Growing End-use Industries Worldwide to Propel the Industrial Valves Market Growth
Global Industrial Valves Market: Key Highlights
- According to the new market research report “Industrial Valves Market by Valve Type (Control, Butterfly), by Material (Metallic, Non-metallic), by Size (1–6”, 6–25”), by End-use Industries (Oil & Gas, Energy & Power Generation), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) — Global Forecast (2019 to 2027)”, the global industrial valves market is projected to reach a value of over USD 96 billion, registering a CAGR of 3.8% during the review period
- Valves, also known as regulators, are mechanical devices used to control the flow and pressure of liquids, gases, and slurries within a system
- They are available in a variety of size, design, function, and operation
- Fluctuations in raw materials prices and stringent government regulations are the factors hampering the market growth
- Using 3D printing technology for valve manufacturing coupled with adoption of IoT and Industry 4.0 are expected to create lucrative opportunities for players in this market.
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Global Industrial Valves Market: Key Market Dynamics
- Increasing oil & gas exploration and production is the primary driver for the market growth
- This is due to the extensive use of petroleum products in manufacturing wide range of chemical products such as pharmaceuticals, fertilizers, solvents, and plastics
- Extensive use of natural gas for power generation is another major driver of the global industrial valves market
- According to the International Energy Agency, the global electricity demand will grow at 2.1% per year to 2040
- This increased demand for electricity is attributed to high incomes, demand for digitally connected devices, as well as rapid adoption of electric vehicles
- According to the IEA, the global stock of electric passenger cars passed 5 million in 2018, ou of which, 2.3 million cars were sold in China
Global Industrial Valves Market: Regional Overview
- North America
North America accounted for the largest market share in 2018 due to the presence of a large industrial base in the region. The presence of large-scale manufacturing, as well as processing industries in the US, is driving the demand for industrial valves in the region. The US Energy Information Administration forecasts dry natural gas production will average 94.2 billion cubic feet/day in 2020, a 2% increase from 2019.
- Middle East & Africa
Middle East & Africa is expected to be the prime consumer of the industrial valves during the review period. According to the Arab Petroleum Investment Corporation (APICORP), the region planned energy investments of around USD 1 trillion in 2019. Some of the upcoming oil & gas projects in the region include Zubair Oil Field, South Pars Phases 13–14, Petro Rabigh Integrated Refinery & Petrochemical Complex- Phase II, among others are expected to boost the industrial valve market in this region.
Global Industrial Valves Market: Key Players Overview
- Schlumberger Limited:
Schlumberger Limited is an international oilfield services company. It employees around 105,000 people and has operations in more than 120 countries. In February 2020, the company announced the opening of a new manufacturing center in the King Salman Energy Park (SPARK) in Saudi Arabia. The new center is a part of the company’s strategy to align itself with Saudi Arabia’s 2030 Vision. It will manufacture well completion technologies such as liner hangers and packers, as well as isolation valve technologies such as GROVE valves and ORBIT rising stem ball valves.
- Metso Corporation:
Metso Corporation is one of the leading industrial company offering equipment and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling and process industries. In November 2018, the company completed the acquisition of the valve automation division of India based Rotex Manufacturers and Engineers Private Limited (RMEPL), by acquiring all of the shares in RMEBS Controls Private Limited (RMEBS).
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