
North America Industrial Valve Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material Type (Cast Iron, Steel, Cryogenic, Alloy-Based, and Others), Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, and Piston
Description
North America Industrial Valve Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material Type (Cast Iron, Steel, Cryogenic, Alloy-Based, and Others), Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, and Piston RAM Valves), and Industries (Oil and Gas, Water Treatment, Power and Energy, Chemicals and Petrochemical, Food and Beverage, Healthcare and Pharmaceutical, and Others)
The North America industrial valve market is expected to grow from US$ 11,679.61 million in 2021 to US$ 17,529.97 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028.
Crude oil is the backbone of the modern-day industrial economy. It acts as an important base raw material for deriving various chemicals. With the increasing rate of industrialization and urbanization, the demand for oil and gas has surged substantially. Countries across the region are expected to present huge demand for crude oil during the forecast period due to the continuous growth in their manufacturing sectors, supported by favorable economic conditions and government policies. Equinor, a petroleum refining company, has announced to invest US$ 8.8 billion by end of 2022 for driving the progress of Wisting petroleum discovery in the Arctic Barents Sea, the northernmost oilfield. Petróleo Brasileiro S.A. has also announced to invest US$ 68 billion from 2022 to 2026 for managing production at the offshore fields in the subsea pre-salt area. Further, a significant number of oil and gas refineries have aged and require maintenance operations. Natural gas emits less carbon than coal does. Therefore, with the growing emphasis on curtailing carbon emission, governments are favoring gas-powered power plants over coal-powered power plants, which propels the demand for natural gas. The growing production of oil and gas boosts the North America industrial valve market growth.
Countries in North America, especially the US, are highly affected due to the COVID-19 outbreak. The manufacturing sector experienced noticeable losses due to temporary factory shutdowns and low production volumes, which hindered the growth of the oil & gas, power & energy, and the chemical & petrochemical industries. Moreover, the social or physical distancing measures put limitations on the operations of logistics and other service providers. Component shortages, quarantine mandates, and travel restrictions were key restraints in the production of industrial valves. As per the BP Statistical Review of World Energy 2020, the US is the world's largest producer and consumer of natural gas products. However, the country has experienced a nationwide lockdown in the mid of 2020 due to COVID-19 safety measures, which resulted in a considerable decline in global oil prices that further restricted the oil & gas-related projects, such as storage and transportation activities of liquid gasses. Due to this, industrial valve manufacturing companies faced revenue losses and slow growth. However, during the Q3 of 2020, the industries started to reopen, and once again, the supply chain resumed its operations. However, the effects of the COVID-19 pandemic had weakened the North America industrial valve market. However, the market is witnessing a positive impact due to the rising demand for industrial valves in the US, Canada, and Mexico as the end-user industries started their operations from Q3 of 2020.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. Thus, the North America industrial valve market is expected to grow at a good CAGR during the forecast period.
North America Industrial Valve Market Revenue and Forecast to 2028 (US$ Million)
North America Industrial Valve Market Segmentation
North America Industrial Valve Market - by Material Type
Cast Iron Steel Cryogenic Alloy-Based Others North America Industrial Valve Market - by Valve Type
Ball Valves Butterfly Valves Diaphragm Valves Safety Valves Piston RAM Valves North America Industrial Valve Market - by Industries
Oil and Gas Water Treatment Power and Energy Chemicals and Petrochemical Food and Beverage Healthcare and Pharmaceutical Others North America Industrial Valve Market - by Country
US Canada Mexico North America Industrial Valve Market - Companies Mentioned
CIRCOR International, Inc. Crane Co. Emerson Electric Co. Flowserve Corporation IMI Critical Engineering KITZ Corporation Neway Valve (Suzhou) Co., Ltd Schlumberger Limited Spirax-Sarco Engineering plc Velan Inc.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America industrial valve market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the North America industrial valve market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth North America market trends and outlook coupled with the factors driving the industrial valve market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
The North America industrial valve market is expected to grow from US$ 11,679.61 million in 2021 to US$ 17,529.97 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028.
