March 16, 2023 10:23 ET | Source: Research and Markets Research and Markets
Dublin, March 16, 2023 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering. Hydraulic Butterfly Valve
The industrial valves market size is expected to grow from USD 80.4 billion in 2023 to USD 99.8 billion by 2028; it is expected to grow at a CAGR of 4.4% from 2023 to 2028.
The key factors driving the growth of the industrial valves market are the growing adoption of IIoT-integrated valves, the rapidly shifting focus of process industries towards adoption of automation solutions, the global need for establishment of new power plants and revamping of existing ones, the changing focus of valve manufacturers towards better maintenance and aftermarket services, and the increasing adoption of smart valves as replacement for outdated valves.
Safety valves are expected to register the highest CAGR during the forecast period
Industries such as oil & gas, energy & power, chemical & petrochemical, pharmaceutical, metal & mining, and water & wastewater treatment require highly reliable safety valves. Safety valves protect the pipeline against implosion due to the vacuum caused by cold rinsing after hot cleaning or blocking the gas supply during emptying. The increasing use of safety valves in critical processes in oil & gas, chemical, energy & power industries to release excess pressure and protect equipment and people from harm would drive the growth of the industrial safety valves market during the forecast period.
Actuators are expected to register the highest CAGR during the forecast period and valve body are expected to register the second highest CAGR
Pneumatic actuators, the most commonly used actuators due to their reliability and simple design, are typically used in applications involving extreme temperatures. Pneumatically operated piston actuators work faster than electric and hydraulic actuators. These actuators are advantageous when no air supply source is available, and low ambient temperatures could freeze the condensed water in pneumatic supply lines. In the case of heavy-duty applications, hydraulic actuators are preferred over pneumatic and electric actuators. The valve body is the main element of a valve assembly, as it holds all the internal parts together. The body is the largest component. Media flows through the body between the ports, and all other components are connected to the body.
Control segment is expected to register the higher CAGR during the forecast period
A control valve is an important element in process industries as it automatically regulates important process variables, including temperature, level, direction, pressure, and flow rate of gas, steam, water, and chemical compounds within a required operating range. Control valves are designed to withstand harsh conditions and ensure the safety and efficiency of multiple production processes in an industrial plant. Due to these benefits, these valves are used in oil & gas, energy & power, petrochemical, and chemical industries.
Plastic valves are expected to register the highest CAGR during the forecast period and cryogenic valves are expected to register the second highest CAGR
Owing to their high durability and corrosion resistance capabilities, plastic valves are preferred in applications that require regulating and monitoring of flow of corrosive fluids. In addition, due to their high impermeability feature, they offer long service life. Also, plastic valves offer very low-pressure drops, making them ideal for various industries such as food & beverage, chemical, and paper & pulp. Cryogenic valves are used in the oil & gas industry at cryogenic temperatures starting from -238oF. Production, transport, and storage of liquefied gases such as oxygen, nitrogen, argon, natural gas, hydrogen, or helium (down to -425F/-253.9oC) present several specific technical requirements, such as service conditions; material, pressure, and temperature ratings; and other technical or environmental requirements. Such requirements generate the need for cryogenic materials to handle cryogenic temperatures safely, which are most popularly used by companies that work with liquefied natural gas (LNG) or compressed natural gas (CNG).
Valves in the size range of >50" are expected to register the highest CAGR during the forecast period
The rising demand for >50" valves in high-pressure and high-temperature applications in the chemical, energy & power, and oil & gas industries is likely to propel market growth. These valves have longer lead times, as they feature custom-designed class 1,500 mm and 2,500 mm butt-welding end valves. L&T (India) offers gate, Y-globe, and swing check valves, which feature a pressure seal bonnet design for high-pressure services in these size ranges.
Paper & pulp industry is expected to register the highest CAGR during the forecast period
In paper & pulp industry, plug valves, V-port ball valves, knife gate valves, high-performance butterfly valves, and rotary control valves are used in applications such as basis weight control, cleaner and pump isolation, flow-level control, vacuum control, and steam and condensate flow control. For the pulping process, V-port ball valves and eccentric plug valves, among others, are used for steam and chemical handling applications such as steam impregnation, steam venting, and flow and pressure control. Valves with hardened trim are well-suited for steam and chemical handling applications. Therefore, industrial valves play a vital role across several applications in the paper & pulp industry, which in turn propels their increasing adoption in the industry.
North America is expected to register the highest CAGR during forecast period
The growth of the industrial valves market in the US is mainly driven by the large industrial base, particularly the oil & gas and energy & power industries. Discovery of shale oil in the country and recent uptrends in the oil & gas industry are the major reasons for the increasing investments in the US oil & gas industry. The US rig count is set to increase over the next three years, which is expected to drive the demand for industrial valves in the oil & gas industry. In the US, the water & wastewater treatment industry is facing the challenge of aging infrastructure However, fresh investments in the industry for modernizing the existing facilities and services are expected to contribute to the rise in the demand for industrial valves in the US. In Canada, investments in natural gas projects have resulted in the expansion of the pipeline network for gas transportation. Hence, the oil & gas industry in Canada is likely to witness a huge demand for industrial valves.
The research report on the global industrial valves market covers the market based on type, component, function, material, size, end-user industry, and region.
Based on type, the industrial valves market is segregated into ball, butterfly, check, gate, globe, plug, diaphragm, and safety valves.
Based on component, the industrial valves market is segmented into actuators, valve body, and other components (positioners and I/P converters).
Based on function, the industrial valves market is segmented into on/off and control. Based on material, the industrial valves market is segmented into steel, cast iron, alloy-based, cryogenic, plastic, and other materials (bronze and brass).
Based on size, the industrial valves market is segmented into<1", 1" to 6". 7" to 25". 26" to 50", and >50". Based on end-user industry, the industrial valves market is segmented into segmented into oil & gas, water & wastewater treatment, energy & power, food & beverage, metal & mining, chemical, pharmaceutical, building & construction, pulp & paper, agriculture, semiconductor, and other end-user indsutries (textile and glass).
The report covers four major regions: North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
6 Industrial Valves Market, by Type
7 Industrial Valves Market, by Component
8 Industrial Valves Market, by Function
9 Industrial Valves Market, by Material
10 Industrial Valves Market, by Size
11 Industrial Valves Market, by End-User Industry
12 Industrial Valves Market, by Region
For more information about this report visit https://www.researchandmarkets.com/r/eyo8ch
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