The global Industrial Valves market accounted for USD 64.1 Billion in 2020 and is expected to reach USD 109.1 Billion by 2028, growing at a CAGR of around 6.5% between 2021 and 2028.
The global Industrial Valves market accounted for USD 64.1 Billion in 2020 and is expected to reach USD 109.1 Billion by 2028, growing at a CAGR of around 6.5% between 2021 and 2028.
Industrial valves are used in various process industries for regulation, direction, and control of gases, liquids, vapors, and others. The raw material used for the manufacturing of Industrial valves are carbon steel, cast iron, stainless steel, and other. It has high functioning metal alloys to obtain efficient flow control in industries such as water & waste water, oil & power, food & beverages, chemicals, and others.
The entrance of new players in the Industrial Valves market is also set to propel the market growth For instance, in August 2018, Velan Inc.’s completely controlled subsidiary situated in Italy has been offered essential contracts for the supply of 3 different kinds of valves. The contract also states to supply these valves to MODEC Offshore Production Systems. Now, MODEC Offshore Production Systems is a firm located in Singapore. These orders have a total sales value of almost $18 Million and are planned for delivery by early 2019, thereby driving the profit for global industrial valves market.
The restrictions imposed by various nations to contain COVID had stopped the demand and supply resulting in a disruption across the whole supply chain. Pandemic has shut down the entire world due to outbreak. The market would remain bullish in upcoming year. The significant decrease in the global Industrial Valves market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.
Developing nations such as China, India, and Brazil are incessantly branching out their industrial infrastructure, thereby flourishing the development of global industrial valves market. Increasing urbanization has resulted in global industrial valves market to develop rapidly from the last couple of years. Rising offshore gas and oil projects all over the world, reduced operating costs, rising demand from process & manufacturing sector due to enhanced safety, and enduring efforts to extend water infrastructures in developing nations are the major reasons likely to favor the development of global industrial valves market.
On the other hand, vagueness in crude oil costs that makes the project fiscally unstable might hinder the growth of global industrial valves market in the coming years. Nevertheless, increasing requirement of energy from all sections is likely to open up new opportunities of development for the global industrial valves market in the years to come.
On the basis of Type, Industrial Valves market has been divided as Gate, Butterfly, Ball, Check, Globe. Ball valve held the major share in the market. Ball valves are straight-through & quarter-turn valves employed in conditions where tight shut-off is needed.
On the basis of application, the market is segmented into Oil & Gas, Chemical, Power, Water & Wastewater and Other. Employment of gate valves in application industry such as gas & oil industry, manufacturing, pharmaceuticals, marine, and automotive is likely to experience noteworthy growth for the global industrial valves market in the forecast period.
Asia Pacific ruled the Industrial Valves market with over 35.5% share and has a sturdy attendance in the market. Rising offshore gas and oil projects all over the world, reduced operating costs, rising demand from process & manufacturing sector due to enhanced safety, and enduring efforts to extend water infrastructures in developing nations are the major reasons likely to favor the development of global industrial valves market.
The major players operating Industrial Valves market are Alfa Laval, Velan Inc., Delta Pacific Valves Ltd., GWC Valve International Inc., Cameron International, Goodwin Plc, Camtech Valves, Pentair Plc., Neway Valve (Suzhou) Co., Ltd. and Valvitalia S.P.A amongst others.
FrequentlyAsked Questions
The global Industrial Valves Market was valued at USD 64.1 Billion in 2020.
The global Industrial Valves Market is expected to reach USD 109.1 Billion by 2028, growing at a CAGR of 6.5% between 2021 to 2028.
Some of the key factors driving the global Industrial Valves Market growth are Developing nations such as China, India, and Brazil are incessantly branching out their industrial infrastructure, and increasing requirement of energy from all sections.
Asia Pacific ruled the Industrial Valves market with over 35.5% share and has a sturdy attendance in the market. Rising offshore gas and oil projects all over the world, reduced operating costs, rising demand from process & manufacturing sector due to enhanced safety, and enduring efforts to extend water infrastructures in developing nations are the major reasons likely to favor the development of global industrial valves market.
Some of the major players of global Industrial Valves market includes Alfa Laval, Velan Inc., Delta Pacific Valves Ltd., GWC Valve International Inc., Cameron International, Goodwin Plc, Camtech Valves, Pentair Plc., Neway Valve (Suzhou) Co., Ltd. and Valvitalia S.P.A amongst others.
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