Product Code: 51378
The industrial valves market was valued at USD 70 billion in 2020, and the market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
Oil and gas is one of the key industries using valves. The food processing industries are also among the major end users of valves and were halted during the lockdown. Owing to all these factors, COVID-19 has negatively impacted the market of industrial valves.
- Over the medium term, the major factors driving the market studied are the growing demand from the power and chemical industries.
- On the flip side, stagnant industrial growth in developed countries is expected to hinder the growth of the market studied.
- The Asia-Pacific region is expected to dominate the market and is estimated to witness the highest CAGR during the forecast period.
Key Market Trends
Increasing Demand from the Power Industry
- In the power industry, valves are used for various applications, such as boiler startups, feed pump recirculation, steam conditioning, and turbine bypass.
- For instance, valves in the condensate system are used to control and regulate the additional flow required for fluid recirculation condensate pump. Furthermore, valves are also used to control the deaerator level for the feedwater heater.
- For the feedwater system in the power industry, valves are used for boiler feed pump recirculation, and the valve plays a key role in this scenario, as it should be operated in on-off and modulating service.
- Additionally, in mainstream systems, the valves are used for superheaters, turbine bypass, superheater bypass, etc. A modulating valve is used for controlling pressure.
- By 2030, the global electricity demand is estimated to grow by 75%. Even though the energy generated by renewables sources is proliferating, the scale of electricity produced by them is not enough to satiate the rapidly growing demand.
- According to the World Energy Outlook- International Energy Agency forecast, more than 2,457 gigawatts (GW) of power capacity is expected to be installed worldwide over the next 25 years.
- Additionally, the government's focus on increasing the capacity additions of power plants across the country is the factor that is boosting the demand for valves in the power industry.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. With growing oil and gas industrial activities and the increasing need for water treatment in countries, such as China, India, and Japan, the usage of industrial valves is increasing in the region.
- The consumption of industrial valves is high in the oil and gas industry, and downstream production has increased in the country. This is further increasing the production capacities of petrochemicals, thus, augmenting the consumption of industrial valves in the country.
- The chemical industry is another prominent end-user industry in China. Many major companies in the market have their chemical manufacturing plants in China. These companies increased their production capacities in order to increase the consumption of industrial valves.
- In 2019, China accounted for the largest share in revenue distribution of the world's chemical industry of around 40.56%.
- The other major industry in the country is the water treatment facility, which is used in different industries. The growing fuel demand is augmenting the demand to increase the refining capacity due to increased sales of passenger cars, replacement of LPG as a cooking fuel, and increasing urbanization, along with the demand for infrastructure and consumer goods.
- The power industry is one of the major end-user industries of industrial valves. Owing to the increase in population and globalization, the demand for electricity has increased significantly in India. According to the IEA (International Energy Agency), in India, weather-corrected electricity demand in September 2020 was 3.4 percent above than in September 2019 on average, driven by higher demand in the industrial and commercial sectors as well as higher demand for irrigation compared to 2019.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for industrial valves consumption in the region during the forecast period.
The industrial valves market is highly fragmented, with the top 10 players accounting for 15% of the total market share. The major companies include Schlumberger Limited, Emerson Electric Co., Flowserve Corporation, IMI, and Crane Co., among others.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Growing Demand from the Power Industry
- 4.1.2 Increase in Demand for Desalination Activity
- 4.2 Restraints
- 4.2.1 Stagnant Industrial Growth in Developed Countries
- 4.2.2 Impact of COVID-19 on the Market Studied
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Globe Valve
- 5.1.2 Ball Valve
- 5.1.3 Butterfly Valve
- 5.1.4 Gate Valve
- 5.1.5 Plug Valve
- 5.1.6 Other Types
- 5.2 Product
- 5.2.1 Quarter-turn Valve
- 5.2.2 Multi-turn Valve
- 5.2.3 Other Products
- 5.3 Application
- 5.3.1 Power
- 5.3.2 Water and Wastewater Management
- 5.3.3 Chemicals
- 5.3.4 Oil and Gas
- 5.3.5 Food Processing
- 5.3.6 Other Applications
- 5.4 Geography
- 5.4.1 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia-Pacific
- 5.4.2 North America
- 126.96.36.199 United States
- 188.8.131.52 Canada
- 184.108.40.206 Mexico
- 5.4.3 Europe
- 220.127.116.11 Germany
- 18.104.22.168 United Kingdom
- 22.214.171.124 Italy
- 126.96.36.199 France
- 188.8.131.52 Russia
- 184.108.40.206 Rest of Europe
- 5.4.4 South America
- 220.127.116.11 Brazil
- 18.104.22.168 Argentina
- 22.214.171.124 Rest of South America
- 5.4.5 Middle-East and Africa
- 126.96.36.199 Saudi Arabia
- 188.8.131.52 South Africa
- 184.108.40.206 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 ALFA LAVAL
- 6.4.2 AVK Holding AS
- 6.4.3 EBRO ARMATUREN Gebr. Broer GmbH
- 6.4.4 CIRCOR International Inc.
- 6.4.5 Crane Co.
- 6.4.6 Curtiss-Wright Corporation
- 6.4.7 Danfoss AS
- 6.4.8 Zhejiang Dunan Valve Co. Ltd
- 6.4.9 Emerson Electric Co.
- 6.4.10 Flowserve Corporation
- 6.4.11 Baker Hughes
- 6.4.12 Georg Fischer Ltd
- 6.4.13 Hitachi Ltd
- 6.4.14 Honeywell International Inc.
- 6.4.15 IMI
- 6.4.16 ITT Inc.
- 6.4.17 KITZ Corporation
- 6.4.18 KLINGER Group
- 6.4.19 Mueller Water Products Inc.
- 6.4.20 NIBCO Inc.
- 6.4.21 Okano Valve Mfg. Co. Ltd
- 6.4.22 Saint-Gobain
- 6.4.23 Schlumberger Limited
- 6.4.24 TechnipFMC PLC
- 6.4.25 The Weir Group PLC
- 6.4.26 Valvitalia SpA
- 6.4.27 Xylem
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increase in Demand for Automatic Valves