Crude oil is the backbone of the modern-day industrial economy. It acts as an important base raw material for deriving various chemicals. With the increasing rate of industrialization and urbanization, the demand for oil and gas has surged substantially. Countries across the region are expected to present huge demand for crude oil during the forecast period due to the continuous growth in their manufacturing sectors, supported by favorable economic conditions and government policies. Equinor, a petroleum refining company, has announced to invest US$ 8.8 billion by end of 2022 for driving the progress of Wisting petroleum discovery in the Arctic Barents Sea, the northernmost oilfield. Petróleo Brasileiro S.A. has also announced to invest US$ 68 billion from 2022 to 2026 for managing production at the offshore fields in the subsea pre-salt area. Further, a significant number of oil and gas refineries have aged and require maintenance operations. Natural gas emits less carbon than coal does. Therefore, with the growing emphasis on curtailing carbon emission, governments are favoring gas-powered power plants over coal-powered power plants, which propels the demand for natural gas. The growing production of oil and gas boosts the North America industrial valve market growth.
Countries in North America, especially the US, are highly affected due to the COVID-19 outbreak. The manufacturing sector experienced noticeable losses due to temporary factory shutdowns and low production volumes, which hindered the growth of the oil & gas, power & energy, and the chemical & petrochemical industries. Moreover, the social or physical distancing measures put limitations on the operations of logistics and other service providers. Component shortages, quarantine mandates, and travel restrictions were key restraints in the production of industrial valves. As per the BP Statistical Review of World Energy 2020, the US is the world's largest producer and consumer of natural gas products. However, the country has experienced a nationwide lockdown in the mid of 2020 due to COVID-19 safety measures, which resulted in a considerable decline in global oil prices that further restricted the oil & gas-related projects, such as storage and transportation activities of liquid gasses. Due to this, industrial valve manufacturing companies faced revenue losses and slow growth. However, during the Q3 of 2020, the industries started to reopen, and once again, the supply chain resumed its operations. However, the effects of the COVID-19 pandemic had weakened the North America industrial valve market. However, the market is witnessing a positive impact due to the rising demand for industrial valves in the US, Canada, and Mexico as the end-user industries started their operations from Q3 of 2020.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. Thus, the North America industrial valve market is expected to grow at a good CAGR during the forecast period.
North America Industrial Valve Market Revenue and Forecast to 2028 (US$ Million)
North America Industrial Valve Market Segmentation
North America Industrial Valve Market - by Material Type
Cast Iron Steel Cryogenic Alloy-Based Others North America Industrial Valve Market - by Valve Type
Ball Valves Butterfly Valves Diaphragm Valves Safety Valves Piston RAM Valves North America Industrial Valve Market - by Industries
Oil and Gas Water Treatment Power and Energy Chemicals and Petrochemical Food and Beverage Healthcare and Pharmaceutical Others North America Industrial Valve Market - by Country
US Canada Mexico North America Industrial Valve Market - Companies Mentioned
CIRCOR International, Inc. Crane Co. Emerson Electric Co. Flowserve Corporation IMI Critical Engineering KITZ Corporation Neway Valve (Suzhou) Co., Ltd Schlumberger Limited Spirax-Sarco Engineering plc Velan Inc.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America industrial valve market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the North America industrial valve market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth North America market trends and outlook coupled with the factors driving the industrial valve market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Table of Contents
127 Pages
- 1. Introduction
- 1.1 Study Scope
- 1.2 The Insight Partners Research Report Guidance
- 1.3 Market Segmentation
