The industrial valves market is projected to grow at a CAGR of 5.80%, with estimated market size of USD 59.1 billion in 2021 to USD 82.9 billion by 2028. One of the key factors fueling the market expansion for industrial valves is the rise in infrastructure-related activities. Industrial valves are in greater demand due to increased infrastructure-related projects and the expansion of private infrastructure investment (PPI). Additionally, improving industrial equipment performance and lubricant life with continuous lubricant filtration speeds up market growth. Continuous use of these systems also helps to reduce the costs associated with machinery repairs and production downtime. The market for industrial valves is further benefited from expanding urbanization, lifestyle changes, a boom in investments, and rising consumer expenditure. Additionally, throughout the projection period, the expansion of refineries and petrochemical facilities and the adoption of Industry 4.0 and IoT in industrial valves provide lucrative prospects to market participants. On the other hand, it is anticipated that local manufacturers' low-cost valve offerings and the absence of established standards will hinder market expansion.

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Industrial Valves Market Dynamics

Drivers: Growing demand for valves from healthcare and pharmaceuticals industries due toCOVID-19 pandemic

The healthcare and pharmaceutical sectors are at the vanguard of fighting the COVID-19 pandemic due to its rapid spread. There is an increase in the creation of all essential medical devices needed to treat COVID-19 patients. Several significant industry firms have seized the chance to help in the effort to combat this pandemic since industrial valves are crucial to the production of various types of medical equipment. Emerson's valves, for instance, can control pressure relief, maintain the cleanliness of the materials and components in sterilizers and oxygen therapy devices, and support analyzers and other crucial hematology equipment. Additionally, pop-up and remote hospitals and triage centers receive oxygen supply through the company's high-pressure and high-purity valves.

Restraints: Lack of standardized policies

Manufacturers of valves must abide by the various certifications and laws in each region. Due to the wide use of valves in numerous end-user sectors, this factor leads to diversity in product requirements. However, due to the need for industry participants to modify the same product by regional rules, which makes it challenging for valve manufacturers to attain an optimal installation cost, this diversity is impeding the growth of the valve market. They must use their resources to establish production facilities in other places to address this problem, which will require extra capital investments.

Opportunities: Use of lloT and Industry 4.0 in industrial valves

Valves are essential parts of a variety of industrial machinery. Using conventional schedule-based maintenance techniques, manufacturing organizations cannot be warned about probable valve failures. As a result, when inspecting valves, technicians frequently report defects, leading to unplanned downtime that could have been avoided by using the Industrial Internet of Things (loT). But recent advancements in data science, connectivity, and computer power have made it possible for businesses to use loT technology to cut down on unscheduled downtime caused by valve failures. With the help of the Internet of Things (IoT), valve specialists may remotely check on the condition of the valves in a plant and measure their effectiveness, lifespan, and failure risk, resulting in improved valve performance and a secure working environment.

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The globe category is estimated to be the largest growth in the steam engine market during the forecast period

The globe category dominated the market. Globe valves, which govern by the position of a movable disc concerning the stationary ring seat, are among the most often used valves for controlling the flow in a pipeline. The globe valve's main benefit is that it doesn't leak as much as other valves. These valves are used in various industries for their advantages, including superior full-closing properties, quicker opening and closing times, and positive shut-off. Additionally, they can function as stop-check valves.

Oil & gas is estimated to be the largest growing market category during the forecast period

The oil & gas segment is projected to grow the fastest during the forecast period due to the expansion of the transportation industry, rising energy prices, and expanding drilling operations in Gulf Cooperation Council (GCC) nations. The COVID-19 pandemic outbreak, however, has caused an economic catastrophe that the globe is still recuperating from. After COVID-19, the growing need for maintenance work in the oil and gas industry would present profitable business prospects. The need for maintenance operations would also increase opportunities for maintenance service providers in the oil & gas industries, increasing the demand for valves. This is because most of the existing oil and gas refineries are aging.

The North American segment is estimated to be the largest growing market during the forecast period

North America is the largest industrial valve market, projected to grow fastest during the forecast period. Since several of the greatest global firms, like Emerson (U.S.), Cameron-Schlumberger (U.S.), and Flowserve Corporation, are based in North America, the continent is a significant market for industrial valves (U.S.). Among the key drivers propelling the market in North America are the increased need for safety applications and the region's expanding R&D efforts connected to using actuators in valves for automation. In the U.S., industrial valve application fields are being expanded by industry-level R&D in various sectors, including energy & power and chemicals. Oil and gas, energy and electricity, and water and wastewater treatment industries all employ control valves to start, stop, or throttle flow and ensure safe and effective process automation.

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Key Market Players

The industrial valve market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are G.E. Company, Emerson, Flowserve Corporation, Schlumberger Limited, TechnipFMC Plc, KSB SE & Co. KGaA, KITZ Corporation, Alfa Laval Corporate AB, Curtiss-Wright Corp., CIRCOR International, Inc., Oilwell Varco, Inc., Weir Group Plc., Neway Valves, AVK International A/S, Flowserve Corporation and LESER GmbH & Co. K.G.

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