Industrial Valves Market to Reach $107.35 Billion by 2027
Use of automation in industrial valves, rise in investments in oil & gas sector of North America, and rise of the F&B processing sector in emerging countries boost the growth of the global industrial valves market.
As per the report published by Allied Market Research, the global industrial valves market generated $86.20 billion in 2019, and is anticipated to garner $107.35 billion by 2027, manifesting a CAGR of 3.5% from 2020 to 2027. The report offers an in-depth analysis of major segments, changing market dynamics, top players’ profiles, key winning strategies, and competitive heat map.
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Vivek Banik, Senior Research Analyst, Construction and Manufacturing at Allied Market Research, stated, “The industrial valves market is saturated with slow organic growth. But, with ‘Industry 4.0,’ big industries are switching to automation of industrial processes, which is likely to build a demand for industrial valves across the globe. The automated regulation and control of valves in industrial applications can upgrade the global industrial valves market during the forecast period.”
Covid-19 pandemic impact on the global industrial valves market:
- During the COVID-19 pandemic, the demand for industrial valves is not affected much attributed to its uses in the essential service sectors such as water and wastewater, oil and power, and food and beverages.
- The manufacturing activities are impacted during the worldwide lockdown. Manufacturers have complied with government regulations and continued manufacturing activities with minimum workforce.
Increase in demand for industrial valves in North America propels the need for importing industrial valves from other countries; thus, driving the industrial valves market growth.
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However, rise in demand for food from developing nations such as India, Brazil, and others propels the agriculture industry, which in turn, fuels the growth of the F&B processing industry. This growth is further anticipated to drive the demand for industrial valves; thus, boosting the rise of the global industrial valves market.
The report offers an in-depth segmentation of the global industrial valves market based on valve type, material, application, and region.
Based on valve type, the ball valves segment was responsible for the largest share in 2019, attributing to nearly one-fifth of the total market, and is anticipated to maintain its dominant position during the forecast period. However, the butterfly valves segment is expected to manifest the highest CAGR of 5.1% from 2020 to 2027.
Based on application, the oil and power segment contributed to the largest share in 2019, holding more than one-third of the total global industrial valves market share, and is projected to dominate the market throughout the forecast period. On the other hand, the food and beverage segment is anticipated to portray the highest CAGR of 4.9% during the forecast period.
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Based on region, North America held the highest market share, attributing to more than one-third of the total market share in 2019, and will hold the lead position during the forecast period. However, Asia-Pacific is projected to manifest the highest CAGR of 4.9% from 2020 to 2027.
Key market players of the global industrial valves market that are analyzed in the research include Schlumberger Limited, Emerson Electric Co., The Weir Group plc., Crane Co., Forbes Marshall, AVK Holding A/S, Flowserve Corporation, Metso Corporation, IMI plc, and Avcon Controls Private Limited.
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