NEWARK, Del, March 20, 2024 (GLOBE NEWSWIRE) -- There is expected to be a significant shift in the industrial valve market, with a predicted market worth of US$ 81.55 billion in 2024. The primary factor driving market expansion is the growing use of industrial valves to regulate material flow in diverse sectors.
According to Future Market Insights, the industrial valve market is expected to grow at a modest CAGR of 4.2% between 2024 and 2034, reaching US$ 123.05 billion. The industrial valve industry is experiencing growth due to factors such as
- the increasing demand from the healthcare and pharmaceutical industries
- the growth of smart cities
- the development of connected networks
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These valves are used in various industries, such as water and wastewater, oil and power, food and beverages, and chemicals, to regulate and control fluids. They are mainly manufactured using high-functioning metal alloys like carbon steel, cast iron, and stainless steel.
The global expansion of industrial infrastructure has created a significant opportunity for valve manufacturers. With the increasing demand for industrial valves, manufacturers are focusing on adopting smart technologies in valves for automation and remote monitoring. The smart industrial valves are equipped with sensors and other advanced technologies that enable them to communicate with other systems and devices in the industrial process.
Smart technologies in valves enhance industrial processes by enabling real-time monitoring and control. These reduce downtime and maintenance costs and increase productivity and profitability. They also improve safety by allowing early detection of potential hazards or malfunctions, preventing accidents, and minimizing damage to equipment and personnel. Due to the increasing need across various initiatives, smart technologies in valves offer a lucrative opportunity for industrial valve manufacturers to enhance their competitiveness and market position.
The increasing number of infrastructure-related developments, private participation in infrastructure, and improved industrial equipment performance and lubricant life drive the market. IoT and Industry 4.0 in industrial valves and expanding refineries and petrochemical plants contribute to the market's growth.
Key Takeaways from the Industrial Valve Market
- The United States industrial valve industry is projected to experience a CAGR of 3.40% through 2034.
- The industrial valve market in Germany is expected to demonstrate a CAGR of 3.60% by 2034.
- The industrial valve industry in South Korea is anticipated to see a CAGR of 4.20% through 2034.
- The India industrial valve sector is expected to showcase a CAGR of 4.70% through 2034.
- The industrial valve market in China is expected to display a CAGR of 5.10% through 2034.
“The industrial valve industry is growing due to rising demand from healthcare and pharmaceutical industries, smart cities, and connected networks. These valves regulate and control fluids in various industries, such as water, oil, power, food, and chemicals. Infrastructure development, improved equipment performance, IoT, and Industry 4.0 drive market growth. 3D printing and replacing outdated valves are also expected to expand the market further.” Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
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Competitive Landscape of the Industrial Valve Market
The industrial valve market is characterized by intense competition among leading players who constantly strive to upgrade their product portfolios and stay ahead. To achieve this, they adopt various strategic measures, both organic and inorganic, such as mergers, partnerships, new product launches, collaborations, and acquisitions. These strategies help companies strengthen their market position, expand their product offerings, and enhance their competitiveness by leveraging their strengths in technology, innovation, and customer service.
Market participants also concentrate on streamlining their supply chains, enhancing their production procedures, and offering their clients superior after-sale assistance. The industrial valve market is dynamic and ever-changing overall, with competitors striving to increase their market share. They achieve this by providing excellent goods and services that cater to the varied demands of their clients in a range of sectors and applications.
Recent Developments in the Industrial Valve Market
- Tecnik Fluid Controls and the United States-based ITT Industries Inc. established a joint venture in November 2023 to produce industrial valves for the Indian pharmaceutical market.
- Theis Precision Steel India Pvt. Ltd. is a specialty cold rolling firm specializing in India's high and medium-carbon steels. In July 2023, BDK Valves and Gurukrupa Group bought a 100% controlling share.
Key Companies in the Industrial Valve Market
- GE Company
- Emerson
- Flowserve Corporation
- Schlumberger Limited
- TechnipFMC Plc
- KSB SE & Co. KGaA
- KITZ Corporation
- Alfa Laval Corporate AB
- Curtiss-Wright Corp.
- CIRCOR International, Inc.
- Oilwell Varco, Inc.
- Weir Group Plc.
- Neway Valves
- AVK International A/S
- Flowserve Corporation
- LESER GmbH & Co. KG
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Key Segments
By Valve Type:
- Gate
- Parallel
- Wedge
- Globe
- Tee
- Angle
- Wye
- Ball
- Trunnion
- Floating
- Threaded Series
- Butterfly
- High Performance
- Lined
- Plug
- Lined
- Lubricated
- Non-Lubricated
- Check
- Dual Plate
- Piston Lift
- Spring Loaded Disk
- Swing Check
- Tilting Check
- Y Pattern
- T Pattern
- Safety Relief
- Spring Loaded
- Pilot Operated
- Other Customized
By Valve Material:
- Cast Steel
- Carbon Steel
- Stainless Steel
- Bronze
- Others
By Function:
- Manual
- Automatic
By End-use Industry:
- Oil & Gas
- Chemical
- Water & Wastewater Treatment
- Power Plants
- Paper & Pulp
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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