Growing Demand for Industrial Valves to Propel Market Size by 2026


Posted March 1, 2023 by avinashgogawale14

The Industrial Valves Market Size is anticipated to reach USD 99.8 billion by 2028 at a CAGR of 4.4% from an estimated USD 80.4 billion in 2023.

 
With a CAGR of 4.4%, the Industrial Valves Market is anticipated to increase from USD 73 billion in 2021 to USD 90.5 billion by 2026. The growth is mainly attributed to various factors such as the increasing demand for valves from healthcare and pharmaceuticals industries due to the COVID-19 pandemic, the rising requirement of establishing new nuclear power plants and revamping existing ones, the need for connected networks to maintain and monitor industrial equipment, the adoption of automation technologies in process industries, and the focus on the development of smart cities worldwide. In the upcoming years, the Industrial Valves Market is projected to experience tremendous growth potential as a result of these driving factors.

OPPORTUNITIES: Rising demand for AI-integrated valves for intelligent water supply

The intelligent water supply sector has a substantial opportunity due to the growing need for AI-integrated valves. Artificial intelligence (AI) algorithms can improve the operation of water distribution networks by anticipating future situations to prepare for contingencies, predicting flow at a specific area based on historical data, and choosing the best choices to handle issues. The decision-making AI systems also use optimization techniques to determine the ideal concoction of variables to attain a numerical objective function. The water supply business can increase effectiveness, decrease water waste, and improve the overall performance of the water distribution network by incorporating AI into valves.

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Emerson Electric Co. (US), Schlumberger (US), Flowserve Corporation (US), IMI plc (US), Neles Corporation (Finland),Spirax Sarco Limited (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (US), Bray international (US) , and CIRCOR International, Inc. (US) are the key players in the Industrial Valves Market. These top players have strong portfolios of products and services and presence in both mature and emerging markets.

In the market for industrial valves, Emerson is a significant participant, offering a variety of process management products and solutions, such as valves, transmitters, analyzers, regulators, and automation systems. Additionally, it provides engineering, consulting, and maintenance services to a number of industries, including chemicals, food and beverage production, onsite utilities for industrial energy production, life sciences and medicine, pulp and paper production, water and wastewater treatment, metals and mining, and power. The business uses monitoring and maintenance solutions to provide full lifecycle management for valve assets. Emerson uses additive manufacturing technology to develop cutting-edge valve designs and solutions in order to stay competitive in the industry. According to the company's recent release of comprehensive valve assemblies meeting safety integrity level (SIL) 3 criteria in October 2021, product development is the primary focus of its organic growth plan.

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A provider of technologies and services to the world's energy sector is Schlumberger (Cameron). Its Valves & Measurement product line provides valve products and measurement systems used to regulate, direct, and measure the flow of oil and gas to sectors of the upstream, midstream, and downstream markets. In order to provide a broad range of goods and services to the global oil and gas industry, Schlumberger bought Cameron International Company (US) in 2016. As a result, Cameron's wellhead, surface equipment, and processing technologies were integrated with Cameron's reservoir and well technology. The business places a strong emphasis on research and development, and its technology centre fosters automation and technological innovation. Schlumberger plans to integrate 3D printing for manufacturing or prototyping into the valve ecosystem to boost product development.

A corporation called Flowserve Corporation develops, produces, and sells industrial flow management tools and associated services. It runs through two business divisions: the Flow Control Division and the Flow Service Pump Division (FCD). In addition to energy management products like steam traps, boiler controls, condensate and energy recovery systems, the company's FCD offers valves and automation solutions, including isolation and control valves, actuation, controls, and related equipment. Oil and gas, chemicals, water and wastewater treatment, water management, power generation, mining, pharmaceuticals, pulp and paper, and food and beverage are just a few of the industries that Flowserve works with. The company provides comprehensive flow control systems and services, including valves, pumps, seals, automation, and aftermarket services for the chemicals, oil and gas, water management, and power generating industries. With the help of its manufacturing facility and quick response centre, Flowserve is able to offer a variety of aftermarket services, including retrofitting, installation, and repair.

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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Last Updated March 1, 2023