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(IT-NEWSWIRE.COM, March 14, 2023 ) The global industrial valves market size is expected to grow from USD 80.4 billion in 2023 to USD 99.8 billion by 2028, at a CAGR of 4.4%. The growth of the industrial valves market can be attributed to the growing demand for industrial valves from healthcare and pharmaceutical industries, establishment of new power plants and revamping of existing ones, rising demand for adoption of automation solutions, and establishment of smart cities worldwide are the major drivers for the market. However, high capital investment and low profit margins due to varying valve standards across regions are major restraints for the market's growth.
The industrial valves market is witnessing steady growth owing to several factors, including rising demand for AI-integrated valves for intelligent water supply, growing use of advanced technologies such as 3D printing to manufacture valves, and throving petrochemical industry are few factors contributing to the growth of the industrial valves market.
Based on type, the industrial valves market is segregated into ball, butterfly, check, gate, globe, plug, diaphragm, and safety valves. Ball valves held the second largest share of the industrial valves market in 2022. Although ball valves are costlier in terms of installation and maintenance, their rising adoption in varied applications, including flow and pressure control, and their ability to act as a shutoff valve for corrosive fluids and slurries is driving their demand. However, safety valves are expected to register the highest CAGR during the forecast period from 2023 to 2028. Safety valves protect the pipeline against implosion due to the vacuum caused by cold rinsing after hot cleaning or blocking the gas supply during emptying. The increasing use of safety valves in critical processes in oil & gas, chemical, energy & power industries to release excess pressure and protect equipment and people from harm would drive the growth of the industrial safety valves market during the forecast period.
Based on component, the industrial valves market is segmented into actuators, valve body, and other components (positioners and I/P converters). Actuators are further segregated into pneumatic, electric, and hydraulic actuators. Actuators held the largest share and valve body held the second largest share of the industrial valves market in 2022. Powered actuators which use air pressure (pneumatic), hydraulic pressure (hydraulic), or electricity (electric) allow for the remote adjustment of valves and ensure seamless errorless operation of large valves. There is a growing necessity for valve bodies with enhanced durability and toughness across industrial processes witnessing high-temperature environments and demanding an uninterrupted supply of necessary fluids such as ultrapure water for semiconductor fabrication processes and active pharmaceutical ingredients (APIs) in the pharmaceutical industry.
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Based on function, the industrial valves market is segmented into on/off and control. On/off held the larger share but control segment is expected to register the highest CAGR during the forecast period from 2023 to 2028. On/off valves fulfill stringent shut-off requirements across various industries; isolation is essential in any fluid/gas handling system for diverting the flow, shutting down the system, and allowing access for maintenance, as well as at the time of removal/installation of any component; therefore, these valves account for a larger market share. Various critical/severe service applications use control valves where manual operation is unsafe or requires more effort and time.
Based on material, the industrial valves market is segmented into steel, cast iron, alloy-based, cryogenic, plastic, and other materials (bronze and brass). Steel valves held the larger share of the market, however, plastic valves are expected to register the highest CAGR during forecast period. Stainless steel has become the most widely used material for constructing valves for applications such as petroleum refining, desalination, and brewing. Stainless steel valves are used for corrosive media, such as pharmaceuticals, oils, liquid metals, and radiating media. If appropriate processing and heat treatment techniques are adopted when manufacturing stainless steel valves, their corrosion resistance can be ensured. Plastic valves have several advantages: corrosion resistance, high chemical compatibility, and abrasion resistance, thereby driving their adoption across industries such as chemicals and pharmaceutical.
Based on size, the industrial valves market is segmented into 50”. Although, the valves in the size range of 1” to 6” held the largest share, but the valves in the size range of >50” are expected to register the highest CAGR during the forecast period. Valves larger than 50” are widely used in high-pressure and high-temperature applications, such as handling steam, oil, chemical, and water applications in thermal power plants, fertilizer plants, petrochemical plants, and refineries.
Based on end-user industry, the industrial valves market is segmented into segmented into oil & gas, water & wastewater treatment, energy & power, food & beverage, metal & mining, chemical, pharmaceutical, building & construction, pulp & paper, agriculture, semiconductor, and other end-user indsutries (textile and glass). The paper & pulp industry is expected to register the highest CAGR during the forecast period followed by semiconductor industry which is expected to register the second highest CAGR during the forecast period. In stock preparation application, control valves such as knife valves, V-port ball valves, eccentric plug valves, high-performance butterfly valves, three-way plug valves, and rotary control valves are used to handle abrasive media, such as kaolin, and are also used in isolation/shutoff, flow control, dilution water control, and clarifier and thickener effluent applications, among several others. Optimizing atomic layer deposition (ALD) processes for these semiconductor manufacturers is of utmost importance, and ultrahigh-purity valves are essential for these processes. These valves are specially designed to deliver precise doses of gases during the deposition process, which is used to create semiconductor chips.
The industrial valves market is segmented into four regions, North America, Europe, Asia Pacific, and the Rest of the World (RoW). Although Asia Pacific held the largest share of the industrial valves market in 2022, but the North American market for industrial valves is expected to witness the highest growth during the forecast period. In 2022, the water & wastewater treatment industry held the largest share of the North American industrial valves market. Aging water & wastewater treatment infrastructure requires the installation of new industrial valves that help in increasing energy efficiency, monitoring the flow of media, and complying with the changing environmental regulations. Hence, these plants are operational for all residential services globally. Commercial and industrial sectors are expected to ramp up production owing to the soaring consumer demand, which would result in the growth of the industrial valves market during the forecast period in North America.
News Covered :
https://www.prnewswire.co.uk/news-releases/industrial-valves-market-worth-99-8-billion-by-2028---exclusive-report-by-marketsandmarkets-301760719.html
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