NA Industrial Valves Market Size

North America Industrial Valves Market Analysis

The North American industrial valve market is projected to grow at a CAGR of 5.6% during the forecast period. The rising demand for valves in the healthcare and pharmaceutical industries as a result of the COVID-19 pandemic, the growing need for new nuclear power plants and the renovation of existing ones, the increasing need for connected networks to maintain and monitor industrial equipment, the rising adoption of automation technologies in process industries, and the growing global focus on the development of smart cities are the key driving factors for the industrial valve market.

• The increasing R&D activities in the region about using actuators in valves for automation and the rising demand for safety applications are among the crucial factors driving the market in North America. Research and development at industry levels is broadening the application areas of industrial valves in different industries, such as energy and power, and chemicals, in the United States.
• Furthermore, industrial control valves are widely used in North America's oil and gas, energy and power, and water and wastewater treatment industries to control media flow through a system and start, stop, or throttle the flow, ensuring safe and efficient process automation.
• Additionally, control valves' automation has advanced significantly due to a growing emphasis on precise positioning and automation of industrial valves. A valve positioner converts electrical signals to pneumatic signals to control the valve's actuator in control valves. Thus, automation in the valve positioner provides greater efficiency, lower energy consumption, and increased reliability, which drives the global growth of the industrial valve market.
• The oil and gas industry is the largest global consumer of industrial valves, with industrial valves used in downstream, midstream, and upstream process applications. The heightened demand for industrial valves in North America increases the need for importing industrial valves from other countries, driving the growth of the industrial valve market.
• Moreover, the United States administration raised tariffs on derivative aluminum and steel imports beginning February 8, 2020. This increase includes a 25% increase in steel imports and a 10% increase in aluminum imports, which has harmed the US manufacturing sector. Although the tariff is intended to increase revenue from imports, it negatively impacts global trade in industrial valves.
• Steel is widely used in manufacturing industrial valves, and the steel tariff is expected to impede the market growth. Furthermore, the COVID-19 pandemic has halted the production and sales of various products in the industrial valve industry, owing primarily to the prolonged lockdown in the United States. This has hampered the growth of the industrial valve market in the region.