VALVES MARKET ANALYSIS

Global Valves market is estimated to be valued at US$ 68.17 Bn in 2022 and is expected to grow at a CAGR of 6.8% during the forecasted period (2023-2030)

Valves are crucial parts of industrial applications and processes. Valves are typically used to control and regulate the flow of liquids, gases, and slurries. Valves find major applications in pipelines and piping systems to control the flow of fluid. Increasing government regulations towards workplace safety and emission norms have increased the installation of efficient valves in process and manufacturing industries. Valves can be classified on the basis of how they are actuated: solenoid valve, hydraulic, pneumatic, manual, and motor. One of the most ancient valves is a freely hinged flap, which obstructs the flow of fluid in one direction and can be pushed open by flow in the opposite direction

Global Valves Market: Regional Insights

In 2022, Asia Pacific region had a strong presence in the industry, with the largest market share of over 42.8 % of total revenue, owing to increasing consumption of media and entertainment content, particularly among the middle-class population in the region. The industry is benefiting from growing demand for technologically advanced solutions that offer high quality, functionality, and affordable pricing. Market players are incorporating the latest.

From 2023 to 2030, Europe and North America is also projected to experience significant growth, with a notable compound annual growth rate (CAGR).

 Figure 1. Global Valves Market Share (%), By Region, 2022

To learn more about this report, Request sample copy

Global Valves Market- Impact of Coronavirus (COVID-19) Pandemic

Globally, most of the countries were affected by COVID-19, and had implemented lockdown. COVID-19 has significantly disrupted almost all the industries including electronics & semiconductor, automotive, manufacturing, media & entertainment, and others. The Covid-19 pandemic affected the Valves market negatively. It led to a global shortage of valves and supply chain disruption. Certain companies in the market have commenced operations again, and they are encountering difficulties in swiftly ramping up production capacity while also recovering from the previous setbacks caused by the temporary halt in manufacturing activities. COVID-19 has a significant impact on the supply-side as well as the demand side of the semiconductors industry.

Global Valves Market- Drivers

• Industrial Growth: The rapid expansion of industrial sectors, particularly in emerging economies, has a significant impact on the valves market. As these industries grow, they require valves for various applications, such as manufacturing, oil and gas exploration, and power generation. Valves play a crucial role in controlling and regulating fluid flow within these industries. The increasing demand for valves in these sectors drives the growth of the valves market, making it a vital component of the overall industrial development and infrastructure expansion.
• Industrial Automation: Technological advancements in the valves industry have led to the development of innovative valve solutions. Smart valves incorporate digital technology to provide real-time data and control, enhancing their efficiency and performance. Remote monitoring allows for the remote management and surveillance of valve operations, improving safety and reducing maintenance costs. Additionally, predictive maintenance capabilities utilize data analytics to anticipate potential valve failures, enabling proactive maintenance, and reducing downtime.

Global Valves Market- Opportunities

• Technological Advancements: As mentioned earlier, the integration of advanced technologies like smart valves, IoT-enabled solutions, and predictive maintenance capabilities presents opportunities for manufacturers to offer more sophisticated and efficient valve products. Companies that can innovate and provide cutting-edge valve solutions may gain a competitive advantage.
• Industrial Automation: The growing trend of automation in various industries has led to a demand for valves that can effectively integrate with automated systems. These valves need to be equipped with advanced control and automation capabilities to function seamlessly within the automated processes. They should be able to respond to signals from automated systems, adjust fluid flow, and carry out specific tasks without human intervention. Valves that can offer efficient and reliable automation are likely to be in high demand as industries seek to optimize their operations, improve efficiency, and reduce manual labor requirements.

