The global industrial valves market size is estimated to be USD 76.2 billion in 2023, growing at a CAGR of 4.4% from 2024 to 2030. The market growth is driven by several factors such as construction of new power plants, increasing use of industrial equipment, and rising popularity of high-quality industrial valves. These factors play a vital role in increasing yields and reducing wastage.
Advances in manufacturing and material technology have helped create valves that operate efficiently even under challenging pressure and temperature conditions. For example, in December 2022, Emerson announced the introduction of new advanced technologies for its Crosby J-Series relief valves, namely bellows leak detection and balanced diaphragms. These technologies are likely to help reduce cost of ownership and improve performance, further driving market growth.
In large power plants, controlling the flow of steam and water requires the installation of a large number of valves. As new nuclear power plants are built and existing ones are upgraded, the demand for valves is steadily increasing. In December 2023, China’s State Council announced approval for the construction of four new nuclear reactors in the country. The role of industrial valves in regulating temperatures and preventing fuel overheating is likely to drive demand for them and contribute to market growth.
Additionally, the integration of IoT sensors into industrial valves facilitates real-time monitoring of performance and operating conditions. This enables predictive maintenance, reducing downtime and increasing operational efficiency. The use of IoT-enabled valves also helps improve safety and responsiveness through remote monitoring. This advancement enables proactive decision making and efficient resource allocation, stimulating demand in many industries.
The ball valve segment dominated the market in 2023 with a revenue share of over 17.3%. Ball valves such as trunnion, floating, and threaded ball valves are in high demand in the global market. These valves provide precise flow control, making them ideal for applications that require precise shutoff and control. The growing demand for ball valves can be attributed to their availability in various sizes, as well as increasing innovation and new product launches. For example, in November 2023, Flowserve introduced the Worcester cryogenic series of quarter-turn floating ball valves.
The safety valve segment is expected to grow at the fastest CAGR during the forecast period. Rapid industrialization across the globe has led to the increased use of safety valves. For example, Xylem launched a single-use pump with an adjustable built-in safety valve in April 2024. This is expected to help minimize the risk of fluid contamination and maximize operator safety. These valves help prevent accidents, which is likely to drive market demand.
The automotive industry will dominate the market in 2023 with a revenue share of over 19.1%. Growing emphasis on urbanization and rising disposable income are driving the growth of the automotive industry. Information released by the European Automobile Manufacturers Association in May 2023 shows that global vehicle production in 2022 will be around 85.4 million units, an increase of about 5.7% compared to 2021. The increase in global vehicle production is expected to increase the demand for industrial valves in the automotive industry.
The water and wastewater segment is expected to grow at the fastest rate during the forecast period. This growth can be attributed to the widespread adoption of the product in water and wastewater treatment plants. These products help regulate liquid flow, optimize treatment processes, and ensure reliable operation of water supply systems.
North America industrial valves
Expected to grow significantly during the forecast period. Industrialization and population growth in the region are driving the demand for efficient energy production and delivery. Rising oil and gas production, exploration, and renewable energy are driving the demand for high-performance industrial valves. For example, according to information released by the US Energy Information Administration in March 2024, the US crude oil production is expected to average 12.9 million barrels per day (b/d) in 2023, surpassing the world record of 12.3 million b/d set in 2019. Rising manufacturing and industrial development in the region are expected to further fuel the regional market.
US industrial valves
In 2023, accounted for 15.6% of the global market. The increasing adoption of technologically advanced valves across industries to create connected and intelligent manufacturing systems is fueling the market growth in the country. Additionally, the growing number of government initiatives such as the Bipartisan Innovation Act (BIA) and the US Export-Import Bank’s (EXIM) Make More in America program are expected to further boost the country’s manufacturing sector and drive the market growth.
European industrial valves
Expected to grow significantly during the forecast period. Stringent environmental regulations in Europe prioritize energy efficiency and sustainable practices, forcing industries to adopt advanced valve technologies for improved control and efficiency. Additionally, the growing number of industrial projects in the region is expected to further fuel the market growth. For example, in April 2024, European construction and management company Bechtel began field work at the site of Poland’s first nuclear power plant.
