According to the new market research report on the "Industrial Valves Market by Material Type (Cast Iron, Steel, Cryogenic, Alloy Based), Size, Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Industry (Oil & Gas, Water & Wastewater, Energy & Power), and Geography - Global Forecast to 2023", this market is expected to be valued at USD 84.30 Billion by 2023, at a CAGR of 3.60% between 2017 and 2023. The major factors driving the growth of the industrial valves market include growing demand of valves from oil & gas production-related facilities in the GCC countries, rising demand for energy in APAC, and increasing focus on smart cities in developing nations.

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The research methodology used to estimate and forecast the size of the industrial valves market begins with obtaining data on key vendor revenues through secondary research. Some of the secondary sources used in this research include information from various journals and databases such as IEEE journals, Factiva, Hoover’s, and OneSource. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall market size for industrial valves from the revenue of the key players. This data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The analysis of the market includes extensive primary research to gather information, verify, and validate critical conclusions arrived at after an extensive secondary research.

The ecosystem for industrial valves comprises manufacturers such as AVK Holding (Denmark), Avcon Controls Private Limited (India), Cameron – Schlumberger (US), Crane Co. (US), Emerson (US), Flowserve (US), Forbes Marshall (India), IMI Plc. (UK), Metso (Europe), Neway Valves (China), Velan Inc. (Canada), Samson AG (Germany), Spirax Sarco (UK), and The Weir Group Plc. (UK).

The market in APAC is expected to grow at the highest CAGR during the forecast period. The high growth can be attributed to the increasing demand from the oil & gas, chemical, and water & wastewater industries. Developing economies such as China and India hold significant position in the chemical processing industry. Demand generated from chemical, oil & gas, and water & wastewater is likely to spearhead the growth rate of APAC in the industrial valves market.

Stainless steel valves are likely to propel the industrial valves market growth. As a result, steel is the key contributing material in the industrial valves market during the forecast period. In the landscape of industrial valves market, various industry players offer steel valves for industries such as oil & gas, chemical, water & wastewater, and many others.

The industrial valves market for the energy & power industry is likely to grow at the highest rate during the forecast period. This is mainly because of the increasing energy & power need from developing economies and increasing power generation plants across the globe.

Globe and ball valves are expected to contribute significantly in industrial valves market owing to the increasing demand from industries such as, oil & gas, energy & power, chemical and water & wastewater. Additionally, being one of the reliable valve types, these two industrial valves are likely to be used in nuclear power plants.

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