Industrial Valves Market | Drivers, Restraints, Opportunities and Challenges

The industrial valve market was valued at USD 67.49 billion in 2017 and is expected reach USD 85.19 billion by 2023, at a CAGR of 3.96% during the forecast period. The industrial valve market is likely to witness rapid growth in the coming years due to the increased need for industrial valves from oil and gas production-related facilities in GCC countries, elevated energy demand in APAC, smart city development initiative across the world, high demand for predictive maintenance techniques from manufacturing industries, and stringent environmental and safety regulations to make the energy sector more resilient.

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Drivers

• Increased need for industrial valves from oil and gas production-related facilities in GCC countries
• Elevated energy demand in APAC
• Smart city development initiatives across the world
• High demand for automation and predictive maintenance techniques from manufacturing industries
• Stringent environmental and safety regulations to make the energy sector more resilient

Restraints

• Lack of standardized certifications and government policies
• Slowdown in oil and gas extraction
• Downtime due to repair and maintenance

Opportunities

• Integration of IIoT technology in industrial valves
• Use of 3D printers in the manufacturing sector
• Constant need for valve replacement
• Increase in the number of refineries and petrochemical plants
• Rise in the discovery of global offshore oil reserves

Challenges

• Minimization of lead times
• High cost of fabrication
• Existence of manufacturers providing low-priced valves
• Duplication of technology

Ball Valves Projected to Lead Industrial Valves Market During the Forecast Period

Based on valve type, the industrial valves market is segmented into ball valves, globe valves, butterfly valves, gate valves, diaphragm valves, plug valves, check valves, and safety valves. Among all types, the ball valves segment is expected to lead the industrial valves market from 2018 to 2023. The adoption of these valves is anticipated to increase in oil & gas and water & wastewater treatment industries, due to their tight sealing with low torque feature.

Cryogenic Valves Expected to be the Fastest-growing Material Types of the Industrial Valves Market

The cryogenic valves segment is projected to grow at the highest rate during the forecast period. These valves differentiate from other standard valves due to their ability to be fully functional both in low temperatures and at high-pressure ratings. Hence, they are widely used by companies that work with Compressed Natural Gas (CNG) or Liquefied Natural Gas (LNG). Cryogenic valves are used to help transport and store cryogenic gasses safely and efficiently.

Asia Pacific Anticipated to Be the Leading Revenue Contributor to the Industrial Valves Market

APAC is projected to be the leading market for industrial valves during the forecast period. There is an increase in power generation, which is a direct result of the rapidly growing population and industrialization. The growth of energy & power, oil & gas, construction, chemicals, and pharmaceuticals industries and the increasing demand for new and improved wastewater treatment systems are some of the major factors fueling the growth of the industrial valves market in this region.

Some of the key manufacturers of industrial valves are Wier group (UK), Flowserve Corporation (US), Emerson Electric Corporation (US), IMI Plc (UK), and Cameron –Schlumberger (US).

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