With a projected CAGR of 4.4% from 2023 to 2028, the Industrial Valves Market is expected to reach USD 99.8 billion in 2023, valued at USD 80.4 billion. The major factors propelling the growth of the industrial valves market globally are the rising demand for industrial valves in the pharmaceutical and healthcare sectors, the shift in focus of process industries towards adopting automation solutions, and the growing need for establishing new power plants and renovating existing ones. The study offers details on the market's size, trends, and potential for expansion in this industry.

Major companies operating in the industrial valves market include Emerson (US), Flowserve Corporation (US), Schlumberger Limited (US), Crane Co. (Sweden), Neles (Finland), KITZ Corporation (Japan), IMI PLC (UK), KSB SE & Co. KGaA (Germany), Bray International (US), and Spirax-Sarco Engineering PLC (UK).

Based on type, globe valves held the largest share of the industrial valves market in 2022

In the Industrial Valves Market as of 2022, globe valves are expected to hold the biggest market share. This is because they are well suited for high-pressure systems, making them perfect for uses in power plants like managing high-pressure steam. Stainless steel and bronze are frequently used for globe valves in cryogenic applications, and a longer bonnet is necessary to keep the packing gland area from freezing. Globe valves are also frequently employed in power plants' coolant pipes and lubricating systems to control fluid flow.

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Based on component, actuators held the largest share of the industrial valves market in 2022

According to a recent analysis, actuators had the biggest market share for industrial valves in 2022. Pneumatic actuators are perfect for a variety of applications because they may provide torque ranging from a few inch pounds to more than a million inch pounds. Hydraulic actuators employ an external power source and react to signals measured in amperes, volts, or pressure to translate fluid pressure into motion. They come be handy in situations where a lot of force is required to open a valve. Overall, actuators are a crucial part of industrial valves, and their relevance is demonstrated by the sizeable market share they currently hold.

Based on function, on/off function held the larger share of the industrial valves market in 2022

The on/off function held a bigger market share for industrial valves in 2022, according to a recent analysis. For this purpose, isolation valves—which can be in either the ordinarily open (NO) or normally closed (NC) positions—are frequently utilised. Pressure vessels, pumps, compressors, tanks, pressure sensors, liquid-level monitoring equipment, and other similar parts all use normally open valves. Additionally, flow logic, such as choosing one flow path over another and attaching extra equipment to a system, can be provided via isolation valves. The only time usually closed valves, such vent and drain ones, are opened is when a system is being depressurized or having fluids drained from it.

Based on material, steel valves held the largest share of the industrial valves market in 2022

According to a recent analysis, the industrial valves market was dominated by steel valves in 2022. For more effective handling of high pressure ratings, high temperature performance, and corrosion resistance, steel valves are employed in industrial applications. Ferritic, austenitic, martensitic, and duplex steel are the most popular forms of steel used in valve fabrication. For a variety of industries, including oil and gas, water and wastewater treatment, pharmaceuticals, building and construction, and pulp and paper, carbon steels and basic stainless steels, such as 316s, 329s, and 400s, are appropriate. Overall, steel valves' appeal can be linked to its toughness and capacity to endure demanding industrial settings.

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Based on size, industrial valves in the size range of 1" to 6" held the largest share of the market in 2022

According to a recent estimate, the market's largest share would be held by industrial valves with a size range of 1" to 6" in 2022. The majority of valves used in process systems are installed in piping that is 4" in size or smaller. The choice of valve materials is highly individualised and is based on the needs of the application. Valve sizes of 6" or less are utilised when there is no specific size preference. In a variety of sectors, including food and beverage, pharmaceuticals, water and wastewater treatment, and slurries, chemicals, and water, valves in this size range are suited for managing different types of media. In general, valves in the 1" to 6" size range are quite adaptable and frequently utilised in a variety of industries.

Based on end-user industry, the energy & power industry held the largest share of the industrial valves market in 2022

In 2022, the energy and power sector maintained the biggest market share for industrial valves, according to a recent analysis. The primary driver of the expansion of the industrial valves market for the energy & power industry is projected to be the rising number of new coal-fired power plants, gas turbines, and nuclear power plants being built. Further fueling the need for industrial valves are strict environmental regulations in the US and Europe, as well as initiatives by end-user companies to decrease carbon footprints and carbon dioxide emissions. These factors will likely boost the need for maintenance and restoration of existing power plants. In general, the market for industrial valves is anticipated to increase significantly with the help of the energy and power sector.

The industrial valves market in Asia Pacific held the largest share of the market in 2022

In 2022, the Asia Pacific region held the greatest market share for industrial valves, according to a report. Many medium-sized producers can be found in China, which is a major producer and exporter of industrial valves. Japan, which imports more than 90% of its basic energy requirements, is significantly reliant on nuclear power and has promoted the integration of nuclear power plants to produce electricity, which is boosting the market for industrial valves. Offshore oil and gas explorations, as well as the construction and expansion of oil and gas pipeline infrastructure, are what are driving the demand for valves in India. The demand for valves in the upstream and midstream segments of the oil & gas industry is boosted by the fact that they are commonly utilised in pipelines.

News Covered:

https://www.globenewswire.com/news-release/2023/02/03/2601315/0/en/Industrial-Valves-Market-Size-Share-Growth-Drivers-and-Analysis.html

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