Global Valves Market- Trends

• Rise of Smart Valves: The integration of IoT technology and digital connectivity into valves has given rise to smart valves. These valves can provide real-time data, remote monitoring, and automated control, enabling more efficient and predictive maintenance, reducing downtime, and optimizing industrial processes.
• Sustainable and Eco-Friendly Valves: With increasing environmental concerns, there was a trend towards the development of more sustainable and energy-efficient valves. Manufacturers were focusing on eco-friendly materials and designs to reduce emissions and minimize environmental impact.

Global Valves Market- Restraints

• Economic Fluctuations: In the context of the valves market, these economic and business uncertainties can have significant effects. When the global economy is volatile, businesses may become cautious about their investments and expansion plans, leading to a slowdown in industrial activities and infrastructure projects. As a result, the demand for valves used in various applications, such as manufacturing, oil and gas, power generation, and water management, may fluctuate.
• Environmental Concerns: Growing emphasis on sustainability and the environment is pressuring the valves market to create eco-friendly, energy-efficient solutions. Industries and consumers are seeking products that minimize negative impacts, driving valve manufacturers to innovate and meet the demand for more environmentally conscious options.

Figure 2: Global Valves Market Share (%), By Product Type, 2022

To learn more about this report, Request sample copy

Global Valves Market- Segmentation

• Global Valves Market report is segmented into product type, industry, and region.
• By Product: Pressure Reducing Valves, Safety/Relief Valves, Control Valves, Globe Valves, Plug Valves, Gate Valves, Ball Valves, Butterfly Valves, Diaphragm Valves, Other Valves
• By Industry: Oil & Gas (LNG, Petroleum (Upstream, Midstream, Downstream and Petrochemical) Power (Fossils (Coal & Oil, Natural Gas, Nuclear Power and Other))
• Power, Chemicals, Marine, Construction, Pulp & Paper, Mining, Water & Waste Water Treatment and Others

Global Valves Market: Key Developments

Major market players are focusing on product launches, in order to enhance their product portfolio.

For instance, In April, 2021, Alfa Laval a valve manufacturing company, extending its range of Unique DV-ST UltraPure diaphragm valves. The all-new range comes with slimmer actuators and optimized lightweight cast valve bodies with options for unbeatably economical operation. The enhanced DV-ST UltraPure range is fully customizable to meet virtually any aseptic process requirement across the food and pharmaceutical industries.

For instance, In May , 2023, Newey valve  a valve manufacturing company successfully developed and produced the first 20 inch Class 2500LB metal sealed emergency shut-off valve in China with 3 years efforts by Neway R & D team, to fill the gaps in the domestic industry! Technical Director of Neway Valves said, "This batch of high-pressure weaver-resistant ball valves are mainly used in the construction of offshore platforms. If an emergency occurs during offshore oil drilling operations, the valves can be closed within 10 seconds to prevent leakage.”

In April, 2023  KSB Group, a valve manufacturing company , for further expansion of its range of pumps suitable for handling untreated waste water has developed a new radial multi-vane impeller in open design. The D-max impeller serves to handle fluids containing solid substances and long fibres, coarse solids as well as entrapped gas or air.

In September, 2021, KITZ Corporation, a valve manufacturing company unveiled the news regarding their acquisition of common shares of TOA Valve Engineering Inc. They signed an agreement of capital and business alliance that assists both the companies in enhancing their corporate value. This also helps in the expansion of their businesses through mutual sharing of technologies, strengths and strategies associated with valves.

Global Valves Market: Key Companies Insights

Major players operating in the global Valves market include Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, Bürkert Fluid Control Systems, and Flowserve Corporation.

*Definition: The global valves market refers to the industry that deals with the production, distribution, and sale of various types of valves used in a wide range of applications across different sectors. Valves are mechanical devices designed to regulate, control, or direct the flow of fluids (liquids, gases, or slurries) through a system of pipes or passageways.These valves play a crucial role in controlling the flow rate, pressure, temperature, and direction of the fluid within pipelines and other industrial processes. They are used in industries such as oil and gas, water and wastewater treatment, power generation, chemical processing, pharmaceuticals, mining, and many more.