The global industrial valve market size was estimated at USD 58.31 billion in 2014. Rising automation on account of increased industrialization and expansion of existing facilities are projected to drive the market over the forecast period. Growing demand for flow control equipment is expected to favorably impact market growth. Smart valves with intelligent control systems are expected to gain significant importance which is expected to expedite their development.
Increased adoption of diagnostics and smart technology in industrial valves for monitoring process variables which include upstream & downstream pressure stem position, temperature, and the flow rate is expected to fuel demand over the next seven years.
Advancement of smart valves with integrated embedded processor and network capability for subsea oil & gas has increased the reliability and responsiveness of the systems, which is expected to be a high impact rendering driver.
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The industry can be categorized by product into ball, butterfly, gate, globe, and check valves. Ball valves accounted for over 19% of the revenue share in 2014. These valves are primarily used for flow control and situations where tight shut-off is required. The technology assists in circulating systems on ships, chlorine manufacturers, and fire safe protection services.
Application sectors analyzed in the study include oil & gas, power, pharmaceutical, municipal wastewater, chemical, and food & beverage. Oil &gas segment accounted for over 21% of the overall revenue share in 2014. Increasing demand for deeper wells, longer pipelines and lower production costs along with the technological enhancement of processing, production, and transportation have contributed to the industrial valves market growth. Moreover, increasing pipeline installations and the need for monitoring & controlling from centralized location has propelled the smart valves production and demand in the industry.
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Asia Pacific market was over USD 20 billion in 2014. The escalating construction activities and booming consumption of chemicals are anticipated to positively impact production across the region. North America market is expected to offer a huge platform for potential growth. Europe market demand was over USD 12 billion in 2014 and is anticipated to witness slower growth as compared to other regions.
Companies dominating market share include Flowserve Corporation, Kitz Corp., Curtiss-Wright Corp., Emerson Electric, KSB AG, and Pentair PLC. The valves manufacturers are anticipated to enhance their productivity either through developing new products or by replacing them with efficient goods.
KCM Capital Partners LLC, a Chicago-based private investment firm, has acquired Industrial Valve Sales & Services LLC, an Alabama based company, with IVS looking towards an enhanced growth through this development.
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