UK industrial valves
Expected to grow during the forecast period owing to population growth, increasing exploration of oil and gas reserves, and expansion of refineries. For example, Exxon Mobil Corporation XOM has launched a $1 billion diesel expansion project at its Fawley refinery in the UK, which is expected to be completed by 2024. In addition, technological advancements and the development of innovative solutions are expected to further propel the market growth during the forecast period.
In 2023, the Asia Pacific region held the largest revenue share at 35.8% and is expected to witness the fastest growth during the forecast period. The Asia Pacific region is experiencing rapid industrialization, infrastructure development, and a growing focus on energy efficiency. The presence of developing countries such as China, India, and Japan and their development activities in industries such as manufacturing, automobile, and energy are driving a huge demand for advanced valves. For example, in February 2024, Japan provided loans worth about $1.5328 billion for nine infrastructure projects in India. Also, in December 2022, Toshiba announced plans to open a new plant in Hyogo Prefecture, Japan, to expand its power semiconductor manufacturing capabilities. The launch of such a major project in the region is likely to help stimulate demand in the country and contribute to the market growth.
China Industrial Valves
Expected to witness growth during the forecast period owing to increasing urbanization and growth of various industries in India. According to information released by the India Brand Equity Foundation (IBEF), the annual automobile production in India is expected to reach 25.9 million units in 2023, with the automobile industry contributing 7.1% to the country’s GDP. The increasing automobile production and growth of various industries in the country are expected to drive the market growth.
Latin America Valves
The industrial valves market in is expected to witness significant growth during the forecast period. The growth of industrial sectors such as mining, oil and gas, power, and water are supported by valves for process optimization and efficient resource utilization, thereby driving the market expansion. In May 2024, Aura Minerals Inc. was awarded exploration rights for two gold mining projects in Brazil. This development is expected to help boost mining activities in the country and drive market growth.
Major players in the industrial valves market include NSW valve company, Emerson Electric Company, Velan Inc., AVK Water, BEL Valves, Cameron Schlumberger, Fisher Valves & Instruments Emerson, and others. Suppliers in the market are focused on increasing their customer base to gain a competitive advantage in the industry. As a result, key players are undertaking a number of strategic initiatives such as mergers and acquisitions, and collaborations with other major companies.
NSW valve
A leader industrial valves manufacturer, the company produced industrial valves, such as ball valves, gate valves, globe valves, butterfly valves, check valves, esdv etc. all NSW valves factory follow valves quality system ISO 9001.
Emerson
A global technology, software, and engineering company serving customers in the industrial and commercial sectors. The company provides industrial products such as industrial valves, process control software and systems, fluid management, pneumatics, and services including upgrade and migration services, process automation services, and more.
Velan
A global manufacturer of industrial valves. The company operates in a variety of industries, including nuclear power, power generation, chemical, oil and gas, mining, pulp and paper and marine. The wide range of products includes gate valves, globe valves, check valves, quarter-turn valves, specialty valves and steam traps.
Below are the leading companies in the industrial valves market. Together, these companies hold the largest market share and set industry trends.
In October 2023, AVK Group acquired Bayard SAS, Talis Flow Control (Shanghai) Co., Ltd., Belgicast International SL, as well as sales companies in Italy and Portugal. This acquisition is expected to help the company in its further expansion.
Burhani Engineers Ltd. opened a valve testing and repair center in Nairobi, Kenya in October 2023. The center is expected to help reduce the repair and maintenance costs of existing valves in the oil and gas, power, mining and other industries.
In June 2023, Flowserve launched the Valtek Valdisk high-performance butterfly valve. This valve can be used in chemical plants, refineries, and other facilities where control valves are required.
USA, Canada, Mexico, Germany, UK, France, China, Japan, India, South Korea, Australia, Brazil, Saudi Arabia, United Arab Emirates and South Africa.
Emerson Electric Company; AVK Water; BEL Valves Limited.; Flowserve Corporation;
Post time: Nov-18-2024