The report "Industrial Valves Market by Size, Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Material Type (Cast Iron, Steel, Cryogenic, Alloy Based), Industry (Oil & Gas, Water & Wastewater, Energy & Power), and Geography - Global Forecast to 2023", is anticipated to grow at a CAGR of 3.9% from 2018 to 2023, to reach USD 85.1 billion by 2023. The growing demand for industrial valves from oil & gas production facilities and smart city development initiatives undertaken across geographies are some of the major factors fueling the growth of this market.
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Energy & Power
A large power plant uses hundreds of valves to manage the flow of water and steam. In this plant, valves are used in different units/systems, such as gas pipelines, SCR storage and gas injection units, fuel storage and distribution systems, combustion turbines, flash tanks, steam turbines with condensers, feed water distribution units, heat exchangers, and deaerators. In the energy & power industry, valves are also used to stop and start the flow, reduce or increase the flow, control the direction of the flow, and regulate the flow or process pressure or relieve a pipe system of a certain pressure. Applications of industrial valves include pollution control, feed water, cooling water, chemical treatment, and steam turbine control systems.
Cryogenic Valves Expected to be the Fastest-growing Material Types of the Industrial Valves Market
The cryogenic valves segment is projected to grow at the highest rate during the forecast period. These valves differentiate from other standard valves due to their ability to be fully functional both in low temperatures and at high-pressure ratings. Hence, they are widely used by companies that work with Compressed Natural Gas (CNG) or Liquefied Natural Gas (LNG). Cryogenic valves are used to help transport and store cryogenic gasses safely and efficiently.
Asia Pacific Anticipated to Be the Leading Revenue Contributor to the Industrial Valves Market
APAC is projected to be the leading market for industrial valves during the forecast period. There is an increase in power generation, which is a direct result of the rapidly growing population and industrialization. The growth of energy & power, oil & gas, construction, chemicals, and pharmaceuticals industries and the increasing demand for new and improved wastewater treatment systems are some of the major factors fueling the growth of the industrial valves market in this region.
Some of the key manufacturers of industrial valves are Wier group (UK), Flowserve Corporation (US), Emerson Electric Corporation (US), IMI Plc (UK), and Cameron –Schlumberger (US).
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