- 2. Key Takeaways
- 3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
- 4. North America Industrial Valve Market Landscape
- 4.1 Market Overview
- 4.2 North America PEST Analysis
- 4.3 Ecosystem Analysis
- 4.4 Expert Opinions
- 5. North America Industrial Valve Market - Key Market Dynamics
- 5.1 Market Drivers
- 5.1.1 Rising Use of Valve in Oil and Gas Industry
- 5.1.2 Growing use of Ball Valves and Butterfly Valves
- 5.2 Key Market Restraints
- 5.2.1 Lengthy Service Life and Risk of Corrosion
- 5.3 Key Market Opportunities
- 5.3.1 Surging Application Range in Healthcare Sector
- 5.4 Future Trends
- 5.4.1 Escalating Popularity of IoT
- 5.5 Impact Analysis of Drivers and Restraints
- 6. Industrial Valve Market - North America Analysis
- 6.1 North America Industrial Valve Market Overview
- 6.2 North America Industrial Valve Market -Revenue and Forecast to 2028 (US$ Million)
- 7. North America Industrial Valve Market Analysis - By Material Type
- 7.1 Overview
- 7.2 North America Industrial Valve Market, By Material Type (2020 and 2028)
- 7.3 Cast Iron
- 7.3.1 Overview
- 7.3.2 Cast Iron: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 7.4 Steel
- 7.4.1 Overview
- 7.4.2 Steel: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 7.5 Cryogenic
- 7.5.1 Overview
- 7.5.2 Cryogenic: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 7.6 Alloy-Based
- 7.6.1 Overview
- 7.6.2 Alloy-Based: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 7.7 Others
- 7.7.1 Overview
- 7.7.2 Others: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 8. North America Industrial Valve Market Analysis - By Valve Type
- 8.1 Overview
- 8.2 North America Industrial Valve Market, By Valve Type (2020 and 2028)
- 8.3 Ball Valve
- 8.3.1 Overview
- 8.3.2 Ball Valve: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 8.4 Butterfly Valve
- 8.4.1 Overview
- 8.4.2 Butterfly Valve: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 8.5 Diaphragm Valve
- 8.5.1 Overview
- 8.5.2 Diaphragm Valve: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 8.6 Safety Valve
- 8.6.1 Overview
- 8.6.2 Safety Valve: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 8.7 Piston RAM Valve
- 8.7.1 Overview
- 8.7.2 Piston RAM Valve: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 9. North America Industrial Valve Market Analysis - By Industries
- 9.1 Overview
- 9.2 North America Industrial Valve Market, By Industries (2020 and 2028)
- 9.3 Oil and Gas
- 9.3.1 Overview
- 9.3.2 Oil and Gas: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 9.4 Water Treatment
- 9.4.1 Overview
- 9.4.2 Water Treatment: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 9.5 Power and Energy
- 9.5.1 Overview
- 9.5.2 Power and Energy: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 9.6 Chemical and Petrochemical
- 9.6.1 Overview
- 9.6.2 Chemical and Petrochemical: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 9.7 Food & Beverage
- 9.7.1 Overview
- 9.7.2 Food & Beverage: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 9.8 Healthcare
- 9.8.1 Overview
- 9.8.2 Healthcare: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 9.9 Others
- 9.9.1 Overview
- 9.9.2 Others: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 10. North America Industrial Valve Market - Country Analysis
- 10.1 Overview
- 10.1.1 North America: Industrial Valve Market, by Key Country
- 10.1.1.1 US: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 10.1.1.1.1 US: Industrial Valve Market, By Material Type
- 10.1.1.1.2 US: Industrial Valve Market, by Valve Type
- 10.1.1.1.3 US: Industrial Valve Market, by Industries
- 10.1.1.2 Canada: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 10.1.1.2.1 Canada: Industrial Valve Market, By Material Type
- 10.1.1.2.2 Canada: Industrial Valve Market, by Valve Type
- 10.1.1.2.3 Canada: Industrial Valve Market, by Industries
- 10.1.1.3 Mexico: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- 10.1.1.3.1 Mexico: Industrial Valve Market, By Material Type
- 10.1.1.3.2 Mexico: Industrial Valve Market, by Valve Type
- 10.1.1.3.3 Mexico: Industrial Valve Market, by Industries
- 11. Impact of COVID-19 Pandemic on North America Industrial Valve Market
- 11.1 North America: Impact Assessment of COVID-19 Pandemic
- 12. Industry Landscape
- 12.1 Overview
- 12.2 Merger and Acquisition
- 12.3 New Development
- 13. Company Profiles
- 13.1 Crane Co.
