Market Trends of NA Industrial Valves Industry
This section covers the major market trends shaping the North America Industrial Valves Market according to our research experts:
Increasing Demand from the Power Industry
- Valve applications in the power industry include boiler startup, feed pump recirculation, steam conditioning, and turbine bypass. For instance, the valves in the condensate system control and regulate the extra flow needed for a condensate pump that circulates fluid. In addition, valves are used to regulate the feedwater heater's deaerator level.
- Furthermore, valves are used for boiler feed pump recirculation in the feedwater system in the power industry. In this scenario, the valve is crucial because it needs to be used in modulating and on-off service. The valves are also used in conventional systems for superheaters, turbine bypass, superheater bypass, etc. A modulating valve manages pressure. Such valves generate enormous demand throughout the power industry and will propel market expansion.
- Additionally, the global electricity demand is predicted to increase by 75% by 2030. Although the amount of energy produced by renewable sources is increasing, it is still insufficient to meet the world's expanding electricity demand. Nearly all the utility-scale electricity generated in the United States in 2021-roughly 96% of the total-was sold to other industries. (Source: US Energy Information Administration)
- Over the coming 25 years, it is expected that more than 2,457 gigawatts (GW) of power capacity will be installed globally, according to the World Energy Outlook-International Energy Agency forecast. The US government's emphasis on boosting capacity additions at power plants across the nation is another factor driving up demand for valves in the power sector.
- According to the EIA, solar and wind energy have seen the biggest increases in electricity generation in the United States. Up from 20% in 2021, it is anticipated that renewable sources will generate 22% of the nation's energy in 2022 and 24% in 2023. Therefore, the need for industrial valves will be most significant for renewable resources in the future, enhancing and boosting the market growth.
- About 778.0 billion kilowatt hours of nuclear energy were produced in 2021. The annual nuclear electricity generation in the United States has been kept at a largely stable level due to increased electric generation capacity upgrades and shorter refueling and maintenance cycles at nuclear power plants. The market will grow due to the growing demand for new nuclear power plants and the renovation of existing ones.
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United States will Dominate the Market
- The industrial valve market in North America will remain dominated by American companies. Rising oil and gas activity, rapid urbanization, and adopting automation across key industries are the market drivers for industrial valves in the United States.
- Due to the country's rising energy consumption, oil and gas exploration activities have increased over the past few years. According to the United States Energy Information Administration, the United States has the highest petroleum consumption in the world, with daily consumption in 2021 hovering around 18.7 million barrels. The market for industrial valves is expanding across the United States due to the widespread use of these devices in the drilling, exploration, and refining of oil and gas products.
- However, the nation went into a state of lockdown in the middle of 2020 due to COVID-19 security measures, which caused a significant drop in global oil prices and further curtailed oil and gas-related projects like the storage and transportation of liquid gasses. As a result, businesses that made industrial valves experienced slow growth and revenue losses.
- Additionally, new IoT platforms are being introduced by businesses across the United States to assist industries in remotely monitoring their assets. For instance, in January 2021, Flowserve Corporation, a major supplier of flow control goods and services for the global infrastructure markets, unveiled a ground-breaking IoT service to assist manufacturing facilities in remotely monitoring their assets and significantly lowering equipment failures. Such a service will also detect leaks from valves used in several industries.
- In April 2021, Emerson introduced the ASCO Series 158 Gas Valve and Series 159 Motorized Actuator across the United States. The new burner-boiler-specific products offer OEMs, distributors, contractors, and end-users a new valve option for combustion safety shutoff that improves flow and control while increasing safety and reliability.
- Furthermore, companies throughout the United States are investing in industrial valve companies to help the market grow. For instance, ITT Inc., New York, US, announced in April 2022 that it had acquired privately-held Habonim for USD 140 million in an all-cash transaction. Habonim will join ITT's Industrial Process (IP) division. ITT Inc. will benefit from Habonim's expertise in valves, valve automation, and valve actuation for the gas distribution (including LNG), biotech, and harsh application service industries in the future.
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