Global Valves Market - Wishtree Insight

Global Valves Market by Material (Bronze, Carbon Steel, Stainless Steel, Cast Steel), Type (Plug, Globe, Butterfly, Safety Relief, Gate), Function (Automatic and Manual), and Regions (The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The global valves market size was valued at USD 7.6 billion in 2021 and is expected to surpass USD 97.1 billion by 2031, expanding at a CAGR of 5.4 % during the forecast period, 2021–2031. The growth of the market is attributed to increased automation, a rise in industrialization, and growing demand for flow control.

INTRODUCTION

A valve is a mechanical device that controls the flow of fluid either gas or liquid by closing or opening different gateways. They are used to control temperatures, water supply for household applications, and for other functions. They are also used for industrial applications such as chemical, oil & gas, and other crucial tasks. Valves are of different types and are used for different functions. There are used to demineralize water systems, radwaste systems in nuclear facilities, high-integrity pressure protection systems, on-off systems, and pressure control systems.
The new technological improvements, increasing adoption of the industrial valve in water treatment plants, sewage pumping, developments in products, and other applications have marked a great impact on the global valve market. To reduce unplanned downtime and other adverse situations caused by valve failures, these developments have made businesses use cutting-edge tools like artificial intelligence (AI) and the Internet of Things (IIoT) technology.
The demand for fuel surges and the launch of oil & gas exploration projects is expected to accelerate the market. Competitors in the market are introducing green and digital products that will enable to control and monitor the flow of materials from remote locations.
Rapid industrialization has made industries adopt valves equipped with sensors. This reduces failures and maintenance costs, which is anticipated to boost the market over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

• Increased automation and rapid rise in industrialization are the main reasons attributed to the rise of the Global Valves Market.
• The growing demand for flow control equipment and alarming safety concerns in the industries are some key factors for the growth of this market.
• The Increasing number of oil & gas exploration activities is anticipated to grow the global valves market.
• High growth in the pipeline sector is expected to drive the growth of the market in the forecast period.
• Lack of innovations and the high cost of raw materials are expected to hamper the market growth.
• Rising competitors from unorganized valve manufacturers are hindering the market growth.
• The increase in the investments in oil and gas by the government opens new opportunities for the Global Valves Market.
• The rising demand in power generation industries, demand for valves in water treatment plants, and rising growth in refining are anticipated to provide major growth opportunities.

Scope of the Report

Market Segment Insights

The carbon steel, stainless steel, and cast steel segment is expected to expand at a rapid pace

Based on material, the global valve market is divided into bronze, carbon steel, stainless steel, and cast steel. The carbon steel, stainless steel, and cast steel segment are expected to expand at a rapid pace during the forecast period. These are the most preferred materials for manufacturing industrial valves. All these three segments hold around 90% of the share in the global valve market. Due to their high durability, low cost, and corrosion resistance nature steel valve are commonly used.
However, the bronze valve segment is anticipated to hold a key share of the market in the coming years due to its various additional feature.

The gate valve segment is projected to register a considerable CAGR

On the basis of type, the market is segregated into plug, globe, butterfly, safety relief, and gate. The gate valve segment is projected to register a considerable CAGR during the forecast period. These valves are also known as unique controlling products due to their sealing performance and linear disc movement. They are used for bidirectional flows and feature simple designs. Many industries use these valves to manipulate the flow of materials.
On the other hand, the globe valve segment is anticipated to account for a major market share during the forecast period. They are considered an ideal alternative for applications that do not require high-pressure drops.

The manual segment is projected to register a considerable CAGR

On the basis of function, the global valve market is bifurcated into automatic and manual. The manual segment is projected to register a considerable CAGR during the forecast period. Due to their cost-effective and simple nature manual valves hold the majority share.

On the other hand, the automatic segment is anticipated to account for a major market share during the forecast period. With the rapid adoption of automation among different sectors and also due to its advantageous properties such as monitoring and remote controlling feature this segment has lucrative growth in the market.

The North American region is anticipated to constitute a key market share

In terms of regions, the global valves market is classified as the Asia Pacific, Middle East Africa, Europe, North America, and Latin America. The market of the North American region is expected to constitute a key share of the market with key players adopting an expansion strategy in this region to gain maximum market share during the projected period. However, the market of the Asia Pacific is expected to expand during the forecast period. Countries like China and India are offering ample opportunities for the growth of the valves market due to its high-rising oil and gas exploration activities coupled with high growth in the pipeline sector. Moreover, the increasing demand for valves from the automotive industry in these regions is expected to boost the market demand in the coming years.

Competitive Landscape

Key players competing in the global valves market are Honeywell International Inc. (U.S.); Emerson Electric Co. (U.S.); Schlumberger Limited (Texas); Goodwin International Ltd (U.K.); Flowserve Corporation (Texas); AVK Holdings A/S (Denmark); Rotork Plc (England); Burket Fluid Control Systems (U.S.).

FAQs

Mention the market size of the Global valves in 2021.

The global valves market size was valued at USD 7.6 billion in 2021 and is expected to surpass USD 97.1 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 5.4%.

What are the key drivers of the market?

The growth of the market is attributed to increased automation, a rise in industrialization, and growing demand for flow control.

What segments are covered in the Global valves report?

Segments covered in the report are material (bronze, carbon steel, stainless steel, cast steel), type (plug, globe, butterfly, safety relief, gate), and function (automatic and manual).

Mention the region is expected to hold the highest share in the Global valves.

The North American region is expected to hold the highest share in the Global valves.

Mention the key players in the market.

Key players in the global valves market are Honeywell International Inc. (U.S.); Emerson Electric Co. (U.S.); Schlumberger Limited (Texas); Goodwin International Ltd (U.K.); Flowserve Corporation (Texas); AVK Holdings A/S (Denmark); Rotork Plc (England); Burket Fluid Control Systems (U.S.)