Global industrial valves market size is expected to reach $107,356.7 million in 2027, growing at a CAGR of 3.5% from 2020 to 2027.

PORTLAND, OREGON , UNITED STATES, December 28, 2020 /EINPresswire.com/ -- Global industrial valves market size is expected to reach $107,356.7 million in 2027 from $86,202.7 million in 2019, growing at a CAGR of 3.5% from 2020 to 2027. In 2019, North America dominated the market, in terms of revenue, accounting for 34.5% share of the global market.

Industrial valves are electro-mechanical or mechanical devices used for control of gases, liquid, slurries, and others through pipes and tubes in industries. Different kinds of industrial valves perform various functions such as shut on/off, pressure control, and other regulation purposes. There are various kinds of industrial valves, including ball valves, butterfly valves, check valves, gate valves, globe valves, pinch valves, and others ,which are designed for regulation, control, and on & off purposes. Moreover, industrial valves are manufactured using carbon steel, cast iron, stainless steel, and various other metal alloys for attaining high efficiency. Furthermore, the high automation and control in industrial valves improve their functioning in hazardous applications such as oil & gas, chemical processing, nuclear power generation plants, and others.

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In addition, the implementation of automation technologies has assisted in reducing the wastage of liquids passing through the pipes and valves, which result in reduction of costs. Various industries adopt automation and control technologies by upgrading their pre-installed industrial valves, which in turn drives the industrial valves market growth. Furthermore, the focus on increasing the production of oil & gas in North America has created a high demand for industrial valves in the region. The investments for extraction of oil & gas has propelled substantially, which has led to infrastructural development. This is expected to create massive demand for industrial valves, which in turn will boost the growth of the market.

The COVID-19 pandemic has negatively affected the market mainly due to the halt in international trade, prolonged lockdowns, and ceased manufacturing processes. In addition, the major end-user manufacturing companies located in countries such as the U.S., Germany, the UK, and others are also facing financial impacts due to halted production, which is likely to hinder the growth of the industrial valves market during 2020.

North America is the largest contributor in the industrial valves industry with the highest share during 2019.The U.S. and Canada are the largest consumers of industrial valves within the region and have strong trade relations with manufacturing countries in the Europe and Asia-Pacific. However, the industrial valves market has lucrative growth opportunities in China and India, which are likely to exhibit significant growth during the forecast period. This is due to the low material costs and extensive growth in industrial infrastructure during the past years.

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Depending on valve type, ball valves segment held a major share in the market during 2019. Although the gate, globe, and check valves are largely popular for food & beverage, oil & power, and other industrial applications. Considering the application segment, oil & power industry has significantly contributed to industrial valves market share during the base period. The oil & gas industry mainly includes downstream, midstream, and upstream applications and require industrial valves on a large scale. In addition, major countries in Europe and Asia-Pacific are now switching toward clean power sources, which has created a large demand for valves during infrastructural up gradation processes.

The global industrial valves market is segmented into material type, valve type, application, and region. By material type, the market is categorized into cast iron, steel, alloy based, and others. Depending on valve type, it is segregated into ball valves, butterfly valves, gate valves, globe valves, plug valves, check valves, and diaphragm valves. On the basis of application, it is differentiated into oil & power, water & wastewater, chemical, food & beverage, and others.

Key Findings Of The Study

By material type, the steel segment dominated the global industrial valves market share in 2019.

On the basis of valve type, the ball valves segment is expected to generate high revenue, globally.

Depending on application, the oil & power industry segment garnered major share of the industrial valves market in 2019.

Region wise, North America dominated the market in 2019.

Asia-Pacific is expected to witness a high growth rate during the forecast period.

The major players operating in the industrial valves industry include AVK Holding A/S, Avcon Controls Private Limited, Schlumberger Limited, Crane Co., Emerson Electric Co., Flowserve Corporation, Forbes Marshall, IMI plc, Metso Corporation, and The Weir Group plc.

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