|Fastest Growing Market:||Asia-Pacific|
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The Global Valves Market is estimated to grow at a CAGR of about 6.5% over the forecast period 2022 to 2027. A valve controls the flow and pressure within a system or process. It forms an essential component of a piping system that conveys liquids, gases, vapors, slurries, etc.
- Rising investments in pipeline infrastructure in the oil and gas sector are expected to boost the installation of industrial valves. Additionally, many developing countries are witnessing an increase in water supply and sanitation projects by governments, which will likely propel the sales of industrial valves for domestic and agricultural applications.
- For instance, in May 2022, China announced plans to expand the region's natural gas pipeline grids over the next four years, which would enable it to transport greater volumes to more clients and utilities. Such developments will enhance the demand for industrial valves in the country.
- Many companies are leveraging emerging technologies such as artificial intelligence (AI) and industrial internet of things (IIoT) to minimize unplanned downtime and other unfavorable incidents due to valve failures. Valves equipped with sensors are also being increasingly adopted to reduce failures and overall maintenance costs. Adoption of these advanced values is expected to further boost the market over the forecast period.
- The COVID-19 pandemic had a negative impact on the oil and gas industry, with oil prices slashing drastically. The decline in the demand for oil and gas due to various restrictions imposed by governments worldwide created a huge gap between the supply and demand. Besides oil and gas, water and wastewater treatment and energy and power industries are also among the key end-users of valves. All these industries also witnessed reduced demand due to the global pandemic. However, with the restrictions easing up, these industries have started recovering gradually, which will accelerate the market growth going forward.
- The market players need to comply with the various certifications and policies of different regions with respect to valve manufacturing, resulting in diversity in product specifications due to the widespread application of valves in several end-user industries. This acts as a restraint for the market growth as the companies have to amend the same product according to the regional policies, making it difficult for them to achieve an ideal cost of installation.
Scope of the Report
Valves are mechanical devices that help control fluid flow in motors, plumbing, irrigation, pneumatic and hydraulic systems. They can also regulate and direct the flow of a fluid by opening, closing, or partially obstructing various passageways. Used in various applications, valves vary greatly in size, design, function, and operation.
The scope of the study is limited to the valves used in industries like oil and gas, power generation, chemical, water and wastewater, and mining. The market study doesn't offer a drilldown breakup of the regional shares for the countries.
|By End-User Vertical|
|Oil and Gas|
|Water and Wastewater|
|Other End User Verticals|
|Middle East and Africa|
Key Market Trends
Oil and Gas Vertical Accounts for a Major Market Share
- Many oil and gas operations such as refining and distribution rely on pipeline systems. Infrastructure and trustworthy control systems are therefore crucial in the business. Oil and gas valves are essential to ensure the safety of the industrial operations of pipelines.
- As an important part of any piping system, valves can be used to control flow rates, isolate and protect equipment, and guide and direct the refining process of crude oil. For instance, gate valves, which are linear motion devices used to open and close the flow of the fluid, are commonly used in many piping and pipeline applications.
- In November 2021, SPM Oil Gas announced the availability of its new KOP AM20 Series Gate Valves. The valves allow and shut-in flow for every operation of the wellhead, tree system, and choke and kill manifolds. The series also offers increased safety by ensuring a gas-tight seal from pressures as high as 10,000 psi to as low as 50 psi.
- In recent years, the increase in oil and gas exploration and production (E&P) activities is a major trend responsible for driving the market growth. Besides, many countries are making heavy investments in drilling activities to tap unconventional resources, creating a positive outlook for the global valves market.
- For instance, the pace of oil and gas drilling in Canada in 2022 is expected to exceed the pre-pandemic levels. As per the Canadian Association of Energy Contractors, the number of oil and gas wells to be drilled in 2022 is forecasted to rise by 27% to 6,457, which is the highest since 2018. Such devlopments is expected to drive the demand for valves in the oil and gas industry.
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Asia Pacific Market to Grow Significantly
- Due to the growing development in manufacturing and R&D activities in various industries across the Asia Pacific countries, the region holds a high market share. Further, the rising number of initiatives taken for ensuring the safety of the workers in industries such as chemicals and oil and gas also support the market growth in the region.
- India is one of the fastest-growing countries in terms of manufacturing sectors and machinery, creating a significant demand for industrial valves. The Indian government provides benefits to companies setting up manufacturing units. It has also outlined various policies to boost the manufacturing sector. For instance, India outlined a plan in August 2021 to reach its goal of USD 1 trillion in manufactured goods exports.
- In February 2022, Emerson launched a new integrated manufacturing facility in Chennai, India, which is aimed to serve local and global customers of the company. This facility will manufacture fluid control and pneumatics products, including solenoid valves and pneumatic valves, among others.
- China accounts for a major market share due to the growing industrial activities across the region and the rise in the number of manufacturing plants for oil and gas, chemical, and water, among others. This has resulted in an increase in the demand for industrial valves that have the capability of handling high pressure.
- For instance, in April 2022, SUEZ was awarded a 30-year build-and-operate contract, through a local joint venture, for an industrial wastewater treatment plant in Changshu, China. The SUEZ joint venture is responsible for designing, constructing, and operating the wastewater treatment plant, which is expected to be commissioned in 2024.
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The Global Valves Market is moderately competitive and consists of some influential players. In terms of market share, some of these important actors currently manage the market. These influential players with a noticeable share in the market are concentrating on expanding their customer base across foreign countries. The businesses are leveraging strategic collaborative actions to improve their market percentage and enhance their profitability.
- October 2021 - Emerson launched the first valve assemblies that meet the design process requirements of Safety Integrity Level (SIL) 3 as per the International Electrotechnical Commission’s IEC 61508 standard.
- May 2021 - Alfa Laval extended its range of Unique DV-ST UltraPure diaphragm valves designed for high-performance aseptic processing. The range of valves is ATEX-compliant and has slimmer stainless-steel actuators and lightweight cast valve bodies.
- September 2021 - Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management, acquired Hunt Valve Company Inc., a specialty manufacturer of naval valves and electromechanical actuators.
- June 2021 - Vexve launched a new product series of trunnion-mounted ball valves for district energy needs. The valves are designed for above ground and underground installations to operate reliably even in very demanding conditions.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness-Porters 5 Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19 Outbreak on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rise in Infrastructure-Related Developments
5.1.2 Adoption of Emerging Technologies
5.2 Market Challenges
5.2.1 Lack of Standardized Policies
6. MARKET SEGMENTATION
6.1 By Type
6.1.6 Other Types
6.2 By End-User Vertical
6.2.1 Oil and Gas
6.2.2 Power Generation
6.2.4 Water and Wastewater
6.2.6 Other End User Verticals
6.3 By Geography
6.3.1 North America
6.3.3 Asia Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 Emerson Electric Co.
7.1.2 Schlumberger Limited
7.1.3 Alfa Laval Corporate AB
7.1.4 Flowserve Corporation
7.1.5 Crane Co.
7.1.6 Rotork plc
7.1.7 IMI Critical Engineering
7.1.8 Samson Controls Inc.
7.1.9 KITZ Corporation
7.1.10 Spirax Sarco Limited
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Global Valves Market market is studied from 2020 - 2027.
What is the growth rate of Global Valves Market?
The Global Valves Market is growing at a CAGR of 6.5% over the next 5 years.
Which region has highest growth rate in Global Valves Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Valves Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Global Valves Market?
Emerson Electric Co., Schlumberger Limited, Alfa Laval Corporate AB, Flowserve Corporation, Crane Co. are the major companies operating in Global Valves Market.