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
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook