The report "Industrial Valves Market by Type (Ball, Butterfly, Globe, Gate, Diaphragm, Safety, Check, Plug), Material (Steel, Cast Iron, Alloy Based, Cryogenic, Plastic, Bronze, Brass), Component (Actuator, Positioner), Function - Global Forecast to 2028" offers insightful information about the industrial valves market environment. The market for industrial valves worldwide is anticipated to reach USD 80.4 billion by 2023. The market is predicted to reach USD 99.8 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 4.4%, indicating a consistent growth trajectory.

The Industrial Valves Market is growing due to a number of important factors. First and foremost, there is a significant demand for valves due to the pharmaceutical and healthcare industries' growing need for them to maintain accuracy in fluid and gas management procedures. The demand for innovative industrial valves also increases as process industries prioritise the implementation of automation technologies for improved efficiency and control. In addition, the global drive to build new power plants and update old ones in response to rising energy demands is having a big impact on market expansion. These two criteria taken together illustrate the crucial function that industrial valves play in enabling smooth operations across various industries and highlight their essential significance in contemporary industrial processes.

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Based on Type, globe valves held the largest share of the Industrial Valves Market in 2022

Globe valves' sizeable market share in 2022 underlines its supremacy in the Industrial Valves Market. These valves, which are highly favoured for their numerous applications, excel in cryogenic settings where stainless steel and bronze variations are preferred because of their resistance to extremely high temperatures. Extended bonnets are used to help with this adaptation because they keep the packing gland area from freezing. Notably, globe valves are very useful in high-pressure systems, which makes them ideal for controlling high-pressure steam in power plants. Additionally, they are effective in controlling fluid flow in coolant pipes and lubrication systems in power plants.

Based on Component, actuators held the largest share of the Industrial Valves Market in 2022

Actuators' significant market share in 2022 underlines their importance in the Industrial Valves Market. Pneumatic actuators stand out among these parts as a versatile option appropriate for a wide range of applications. Pneumatic actuators have an impressive torque production despite their small size; the smallest can provide just a few inch pounds of torque, while the largest may produce over a million. On the other hand, hydraulic actuators produce motion by changing fluid pressure in response to signals. These actuators are powered externally and react to signals in the ampere, volt, or pressure range. Hydraulic actuators are particularly useful in circumstances requiring high force since successful operation of valves sometimes necessitates such a force. These characteristics highlight the essential function of actuators in providing precise and regulated movement inside industrial valve systems, greatly enhancing the functionality and overall efficiency of numerous operations.

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Based on Function, on/off function held the larger share of the Industrial Valves Market in 2022

The on/off feature is widely used in the industrial valve industry, which is illustrated by the sizeable market share it will have in 2022. Isolation valves, which can be found in either ordinarily open (NO) or usually closed (NC) configurations, are essential components of this function category. Applications for normally open valves include pressure vessels, pumps, compressors, tanks, pressure sensors, and liquid-level monitoring equipment, among other things. Isolation valves have the power to affect flow logic, allowing one flow path to be chosen over another and making it easier to join external equipment to a system, independent of where they are located. Due to their versatility, they can link to sensors later in the process and ease fluid movement between different parts and gadgets. Contrarily, typically closed valves with specified functions, such vent and drain valves, are only opened during depressurization or fluid drainage procedures. These various purposes highlight the part isolation valves play in regulating fluid flow in intricate industrial systems, which promotes effectiveness, security, and smooth operation.

Based on Material, steel valves held the largest share of the Industrial Valves Market in 2022

Steel valves' significant market share in 2022 is proof of its supremacy in the industrial valves industry. In industrial situations, where handling pressure ratings, high-temperature conditions, and corrosion resistance are crucial, these valves are often used. Ferritic, austenitic, martensitic, and duplex steel are the most popular forms of steel used to make steel valves. Carbon steels and basic stainless steels, including 316s, 329s, and 400s, are suitable for use in a variety of industries, including water and wastewater treatment, oil and gas, pharmaceuticals, building and construction, and pulp and paper. Steel is a popular material for valves because of its adaptability and strength, which highlights its relevance in the larger market. These valves are responsible for guaranteeing the safe and effective regulation of fluids and gases in demanding industrial activities.

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

The considerable market share held by industrial valves with a diameter between 1" and 6" in 2022 attests to their supremacy. This range is especially important because the majority of valves used in process systems are installed in piping systems with a diameter of 4" or less. When an exact size preference is not essential, valves sized 6" or less are generally used. The choice of valve material frequently depends on the unique application requirements. Slurries, chemicals, and water are just a few of the several types of media that these valves are skilled at handling. Their use is widespread in a variety of industries, including food and beverage, pharmaceuticals, and water and wastewater treatment. Thanks to their size and capabilities, they play a crucial role in maintaining effective fluid and gas control during complex industrial processes.

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Based on End-User Industry, the energy & power industry held the largest share of the Industrial Valves Market in 2022

Its sizeable market share in 2022 demonstrates the energy & power industry's leading position within the Industrial Valves market. One of the main factors driving this industry's market growth is the spike in construction activities involving new coal-fired power plants, gas turbines, and nuclear power plants. Notably, the expansion of the market for industrial valves within the energy & power industry is highly correlated with the changing environment of environmental regulations. Strict environmental restrictions in places like the US and Europe have compelled end-user industries to implement policies targeted at reducing carbon footprints and carbon dioxide emissions. It is projected that this dedication to sustainability will increase the demand for repairing and renovating existing power plants, leading to a significant increase in the demand for industrial valves built to improve operating efficiency and compliance with these growing requirements.

The Industrial Valves Market in Asia Pacific held the largest share of the market in 2022

The substantial market share that the Asia Pacific region will have in 2022 attests to its dominant position within the Industrial Valves industry. Notably, China, which has a large number of mid-sized manufacturers within its borders, plays a crucial role as one of the leading producers and exporters of industrial valves worldwide. The nuclear programme has emerged as a crucial source of electricity generation in Japan, where over 90% of primary energy demands are imported. Recent Nuclear Regulation Authority legislation has made it easier to integrate nuclear facilities, which has increased demand for industrial valves. The oil and gas sector, which experiences demand as a result of offshore explorations and the building of oil and gas pipeline infrastructure, has an impact on the market dynamics in India. Given their critical role in pipeline deployment, valves are in high demand in the upstream and midstream segments of the oil & gas industry, which is a reflection of the larger trends influencing the industrial valves market landscape in the region.

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).

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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