Industrial Valves Market - Growth, Trends, COVID-19 Impact, and Forecasts ((2022 - 2027)

Industrial Valves Market - Growth, Trends, COVID-19 Impact, and Forecasts ((2022 - 2027)

The industrial valves market was valued at USD 70 billion in 2020, and the market is projected to register a CAGR of over 5% during the forecast period (2021-2026).

Oil and gas is one of the key industries using valves. The food processing industries are also among the major end users of valves and were halted during the lockdown. Owing to all these factors, COVID-19 has negatively impacted the market of industrial valves.

Key Highlights

• Over the medium term, the major factors driving the market studied are the growing demand from the power and chemical industries.
• On the flip side, stagnant industrial growth in developed countries is expected to hinder the growth of the market studied.
• The Asia-Pacific region is expected to dominate the market and is estimated to witness the highest CAGR during the forecast period.

Key Market TrendsIncreasing Demand from the Power Industry

• In the power industry, valves are used for various applications, such as boiler startups, feed pump recirculation, steam conditioning, and turbine bypass.
• For instance, valves in the condensate system are used to control and regulate the additional flow required for fluid recirculation condensate pump. Furthermore, valves are also used to control the deaerator level for the feedwater heater.
• For the feedwater system in the power industry, valves are used for boiler feed pump recirculation, and the valve plays a key role in this scenario, as it should be operated in on-off and modulating service.
• Additionally, in mainstream systems, the valves are used for superheaters, turbine bypass, superheater bypass, etc. A modulating valve is used for controlling pressure.
• By 2030, the global electricity demand is estimated to grow by 75%. Even though the energy generated by renewables sources is proliferating, the scale of electricity produced by them is not enough to satiate the rapidly growing demand.
• According to the World Energy Outlook- International Energy Agency forecast, more than 2,457 gigawatts (GW) of power capacity is expected to be installed worldwide over the next 25 years.
• Additionally, the government’s focus on increasing the capacity additions of power plants across the country is the factor that is boosting the demand for valves in the power industry.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region dominated the global market share. With growing oil and gas industrial activities and the increasing need for water treatment in countries, such as China, India, and Japan, the usage of industrial valves is increasing in the region.
• The consumption of industrial valves is high in the oil and gas industry, and downstream production has increased in the country. This is further increasing the production capacities of petrochemicals, thus, augmenting the consumption of industrial valves in the country.
• The chemical industry is another prominent end-user industry in China. Many major companies in the market have their chemical manufacturing plants in China. These companies increased their production capacities in order to increase the consumption of industrial valves.
• In 2019, China accounted for the largest share in revenue distribution of the world's chemical industry of around 40.56%.
• The other major industry in the country is the water treatment facility, which is used in different industries. The growing fuel demand is augmenting the demand to increase the refining capacity due to increased sales of passenger cars, replacement of LPG as a cooking fuel, and increasing urbanization, along with the demand for infrastructure and consumer goods.
• The power industry is one of the major end-user industries of industrial valves. Owing to the increase in population and globalization, the demand for electricity has increased significantly in India. According to the IEA (International Energy Agency), in India, weather-corrected electricity demand in September 2020 was 3.4 percent above than in September 2019 on average, driven by higher demand in the industrial and commercial sectors as well as higher demand for irrigation compared to 2019.
• The aforementioned factors, coupled with government support, are contributing to the increasing demand for industrial valves consumption in the region during the forecast period.

Competitive Landscape

The industrial valves market is highly fragmented, with the top 10 players accounting for 15% of the total market share. The major companies include Schlumberger Limited, Emerson Electric Co., Flowserve Corporation, IMI, and Crane Co., among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.