Brazil are among the largest crude oil producers, and they are focusing on increasing their production capacities owing to the high demand for oil and gas and natural gas across South America.

Continuous technological advancements are leading to greater exploration and production operations in the oil & gas industry. In APAC, the industrial valves market, new oil and gas reserves have been discovered in several nations such as China and Thailand. Thus, the rising adoption of exploration technologies is expected to offer lucrative opportunities for the industrial valves market across APAC in the coming years. Another important end-user industry in APAC is the chemical industry. Many global chemical manufacturers have manufacturing sites in China. China had the highest share of revenue distribution in the global chemical sector in 2021, accounting for ~43% of global chemical sales. To enhance efficiency and safety across these plants, the demand for advanced industrial valves is constantly rising from the chemical industry in APAC.

Impact of COVID-19 Pandemic on Industrial Valves Market Growth

Most economic operations in the Middle East & Africa were suspended due to an increase in the number of COVID-19 cases in the first two quarters of 2020. Many countries in Africa are still in the developing phase. Countries in the Middle East, especially the Gulf Cooperation Council (GCC) countries, witnessed a notable decline in the oil & gas sector due to a sharp drop in oil demand from major end-user countries across Asia Pacific, Europe, and North America. As a result, countries in the MEA registered a low volume of oil and gas production and low storage and transportation of natural gas, which subsequently hampered the demand for industrial valves in the region.

The production of natural gas and domestic oil is low across Germany, and it majorly relies on imports. The country receives more than 50% of its oil from Russia. As per the BP statistical data of world energy 2022, the country is the largest consumer of natural gas in Europe; it consumed 4.5 billion cubic meters of natural gas in 2021. In addition, Germany is characterized by one of the largest chemical industries across the globe. In 2019, the country recorded ~2,900 chemical companies operating in Germany, and the chemical industry is one of the major consumers of industrial valves. Thus, the industrial valves market growth is expected to propel in the coming years due to the presence of many chemical companies and oil & gas companies in the country.

The overall industrial valves market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the industrial valves market. The process also serves the purpose of obtaining an overview and forecast of the industrial valves market size with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the industrial valves market.