The industrial valves market is highly competitive with the presence of many established and emerging players. This market is expected to grow at a CAGR of 3.6% during the forecast period.
The industrial valves market is expected to be valued at USD 84.30 Billion by 2023, growing at a CAGR of 3.6% between 2017 and 2023. The major factors driving the growth of this market include growing demand from oil & gas production-related facilities in the GCC countries, increasing demand for energy in APAC, increasing focus on smart cities in emerging economies such as China, India, and Brazil, revenue shift in the industry, and rising demand for automation from manufacturing and process industries for predictive maintenance and monitoring.
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The increasing concern for lead time and high cost of fabrication has encouraged the companies to adopt these strategies. Besides product launches and acquisitions, the companies have also adopted the strategies of partnerships, expansions, demonstrations, contracts, and exhibitions to expand their business operations, product portfolio, and distribution network as well as strengthen their position and share in this market.
Steel valves expected to hold the largest market size by 2023
Stainless steel valves are likely to propel the industrial valves market growth. As a result, steel is the key contributing material in the industrial valves market during the forecast period. In the landscape of industrial valves market, various industry players offer steel valves for industries such as oil & gas, chemical, water & wastewater, and many others.
The market for the energy & power industry to grow at the highest rate during the forecast period
The industrial valves market for the energy & power industry is likely to grow at the highest rate during the forecast period. This is mainly because of the increasing energy & power need from developing economies and increasing power generation plants across the globe.
Globe and ball valves to hold a larger share of the industrial valves market by 2023
Globe and ball valves are expected to contribute significantly in industrial valves market owing to the increasing demand from industries such as, oil & gas, energy & power, chemical and water & wastewater. Additionally, being one of the reliable valve types, these two industrial valves are likely to be used in nuclear power plants.
The industrial valves market in APAC to grow at the highest rate
The market in APAC is expected to grow at the highest CAGR during the forecast period. The high growth can be attributed to the increasing demand from the oil & gas, chemical, and water & wastewater industries. Developing economies such as China and India hold significant position in the chemical processing industry. Demand generated from chemical, oil & gas, and water & wastewater is likely to spearhead the growth rate of APAC in the industrial valves market.
The report also profiles the most promising players in this market. The competitive landscape of the market presents an interesting picture where a large number of players have become a force to reckon with. The key players in this market are AVK Holding (Denmark), Avcon Controls Private Limited (India), Cameron – Schlumberger (US), Crane Co. (US), Emerson (US), Flowserve (US), Forbes Marshall (India), IMI Plc. (UK), Metso (Europe), Neway Valves (China), Velan Inc. (Canada), Samson AG (Germany), Spirax Sarco (UK), and The Weir Group Plc. (UK).
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