Market Size of Global Valves Industry in Power Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.74 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Power Sector in Valves Market Analysis
The Global Valves Market in Power Industry is expected to grow at a CAGR of 6.74% over the forecast period (2022-2027). Valves appear to be a small part of the enormity of a power station. The power plant depends on its function despite how little it may be. In essence, a single power plant contains a lot of valves. Each of these plays a significant role. Most valves' design principles have not altered, but the materials and manufacturing processes have significantly advanced. In light of this, valves can now function more sophisticatedly and effectively.
- Power consumption is increasing due to climate change and the need to develop better, renewable, and less damaging resources to create electricity. Due to this, manufacturers of industrial valves for the power plant sector look for process machinery that can improve the effectiveness of electricity production.
- Further, the growing strategic developments such as acquisitions, collaborations, and so on are set to bolster the growth rate. For instance, in April 2022, Vexve Armatury Group acquired Armatury Group GmbH, a distributor of ARMATURY Group valves in the Austrian and German markets for the power, gas, and metallurgy sectors. Through the acquisition, Vexve Armatury Group's position is strengthened, particularly in the DACH region (Germany, Austria, Switzerland).
- COVID-19 has created supply chain disruptions and has significantly impacted energy production during the lockdowns. However, the impact has been short-term.
- Along with additional expenses, valve replacement adds up. Equipment needs to be taken apart and then put back together. The personnel and materials required to manage valve inventory control have a cost. Additionally, there can be a fee for the environmental damage caused by the disposal of old valves. All of this is on top of the additional costs for customers caused by employee overtime and the revenue lost due to the facility having to shut down, even momentarily. This acts as a restraint on the market.
