Market Trends of Global Valves Industry in Power Industry
This section covers the major market trends shaping the Power Sector in Valves Market according to our research experts:
Growing Power Sector is Expected to Cater the Market Growth
- A different set of flow control requirements are needed for each kind of power generation application. That so, a power plant's particular pipeline system may contain a wide variety of valves. Industrial valves for power plants also need to play diverse roles depending on the operations occurring in a specific area of the pipe system.
- Moreover, due to the diversity of renewable energy plants, different valves are needed for different processes, such as low temperature, low-pressure raw material at one end of the process and high temperature, high-pressure steam at the other. It's not unusual for these plants to use various valve types to carry out particular activities, depending on the exact duties involved.
- In nuclear power plants, control valves are frequently employed to control fluid flux, and the principal circuit of one nuclear power plant contains more than 1500 control valves. They enable the flux to be directed to a precise amount of steam or water, ensuring the nuclear power plant's energy efficiency. Nuclear power reactors generate around 10% of the world's electricity. A total of 55 more reactors, or roughly 15% of the current capacity, are now being built.
- Further, the growing government aid in developing nuclear power plants is set to boost the market growth rate. For instance, in November 2021, the US government announced The Bipartisan Infrastructure Law that includes over USD 62 billion for the US Department of Energy (DOE) to assist in the country's transition to a clean energy economy, which provides for utilizing nuclear energy, the country's greatest single source of clean power. The law includes around USD 2.5 billion to enable the demonstration of two advanced American reactors by 2028 and USD 6 billion to launch a Civil Nuclear Credit program.
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North America is Analyzed to Major Share in the Market
- North America is expected to hold the major share in the market owing to the significant presence of the power generation plants. Moreover, The United States has the most operational nuclear reactors. The 92 operating nuclear reactors in the USA have a net combined capacity of 94.7 GWe. With a total net capacity of 13.6 GWe, Canada has 19 nuclear reactors that are currently in operation. Nuclear power plants produced 14.6% and 19.7% of the nation's electricity in 2020 in the US and Canada, respectively (Source: World Nuclear Association).
- Further, the growing collaborations in integrating advanced technologies in the valves in power generation are analyzed to boost the market growth rate during the forecast period. For instance, in May 2021, The Nuclear Division of Curtiss-Wright stated that it had reached a contract with Exelon Generation Company LLC to license the firm's valve program performance data. Curtiss-Wright will use the performance data in collaboration with Exelon Generation to improve the efficiency of its StressWave ultrasonic leak detection technology and encourage the adoption of best practices in valve assessment, analysis, and performance throughout the U.S. nuclear fleet and the power generation sector.
- Asia-Pacific is analyzed to grow at a significant rate during the forecast period. The significant demand from the power sector is a driving factor for the market. For instance, in 2021, China generated 8.11 trillion kilowatt-hours (KWh), an increase of 8.1 percent from the previous year. Power generation in 2021 increased by 11% from 2019, making the average rise over the last two years 5.4%. In December, China's wind, solar, and nuclear energy production increased year over year by 30.1%, 18.8%, and 5.7%, respectively (Source: National Bureau of Statistics (NBS)).
- Moreover, the growing product innovations to meet the demand in the power generation sector further contribute to the market's need. In May 2022, The ARMATURY Group announced that the company had manufactured three butterfly valves with DNs ranging from 1,800 to 2,000 for the Philippine hydroelectric power facility. As shut-off valves, butterfly valves L32.71 PN 10 and PN 6 will completely open or close the passage of the working medium through the pipeline.
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