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 Velan Inc.
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Emerson Electric Co.
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 Flowserve Corporation
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 Spirax-Sarco Engineering plc
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 Schlumberger Limited
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 IMI Critical Engineering
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 CIRCOR International, Inc.
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 Neway Valve (Suzhou) Co., Ltd
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 13.10 KITZ Corporation
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
- 14. Appendix
- 14.1 About The Insight Partners
- 14.2 Word Index
- List of Tables
- Table 1. North America Industrial Valve Market - Revenue, and Forecast to 2028 (US$ Million)
- Table 2. US: Industrial Valve Market, By Material Type -Revenue and Forecast to 2028 (US$ Million)
- Table 3. US: Industrial Valve Market, by Valve Type -Revenue and Forecast to 2028 (US$ Million)
- Table 4. US: Industrial Valve Market, by Industries -Revenue and Forecast to 2028 (US$ Million)
- Table 5. Canada: Industrial Valve Market, By Material Type - Revenue and Forecast to 2028 (US$ Million)
- Table 6. Canada: Industrial Valve Market, by Valve Type - Revenue and Forecast to 2028 (US$ Million)
- Table 7. Canada: Industrial Valve Market, by Industries - Revenue and Forecast to 2028 (US$ Million)
- Table 8. Mexico: Industrial Valve Market, By Material Type - Revenue and Forecast to 2028 (US$ Million)
- Table 9. Mexico: Industrial Valve Market, by Valve Type - Revenue and Forecast to 2028 (US$ Million)
- Table 10. Mexico: Industrial Valve Market, by Industries - Revenue and Forecast to 2028 (US$ Million)
- Table 11. List of Abbreviation
- List of Figures
- Figure 1. North America Industrial Valve Market Segmentation
- Figure 2. North America Industrial Valve Market Segmentation - By Country
- Figure 3. North America Industrial Valve Market Overview
- Figure 4. Steel Segment Held the Largest Market Share in 2020
- Figure 5. The US was the Largest Revenue Contributor in 2020
- Figure 6. North America - PEST Analysis
- Figure 7. North America Industrial Valve Market- Ecosystem Analysis
- Figure 8. Expert Opinions
- Figure 9. North America Industrial Valve Market: Impact Analysis of Drivers and Restraints
- Figure 10. North America Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 11. North America Industrial Valve Market Revenue Share, by Material Type (2020 and 2028)
- Figure 12. North America Cast Iron: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 13. North America Steel: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 14. North America Cryogenic: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 15. North America Alloy-Based: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 16. North America Others: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 17. North America Industrial Valve Market Revenue Share, by Valve Type (2020 and 2028)
- Figure 18. North America Ball Valve: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 19. North America Butterfly Valve: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 20. North America Diaphragm Valve: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 21. North America Safety Valve: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 22. North America Piston RAM Valve: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 23. North America Industrial Valve Market Revenue Share, by Industries (2020 and 2028)
- Figure 24. North America Oil and Gas: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 25. North America Water Treatment: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 26. North America Power and Energy: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 27. North America Chemical and Petrochemical: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 28. North America Food & Beverage: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 29. North America Healthcare: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 30. North America Others: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 31. North America: Industrial Valve Market Overview, By Country - 2020 (US$ Mn)
- Figure 32. North America: Industrial Valve Market Revenue Share, by Key Country (2020 and 2028)
- Figure 33. US: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 34. Canada: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 35. Mexico: Industrial Valve Market - Revenue and Forecast to 2028 (US$ Million)
- Figure 36. Impact of COVID-19 Pandemic in North American Country Markets
Pricing
Currency Rates
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