Growing energy demand due to industrialization and increasing need for water and wastewater treatment projects to drive global industrial valves market through 2025
According to TechSci Research report, “Global Industrial Valves Market By Valve Type (Globe Valve, Ball valve, Butterfly valve, RSV Gate Valve, Wedge Gate Valve, Check Valve, Diaphragm Valve, Knife Gate Valve, Automatic Control Valve, Pinch Valve, Float Valve, Air Valve & Others), By Material Type (Steel, Alloy Based, Cast Iron, Cryogenic & Others), By Application (Oil & Gas, Refinery, Chemical, Water, Wastewater Effluent, Power Generation, Agriculture, Mining & Others), By Product (Multi-turn Valve, Quarter-turn Valve & Others) , By Region, Competition Forecast & Opportunities, 2015 – 2025”, global industrial valves market is projected to reach USD 81 billion by 2025, backed by growing demand for industrial valves from energy, oil & gas and various other industries. Moreover, growing need to develop water & wastewater infrastructure, quest for reliable and clean power sources, rising investments, etc., are expected to boost demand for industrial valves in the coming years. The increasing number of manufacturing facilities and growing potential of replacement industrial valves market is also anticipated to positively influence the global industrial valves market during forecast period.
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In the valve type segment, global industrial valves market was dominated by globe valves in 2019, owing to features such as low resistance to fluid flow and superior sealing capabilities. Technological advancements in the production of crude oil and natural gas from new offshore and onshore fields are being witnessed across the globe. On account of these advancements in the oil and gas sector coupled with growing investments in the construction of pipelines to execute efficient transportation of oil and gas, demand for industrial valves from global oil and gas sector is expected to increase at a robust pace through 2025.
Furthermore, the technological advancements such as IoT, additive manufacturing are strengthening the global industrial valves market. End-user industries such as chemical, paper & pulp and water treatment can save 70%-80% of valve monitoring cost with wireless IoT sensors.
In terms of region, the global industrial valves market is categorized into North America, Europe, Asia-Pacific, South America and Middle East & Africa. Among the regions, Asia-Pacific accounted for majority of the global industrial valves market with a market share of around 37% in 2019 and is anticipated to maintain its position during the forecast period as well. Large scale industrialization along with dense population and high per capita income has factored industrial valves market in Asia-Pacific. Additionally, escalating construction activities and booming consumption of chemicals are anticipated to positively impact industrial valves market across the region. Furthermore, growing construction of new nuclear power stations and capacity expansions in petroleum refining plants are also expected to drive the demand for industrial valves in Asia-Pacific.
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“With growing population and depleting water resources across the globe, need for clean water and sanitation has become the need of the hour. The governments of various countries are taking initiatives and measures to meet the growing demand for water supply from the booming population. Huge investments being made to upgrade and replace the aging water and wastewater facilities, globally, are anticipated to propel growth in the global industrial valves market in the coming years.”, said Mr. Karan Chechi, Research Director at TechSci Research, a research based global management consulting firm.
“Global Industrial Valves Market By Valve Type (Globe Valve, Ball valve, Butterfly valve, RSV Gate Valve, Wedge Gate Valve, Check Valve, Diaphragm Valve, Knife Gate Valve, Automatic Control Valve, Pinch Valve, Float Valve, Air Valve & Others), By Material Type (Steel, Alloy Based, Cast Iron, Cryogenic & Others), By Application (Oil & Gas, Refinery, Chemical, Water, Wastewater Effluent, Power Generation, Agriculture, Mining & Others), By Product (Multi-turn Valve, Quarter-turn Valve & Others) , By Region, Competition Forecast & Opportunities, 2015 – 2025” has evaluated the future growth potential of the global industrial valves market and provides statistics and information on market structure, size, share and trends. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global industrial valves market.
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