Industrial Valves Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Valve Type (Globe Valves, Ball Valves, Butterfly Valves, Wedge Gate Valves, Knife Gate Valves, Check Valves, Diaphragm Valves, Pinch Valves, Float Valves, Air Valves, Automatic Control Valves, Resilient Seal Gate Valves, Others), By Material Type (Cast Iron, Steel, Cryogenic, Alloy Based, Others), By Application (Oil & Gas, Refinery, Chemical, Water, Wastewater Effluent, Power Generation, Agriculture, Mining, Others), By Product (Quarter turn Valve, Multi turn Valve, Others), By Region, Competition 2018-2028

Market Overview

Global Industrial Valves Market has valued at USD 75.96 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 4.57% through 2028 . The market is strong and is anticipated to continue expanding in the future due to increased industrialization and manufacturing costs as well as rising energy demand in middle east region. Oil refineries are expanding because of rising oil consumption. Therefore, as oil refineries' investments grow and expand, comes the requirement for valves that are capable of withstanding high pressures while minimizing operational cost waste. This factor will drive the growth of the market. Additionally, a lack of water in the Kingdom causes a surge in water treatment operations, which further fuels the industrial valve industry. With relation to this, over USD 66 billion in long-term capital investments have been pledged for water and sanitation projects in the region over the next ten years, and the government's goal is to achieve 100% wastewater reuse from towns with 5,000 or more residents by 2025. Hence this movement of less water wastage & growing government awareness towards wastewater reuse propelling the market growth in the forecast period.

Key Market Drivers

Adoption Of Smart Valves with Intelligent Control Systems is Fueling the Market Growth

The downstream sector of industrial valves is anticipated to grow significantly due to rising pipeline installations and expansion in unconventional oil & gas applications. The increasing demand for automated control valves results from automation's growing importance in the process sector. The Industrial Valves Market is primarily driven by the rising need for linked networks to maintain and monitor industrial equipment and the growing requirements to build new nuclear power plants and renovate current systems. Smart valves with intelligent control systems are anticipated to grow increasingly important, which is anticipated to fast-track future development. Over the next ten years, demand is expected to be driven by an increase in diagnostics and advanced devices in industrial valves for monitoring process factors such as upstream & downstream pressure stem position, temperature, and flow rate. The growth of intelligent valves for subsea oil and gas has improved the flexibility and dependability of the systems, which is likely to strongly influence rendering. The demand for wastewater valves has increased significantly due to the penetration of industrialization and the rising use of automation in the manufacturing and processing sectors. For instance, the additional flow needed for a fluid recirculation condensate pump is controlled and regulated by valves in the condensate system. In addition, valves are employed to regulate the feedwater heater's deaerator level. Due to rising awareness of wastewater treatment, the industrial valve market is expected to grow in the forecast period.

Wide-Scale Implementation of The Internet of Things (IOT) Achieving High Efficiency in Industrial Valves

The wide-scale implementation of the Internet of Things (IoT), among other modern technologies, has been made possible through ongoing improvements in microprocessor processing power and high-speed communication technologies. The value chain among manufacturers for achieving high efficiency and productivity is driving industrial valve market participants to offer IoT-ready industrial valves because of the increased emphasis on digitalization and automation. For instance, the Belimo Energy Valve, a product of BELIMO Holding AG, enables simple access to useful data and control of the valves, including the ability to measure flow, monitor current energy consumption, and control valve position, flow, or thermal power with the aid of Modbus, MP-Bus, BACnet, or IoT connectivity. Additionally, smart valves can check their health and foresee any impending difficulties with their operations. A perfect smart valve comes equipped with a built-in battery backup, a small solar panel, Wi-Fi, and a specialized remote-control capability. When the valve cuts off the water flow, applications for water supply send an SMS to the authorized users. The region's continuing smart city projects are expected to increase demand for smart industrial valves for monitoring and managing utility lines, propelling the expansion of the Global industrial valve market during the projected period