The Industrial Valves Market is predicted to continue growing steadily over the coming years, according to the study "Industrial Valves Market by Type, Material, Component, and Function - Global Forecast to 2028." The market is projected to increase at a compound annual growth rate (CAGR) of 4.4% between 2023 and 2028, rising from an estimated USD 80.4 billion to USD 99.8 billion.

Major companies operating in the industrial valves market include Emerson (US), Flowserve Corporation (US), Schlumberger Limited (US), Crane Co. (Sweden), Neles (Finland), KITZ Corporation (Japan), IMI PLC (UK), KSB SE & Co. KGaA (Germany), Bray International (US), and Spirax-Sarco Engineering PLC (UK).

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Based on type, globe valves held the largest share of the industrial valves market in 2022

Globe valves became the market's dominant type of industrial valves in 2022, accounting for the biggest market share. Due to the widespread use of bronze and stainless steel versions of these valves in cryogenic applications, they have established their dominance. Extended bonnets are a common characteristic of globe valves made for cryogenic applications, which prevent the packing gland area from freezing. They are especially well suited for controlling high-pressure steam in power plants because of their precise fluid flow control capabilities. Globe valves are used in lubrication systems and coolant pipes to properly control fluid flow, and they are crucial to the operation of power plants.

Based on component, actuators held the largest share of the industrial valves market in 2022

Actuators became the market leader and the dominating component of industrial valves in 2022, accounting for the biggest market share. Pneumatic actuators stood out among the various actuator types for their adaptability and broad range of applications. The torque that even the smallest pneumatic actuators can create is a few inch pounds, while that of the largest actuators can reach over a million. Due to their versatility, pneumatic actuators are excellent choices for a variety of industrial valve operations. Hydraulic actuators are another sort of actuator that, in response to a signal, transform fluid pressure into motion. They depend on an external power source and receive pressure, voltage, or current-based signals.

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Based on function, on/off function held the larger share of the industrial valves market in 2022

The on/off function became the market leader for industrial valves in 2022, gaining a greater market share. Isolation valves, which have two positions: normally open (NO) and normally closed (NC), are principally responsible for this function. Normally open valves allow fluid flow in their default position for effective system functioning. They are widely employed in a variety of systems and equipment, including pumps, compressors, tanks, and pressure vessels. Isolation valves offer flow logic, allowing one flow path to be chosen over another and making it easier to attach more equipment to a system. By guaranteeing controlled fluid flow between various components, these valves guarantee seamless integration and efficient functioning.

Based on material, steel valves held the largest share of the industrial valves market in 2022

The industrial valves market was dominated by steel valves in 2022, accounting for the greatest market share. Particularly in industrial situations that need efficient handling of high pressures, high temperatures, and corrosion resistance, steel valves have emerged as the industry standard. In order to suit particular industrial needs, various steel kinds, including ferritic, austenitic, martensitic, and duplex steel, are employed in the production of valves. In industries like oil and gas, water and wastewater treatment, pharmaceuticals, building and construction, and pulp and paper, carbon steels and basic stainless steels like 316s, 329s, and 400s are frequently utilised. Steel valves offer the strength, longevity, and corrosion resistance that these industries need because they frequently work in severe environments.

Based on size, industrial valves in the size range of 1” to 6” held the largest share of the market in 2022

Industrial valves with a size range of 1" to 6" became the market's dominating segment and held the biggest market share in 2022. When the pipe size is equal to or less than 4, these valves are frequently employed in process systems. Within this size range, the choice of valve materials is frequently made depending on the needs of a particular application. When there is no preference for a certain size, valves 6" or smaller are frequently selected. Industrial valves in this size range are adaptable and have a wide range of uses, including fluid control requirements for the handling of a variety of media types, including slurries, chemicals, and water. These industries include food and beverage, pharmaceuticals, and water and wastewater treatment.

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Based on end-user industry, the energy & power industry held the largest share of the industrial valves market in 2022

The market for industrial valves' end-user industries saw the biggest market share go to the energy and power sector in 2022. New coal-fired, gas-turbine, and nuclear power plants, among other developments, are responsible for this supremacy. Investment in the energy and power sector has increased as a result of the rising demand for energy and the necessity to adhere to strict environmental standards. The need for numerous industrial valves during the construction of new power plants is essential for the effective control and regulation of fluid flow, thereby enhancing the importance of the energy and power sector in the market.

The industrial valves market in Asia Pacific held the largest share of the market in 2022

The industrial valves market was dominated by the Asia Pacific region in 2022, accounting for the greatest market share. This leadership position is a result of a number of factors, including the existence of significant industrial valve producers in nations like China and the rising need for valves in significant local industries. Due to its sizeable production and export of industrial valves, China currently maintains a sizable market share in the Asia Pacific area. The region's market for industrial valves is growing as a result of China's strong manufacturing capabilities. The need for industrial valves in Japan has also been fueled by the country's reliance on imported energy and the integration of nuclear reactors.

News Covered:

https://www.globenewswire.com/news-release/2023/02/03/2601315/0/en/Industrial-Valves-Market-Size-Share-Growth-Drivers-and-Analysis.html

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