Market Size of North America Valves Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.32 % |
| 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?
North America Valves Market Analysis
The North America Valves market is expected to grow at a CAGR of 4.32% over the forecast period (2022-2027). Valves are mechanical devices that regulate the flow and pressure inside a system or process. They are crucial parts of a piping system that transports liquids, gases, vapors, and other materials.
- Valves are essential parts of a variety of industrial machinery. Plant operations could be disrupted if valves malfunction. Manufacturing organizations are unable to be warned about probable valve failures using conventional schedule-based maintenance techniques. As a result, when inspecting valves, technicians frequently report defects, which leads to unplanned downtime that could have been avoided by the use of the Industrial Internet of Things (IIoT).
- Recent advancements in computing power and connectivity have made it possible for businesses to use IIoT technology to cut down on unplanned downtime caused by valve failures. With the help of the IIoT, valve specialists can remotely check on the health of the valves in a plant and assess their effectiveness, lifespan, and failure risk. This ensures superior valve performance and a safe working environment.
- Several standards and rules must be followed by valve makers. When it comes to valves, different locations have distinct certifications and policies. As valves are used in so many different industries, such as oil & gas, food & beverage, pharmaceuticals, energy & power, water & wastewater treatment, building & construction, chemicals, and pulp & paper, demand is diverse. However, such variation is impeding the valves market's growth because manufacturers must adopt the same product to regional policies, making it difficult for valve makers to obtain an ideal cost of installation.
- The COVID-19 pandemic has had a devastating impact on the oil and gas sector, with oil prices falling sharply. Due to the significant drop in global government-imposed limits on oil and gas production in 2020 and 2021, there was a significant mismatch between supply and demand. One of the major industries that use valves is oil and gas. Other significant end-users of valves are the water and wastewater treatment and the electricity and power industries; both of these sectors experienced decreased demand as a result of the global pandemic.
