The report Industrial Valves Market by Size, Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Material Type (Cast Iron, Steel, Cryogenic, Alloy Based), Industry (Oil & Gas, Water & Wastewater, Energy & Power), and Geography Global Forecast to 2023, is anticipated to grow at a CAGR of 3.9% from 2018 to 2023, to reach USD 85.1 billion by 2023.
The growing demand for industrial valves from oil & gas production facilities and smart city development initiatives undertaken across geographies are some of the major factors fueling the growth of this market. Request Report & GasEach segment of the oil & gas industry upstream, midstream, and downstream offers its own examples of extreme conditions for valves. In the upstream segment, valves control the flow of crude oil and natural gas from high-pressure injection systems to choke valves and blow-out preventers at the top of wells.
In the upstream segment, valves are used in gas treatment and liquefaction, and storage in the oil and gas plant. Valves, generally gate or ball valves, are selected especially for tight shut-off, flow erosion resistance, and corrosion resistance. Cryogenic services demand that valves should be made of materials compatible with low temperatures and other special designs.
Midstream solutions for loading/offloading terminals and storage tanks for oil and gas products offer more opportunities for valve suppliers. Gate valves are commonly used for oil and refined-product pipelines, and ball valves are usually implemented for gas pipelines. Valve requirements for the downstream market include higher pressure designs and metal-seating technology and metallurgies to accommodate temperatures at which modern refineries operate.
The increasing demand for maintenance operations in refineries will create lucrative opportunities to companies with core engineering competencies. Apart from the growing demand for fuel and subsequent capacity expansions, the market for maintenance repair overhaul (MRO) services will get a boost from stringent environmental and quality regulations. All these factors will boost the demand for industrial valves from the oil & gas sector.
Energy & PowerA large power plant uses hundreds of valves to manage the flow of water and steam. In this plant, valves are used in different units/systems, such as gas pipelines, SCR storage and gas injection units, fuel storage and distribution systems, combustion turbines, flash tanks, steam turbines with condensers, feed water distribution units, heat exchangers, and deaerators. In the energy & power industry, valves are also used to stop and start the flow, reduce or increase the flow, control the direction of the flow, and regulate the flow or process pressure or relieve a pipe system of a certain pressure.
Applications of industrial valves include pollution control, feed water, cooling water, chemical treatment, and steam turbine control systems.Water & Wastewater TreatmentIn the water & wastewater treatment industry, application-specific valves are used in finished water storage units, influent control units, equalization basin systems, blowers, pumps, neutralization units, sludge thickening units, filtration units, disinfection units, incinerators, and others. The need for clean water and wastewater treatment facilities will increase despite the industry struggles with rising operational and maintenance costs because of the increasing expenditures on chemicals and enhanced treatment procedures.
The industry also must adapt more easily to meet changing environmental regulations and comply with the existing and upcoming federal water regulations. These factors will drive the demand for industrial valves from the water & wastewater treatment industry. Asia Pacific Anticipated to Be the Leading Revenue Contributor to the Industrial Valves MarketAPAC is projected to be the leading market for industrial valves during the forecast period.
There is an increase in power generation, which is a direct result of the rapidly growing population and industrialization. The growth of energy & power, oil & gas, construction, chemicals, and pharmaceuticals industries and the increasing demand for new and improved wastewater treatment systems are some of the major factors fueling the growth of the industrial valves market in this region. Some of the key manufacturers of industrial valves are Wier group (UK), Flowserve Corporation (US), Emerson Electric Corporation (US), IMI Plc (UK), and Cameron Schlumberger (US).
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