Global Industrial valves Market By Valve Type (Ball Valves, Butterfly Valves, Gate Valves, Glove Valves, Plug Valves, Check Valve), By Application (Oil & Gas, Chemical, Municipal, and Power), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2020-2029

Industrial valves are instruments that control the pressure and flow of gases and liquids in a system. Industrial valves are generally used to manage the flow of gases and liquids in the piping system and should be continuously checked to avoid risks such as corrosion and leakage. On the other hand, valves used in the industry can be operated manually as well as automatically.

With the rapid population growth and urbanization, industrial infrastructure is rapidly developing. Increasing industrial expansion is expected to provide huge investment opportunities and organic/inorganic growth for participants in the industrial valve market. Joint venture project between Saudi Arabian Petroleum Corporation and The Dow Chemical Company, Saudi Arabian Oil Company and Sumitomo Chemical, and ExxonMobil Chemical Company and SABIC strengthens positive prospects in the Asia Pacific and the Middle East, some of which are noteworthy investments. In addition, the Indian government's initiative to develop smart cities into urban renewal and transformation plans offer great opportunities for the development of industrial infrastructure. The government aims to provide citizens with basic services by securely integrating information and communication technologies and IoT technologies through this program. The total cost of the project is approximately $ 19.506 billion. This, in turn, is likely to drive demand for industrial valves.

Industrial valve manufacturers need to comply with some codes and regulations. Some regions have different policies and certifications regarding valve manufacturing. Due to the wide application of valves in the pharmaceutical, food & beverage, oil and gas, construction, power, pulp & paper industries, energy, chemical, and water and wastewater treatment, demand for heterogeneity has resulted. This heterogeneity becomes a limiting factor as industry players must modify the same product in accordance with regional policies. Thus, it is difficult for industry players to achieve the desired manufacturing charges. To address this, industry players must invest resources to build manufacturing plants worldwide, which requires additional investment.

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In many applications, different types of valves are used across multiple end-use industries. Failure of these industrial valves can cause process interruptions. Traditional scheduled-based maintenance methods cannot warn end-users of impending valve failures. Thus this often results in problems for technicians when inspecting the valve, leading to costlier unplanned downtime that could have been avoided. Still, recent developments in communications, data science, and computing capabilities have enabled industries to start leveraging IIOT technology to decrease valve-related unplanned downtime. IIoT enables valve experts to incorporate engineering centers to monitor the health of valves in a plant remotely, thereby improving valve performance over the life of these valves. The valves furnished with sensors and connected via IIOT can help industry participants decrease maintenance and downtime costs by consciously monitoring valve functions. For example, Emerson in the US provides IIoT technology to valve users to improve their operational performance and reduce unplanned downtime.

It is expected that in the forecast period, the Asia-Pacific region will occupy the largest market size of the industrial valve market, followed by North America region. The largest market share of APAC region is because of rapid urbanization and continuous population growth in developing countries such as India and China. This factor prompted the fast development in the APAC region. So the demand for industrial valve is rapidly increased in various end-use industries such as water & wastewater treatment, energy & power, construction, pharmaceuticals, chemicals, and oil & gas etc. Due to the latest discovery of shale gas resources and the increase in oil production in North America is expected to become the second largest market in the industrial valve market, which will drive demand for the industrial valve market in North America.

The global industrial valve market is segmented based on material, valve type, size, and application:

Based on Material

• Cast Iron
• Steel
• Cryogenic
• Alloy Base
• Others

Based on Valve Type

• Ball Valves
• Butterfly Valves
• Gate Valves
• Glove Valves
• Plug Valves
• Check Valve
• Diaphragm Valve

Based on Size

• up to 1
• 1-6
• 6-25
• 25-50
• 50 & Above

Based on Application

• Oil & Energy
• Water & Wastewater
• Chemical
• Food & Beverages
• Building & Construction

Key Players

• Flowserve
• Weir Group PLC
• Emerson
• Cameron – Schlumberger
• Crane Co.
• Spirax Sarco
• IMI PLC
• Kitz Corporation
• Velan Inc.
• Neway Valve
• Metso Corporation
• Samson AG
• Forbes Marshall