by The global industrial valves market size accounted for USD 76.9 billion in 2023 and is expected to cross USD 250.84 billion by 2034, growing at a CAGR of 12.6%.
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Key Insights
- Asia Pacific emerged as the leading region, securing a 36% market share in 2023.
- The steel industrial valves category registered the highest market share by material type in 2023.
- The oil & gas industry dominated the application segment in terms of revenue share in 2023.
- The water & wastewater application is expected to expand at a CAGR of 6% throughout the forecast period.
Market Dynamics
Drivers
The rising demand for industrial valves in critical applications such as oil & gas, chemicals, and water treatment is a major driver for market growth. Increasing investments in pipeline infrastructure and the modernization of industrial facilities are further fueling demand. The rapid adoption of automated control systems and Industry 4.0 solutions has led to the development of smart valves, improving efficiency and reducing downtime. Moreover, stricter safety regulations in industrial operations are pushing companies to invest in high-quality valve solutions that enhance reliability and compliance.
Opportunities
The increasing need for clean water and wastewater treatment solutions worldwide presents vast opportunities for industrial valve manufacturers. Governments and private sector players are investing in advanced water management systems, which require high-quality valve solutions for efficient operation. Additionally, the expansion of LNG (liquefied natural gas) projects and offshore drilling activities is boosting demand for specialized valves designed for extreme conditions. The ongoing shift toward hydrogen-based energy systems also opens new avenues for innovation in industrial valve technologies.
Challenges
One of the key challenges in the industrial valves market is the high cost of advanced valve systems, which can be a barrier for small and medium-sized enterprises. The need for regular maintenance and repair adds to operational expenses, particularly in industries with high-pressure and high-temperature applications. Additionally, geopolitical tensions and trade restrictions can impact the supply chain, leading to delays in valve production and delivery. The growing competition from local manufacturers producing low-cost alternatives further intensifies market challenges for global players.
Regional Outlook
Asia Pacific leads the global industrial valves market due to its strong manufacturing base, expanding energy sector, and large-scale industrial projects. North America follows closely, with strong demand from the oil & gas, chemicals, and power industries. Europe is experiencing steady growth, driven by advancements in automation and strict regulatory frameworks. The Middle East & Africa region is also expected to see significant growth, fueled by increasing investments in oil refineries and water desalination plants.
Industrial Valves Market Companies
- Avcon Controls Private Limited
- AVK Holding A/S
- Crane Co.
- Metso Corporation
- Schlumberger Limited
- Flowserve Corporation
- Emerson Electric Co.
- IMI plc
- Forbes Marshall
- The Weir Group plc.
Segments Covered in the Report
By Valve
- Butterfly Valves
- Ball Valves
- Globe Valves
- Gate Valves
- Check Valves
- Plug Valves
- Diaphragm Valves
By Material
- Cast Iron
- Alloy-Based
- Steel
- Others
By Application
- Water & Wastewater
- Oil & Power
- Food & Beverages
- Chemical
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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