Industrial Valves Market to Surpass USD80 Billion by 2025
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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