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Industrial Valves Market was valued at USD 58,200 Million in 2019 and is expected to register a CAGR of 6% during the forecast period. As per the extensive analysis by GMI Research, the industrial valve market will have exponential growth during the forecast period due to the rising demand for flow control equipment and high penetration for industrial valves in oil and gas production across the globe.
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Introduction of the Industrial Valve Market
Industrial Valves are also known as mechanical devices that regulate the pressure of liquids and gases running through the pipelines. The liquid flows in a direction from the higher pressure to the lower pressure in an open valve. The industrial valves can be divided based on valve type: check valves, ball valves, gate valves, diaphragm valves, safety valves, plug valves, globe valves, and other types of valves.
Key Players of the Market
Industrial Valve Market Dynamics
The high demand for industrial valves in oil and gas production and the growing demand for flow control equipment globally are the vital factors surging the growth of the global industrial valves market. The emerging requirement for automation derived from swift industrialization and the extension of existing facilities will further stimulate the expanding demand of the market. Consumers extensively use smart valves having intelligent control systems to enhance efficiency. In parallel, the increased acceptance of smart technologies and diagnostics in industrial valves is creating tremendous growth opportunities for the market. These valves allow the checking of variables such as upstream and downstream pressure steam position, temperature measurement, and flow rate.
As per the global industrial valves market report, the increasing installation of pipelines and the swift growth in unconventional oil and gas applications, coupled with the constant technological developments in the industrial valves, like introducing smart valves with an integrated embedded processor and network capability, will bring consumers into the market. On the other hand, the fluctuations in the prices of raw materials and the stringent government regulations for conventional power plants will restrain the global industrial valves market size.
Industrial Valve Market Segmentation
Material Market Drivers
Based on the Material, the cryogenic segment is expected to dominate the market over the forecast period. The extension of oil & gas industries globally and the increasing significance of using cleaner fuels will boost the demand for production and transportation of natural gas, thus surging the segment’s demand.
Type Market Drivers
Based on valve type, the plug valves segment is expected to rise at a higher CAGR during the forecast period due to its growing adoption for a broad range of flow control and isolation applications, such as sludge, clean and dirty water, sewage cleaning, and other types of services.
Size Market Drivers
Based on the size, the 1-6″ segment is expected to witness a higher CAGR during the forecast period. It is attributed to its robust demand for transportation and energy & power-based applications. Furthermore, the increasing application of these types of valves in energy & power, water & wastewater, water & wastewater, oil & gas, chemical, and other industries will further contribute to the segment growth.
Vertical Market Drivers
Based on the Verticals, the oil & gas segment is anticipated to hold the market during the forecast period. The accelerated production of shale gas and oil sands, followed by the rapid rise in the expenses in natural gas exploration and refineries, is the crucial factor surging the segment growth.
Based on region, Asia-pacific is expected to increase a higher CAGR during the forecast period attributed to the radical rise in the population rate, particularly in developing countries such as India and China, and the swift urbanization. In addition, the high demand for industrial valves amongst the water & wastewater treatment, energy & power, pharmaceuticals, construction, and chemicals sector is further boosting the industrial valves market share in the region.
Industrial Valve Market Segmentation:
Market Segmentation by Material
Market Segmentation by Valve Type
Market Segmentation by Size
Market Segmentation by Industry
Market Segmentation by Region
Introduction of GMI Research
GMI Research is a market research and consulting firm that provides market insights and intelligence across 12 major sectors, helping our clients make effective investment and business decisions.
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