The global industrial valve market is estimated to be worth around US$ 71.8 Bn in 2022. With the rising adoption of industrial valves for regulating the flow of materials, the overall demand is anticipated to rise at a moderate CAGR of 4.3% between 2022 and 2029, totaling a valuation of US$ 96.2 Bn by 2029.
The most popular material for manufacturing industrial valves will still be steel. The majority of end-user industries favor using steel industrial valves because of their many benefits, including their durability and resistance to corrosion.
With a share of 42.2% in 2022, Asia Pacific Excluding Japan (APEJ) will continue to rule the global industrial valve market. Some of the factors driving the industrial valve market in APEJ include rapid industrialization, booming oil & gas activities, and the expansion of the residential and commercial sectors.
Businesses can now use cutting-edge tools like artificial intelligence (AI) and the Internet of Things (IIoT) technology to cut down on unplanned downtime and other undesirable outcomes brought on by valve failures.
Professionals can remotely check on the condition and functionality of industrial valves thanks to these valve technologies. As a result of increased industrialization, businesses are implementing sensor-equipped valves to reduce failure rates and overall maintenance costs. Adoption of these cutting-edge values is anticipated to strengthen the market during the projection period.
Amid the increasing adoption of automatic industrial valves for monitoring and controlling the flow of materials across industrial structures, a healthy market share of 28.2% has been projected for North America dominated by the U.S in 2022.
Based on valve type, the industrial valve market has been segmented into the gate, globe, ball, butterfly, plug, check, safety relief, and other customized types. Among these, gate type industrial valves segment accounts for the majority of the market share in 2022.
Key Players:
- 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
