Wilmington, Delaware, United States, March 08, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global valve market attained a valuation of US$ 8.8 billion in 2022. This market valuation is forecasted to advance with a moderate CAGR of 5.7% in the next decade to reach US $ 14.7 billion by 2031. Various assisting factors, elements, and industries contribute to the overall growth of the market under consideration.
Chemical treatment plants and sewage plants require regulating systems to run effectively so that they do not lead to any unnecessary leakage. Hence, valve systems should be installed so that concerned personnel can control the system completely. This is the primary market driver for the said industry.
The rising demand for eco-friendly products encourages manufacturers to innovate products and services. Consequently, bleeding-edge plumbing systems could be witnessed. Also, the investment made by companies in R&D activities has given a niche to the valve market, thereby driving the market.
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Strategic collaborations of large-scale companies develop better opportunities so that stronger positioning in the industry can be made. This creates another important driver for the said industry. Depending on the system installed, the use of valves can vary. Consequently, diversification of products is possible, which increases its scope.
Key Findings from the Market Report
- The type of valves used is the fundamental market segment for the global valve market. Pressure-reducing valves are an important segment that has been used widely. Due to the diverse points of applications of this valve, the demand within the market always remains considerably high.
- Globe valve, used for flow regulation, can also find a variety of industries and points of applications. Consequently, their diversified utility creates a poise growth rate for them, helping the market advance.
- The power generation industry uses different valves to govern processes and operations. Due to the high level of intricacies in this market segment, there is more demand for high-precision valves.
- On the other hand, the water and waste management sector is the market segment that does not require as high-precision tasks to be performed as in the case of the previous segment; ball valves, butterfly valves, etc., have more demand.
Regional Profile
- The North American continent gives an appropriate environment with a strong technological framework for valve manufacturers. Additionally, high-precision valves are used more in countries like the USA, Canada, and so on. Therefore, North America holds a significant market share in the global valve market.
- Increasing power plants in Russia, India, etc., have fuelled the demand for valves, due to which the industry experiences a market driver from Asia-Pacific. Europe also holds a respectable market share due to the availability of technological infrastructure.
Key Trends for the Global Valves Market
- KSB SE & Co. KGaA in November 2022, collectively introduced 3D printed diaphragm valves. These valves were manufactured to meet the needs of the pharmaceutical sector.
- To ensure safe operations against backpressure, Emerson introduced Crossby J-series pressure relief valves in December 2022.
- Honeywell International Inc. has invested about US $ 15 billion to make 48 acquisitions, which shall revolutionize the valve market landscape.
SCADAfence, CCC, and Rhino Health are some of the acquisitions made in 2023.
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Competitive Landscape
Large-scale companies have entered the global valve market, creating a fiercely competitive landscape.
- Honeywell International Inc. is one of those businesses known for its automation products fueling aerospace products. It diversifies the product portfolio by entering the safety and sensory product field.
- Emerson Electric Co. also offers to deliver valves and actuators, process controllers, digital valve controllers, and many more. Furthermore, it also provides attenuators and flow meters.
- The main product portfolio for KITZ Corporation is all types of valves, including globe valves, butterfly valves, and so on. Apart from this, corrosion-resistant materials are offered by the organization.
Key Players
- Honeywell International Inc.
- Emerson Electric Co.
- KITZ Corporation
- Bürkert Fluid Control Systems
- Schlumberger Limited
- Flowserve Corporation
- AVK Holding A/S
- Rotork Plc
- General Electric Company
- Goodwin International Ltd
- Other Key Players
Market Segmentation
Type
- Pressure Reducing Valves
- Safety/Relief Valves
- Control Valves
- Globe Valves
- Plug Valves
- Gate Valves
- Ball Valves
- Butterfly Valves
- Diaphragm Valves
- Other Valves
Industry
- Oil & Gas
- Power
- Chemicals
- Marine
- Construction
- Pulp & Paper
- Mining
- Water & Waste Water Treatment
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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