Saturday, 27 July 2024
According to our latest research study on “Industrial Valves Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type, Valves Type, and Industry” the market is expected to grow from US$ 33.16 billion in 2023 to US$ 43.12 billion by 2028; it is estimated to grow at a CAGR of 5.4% from 2023 to 2028.
Ball valves have a simple construction that features a ball mounted within a pipe. The ball valves are majorly known for their high durability, damage resistance, and low service requirements. They can be repaired easily without the need for intense workmanship. Furthermore, these valves do not require lubrication while offering a bubble-tight seal with low torque. Ball valves are also affordable and easy to use. In addition, they can handle and regulate high volume, pressure, and flow at elevated temperatures, which makes them suitable for operations involving various gasses and liquids. in November 2022, FITOK Group announced the launch of its new BGP series ball valves for specialty gas, semiconductor, and chemical industry applications. Thus, these factors are propelling the adoption of ball valves in industries such as oil & gas, water & wastewater, and chemicals & petrochemicals.
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Butterfly valves are also among the most used valves in the industrial sector. The body of the valves is lightweight and available in disc and wafer form; it requires significantly less structural assistance than other types of valves such as ball valves. Further, they are cost-efficient and easier to install. Butterfly valves are well-known for their ability to effectively handle slurries and corrosive liquids. Thus, with rising urbanization, coupled with increasing deployment of wastewater treatment plants, the industrial valves market players are witnessing huge demand for butterfly valves.
Hence, the rising use of ball valves and butterfly valves are fueling the industrial valves market growth.
The COVID-19 pandemic adversely affected the global oil & gas industry due to disruption in the supply chain activities and imposition of strict regulations on international trade by several countries to combat the spread of SARS-CoV-2. Furthermore, oil and gas prices increased significantly due to limited demand across the world. Additionally, the discontinuation of activities in the oil & gas industry reduced the demand for related products and services, such as industrial valves. The chemical industry was also significantly impacted due to the outbreak owing to supply chain disruption and labor shortage. These factors hindered the industrial valves market in the first two quarters of 2020. However, the demand resumed with the continuation of economic activities in Q3 of 2020.
The UK is known as one of the most developed countries across the globe. The country has several well-established industries, including food & beverages, chemical, and oil & gas. The country is one the leading oil & gas producer in the region and produced ~32.7 billion cubic meters of natural gas in 2021, according to BP statistical data 2020. In addition, the UK is one the largest natural gas consuming countries in Europe and consumed 76.9 billion cubic meters of natural gas in 2021. Additionally, the Rosebank & Lochnagar Oil & Gas Field development project in the country is spearheaded by Equinor. Equinor is hoping the first oils will flow by 2026 on this US$ 6 billion development. In addition to this, several other ongoing oil & gas projects in the UK are Mariner Heavy Oil Field, and Culzean HPHT Gas & Condensate Field. Thus, the increasing number of offshore oil & gas projects in the country is expected to fuel the growth of the industrial valves market in the country during the forecast period.
The global industrial valves market size is segmented based on material type, valves type, industry, and geography. Based on material type, the market is segmented into cast iron, steel, cryogenic, alloy-based, and others. Based on valves type, the industrial valves market is classified into ball valves, butterfly valves, diaphragm valves, safety valves, piston ram valves, gate valves, and control valves. Based on industry, the market is bifurcated into oil & gas and chemicals & petrochemical. The industrial valves market, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
Crane Co., Emerson Electric Co., Flowserve Corporation, Kitz Corporation, and Schlumberger Limited are a few key players operating in the industrial valves market. During this study, several major industrial valves market players were analyzed to get a holistic view of the global market and its ecosystem.
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