Industrial Valves Market Size, Share, Growth Drivers and Analysis

Industrial Valves Market Size, Share, Growth Drivers and Analysis



Chicago, Feb. 03, 2023 (GLOBE NEWSWIRE) -- According to a research report *"*Industrial Valves Market* with COVID-19 Impact Analysis by Function (On-off/Isolation, Control), Material, Type, Component, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment) and Region - Global Forecast to 2026"* published by MarketsandMarkets, the global industrial valves market size was valued at USD 73.0 billion in 2021 and is projected to reach USD 90.5 billion by 2026. It is expected to grow at a CAGR of 4.4% during the forecast period.

Increasing demand for valves from healthcare and pharmaceuticals industries due to COVID-19 pandemic, surging requirement of establishing new nuclear power plants and revamping existing ones, rising need for connected networks to maintain and monitor industrial equipment, rising adoption of automation technologies in process industries, and growing focus on development of smart cities globally are the key driving factors for the industrial valves market.

*Inquiry Before Buying: *

*Key Market Players*

· Emerson Electric Co. (US),
· Schlumberger (US),
· Flowserve Corporation (US),
· IMI plc (US),
· Neles Corporation (Finland),
· Spirax Sarco Limited (UK),
· Crane Co. (US),
· KITZ Corporation (Japan),
· Trillium Flow Technologies (US),
· Bray international (US) , and
· CIRCOR International, Inc. (US).

**Opportunity: Use of IIoT and Industry 4.0 in industrial valves**

Valves are critical components of various industrial equipment. The failure of valves could lead to disruptions in plant processes. Traditional, schedule-based maintenance methods fail to alert manufacturing companies about impending valve failures. Due to this, technicians often inform about faults while inspecting valves, which, in turn, results in unplanned downtime that could have been avoided by the implementation of Industrial Internet of Things (IIoT). However, recent developments in data science, communications, and computing power have enabled companies to leverage IIoT technology for reducing unplanned downtime due to valve failures.

IIoT enables valve experts to monitor the health of valves in a plant remotely and track the efficiency, life cycle, and potential chances of failure of these valves, thus ensuring better valve performance and a secure work environment. Valves equipped with sensors and connected through IIoT can help industry players reduce maintenance and shutdown costs.

**Challenge: Rise in collaborations among industry players.**

The Industrial Valves Market is highly fragmented. Mergers and acquisitions are expected to help manufacturers enhance their product portfolios and acquire a larger market share. Due to declining oil prices, the oil & gas industry is focusing on the implementation of efficient processes. To fulfill this requirements, big market players are acquiring small companies having innovative solutions to ensure sustainable growth and profitability.

*Scope of the Report*

*Report Metric* *Details*
Estimated Market Size *USD 73.0 Billion*
Projected Market Size *USD 90.5 Billion*
Growth Rate *4.4% CAGR*
Market Size Availability for Years *2017–2026*
Base Year *2020*
Forecast Period *2021–2026*
Forecast Units Value (USD)
Segments Covered By function, type, component, size, material, and end-user industry
Geographies Covered North America, Europe, APAC, and RoW
Companies Covered Emerson Electric Co. (US), Schlumberger (US), Flowserve Corporation (US), IMI plc (US), Neles Corporation (Finland), Spirax Sarco Limited (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (US), Bray international (US) , and CIRCOR International, Inc. (US) are the key players in the Industrial Valves Market.

A total of 25 players are covered.

*Emerson* is a leading manufacturer of industrial valves and a provider of process management products and solutions, such as valves, transmitters, analyzers, regulators, and automation systems. Additionally, the company provides vertical-specific engineering, consulting, and maintenance services to industries such as chemicals, food & beverages, industrial energy and onsite utilities, life sciences & medical, marine, metals & mining, oil & gas, power, pulp & paper, and water & wastewater treatment. It provides customers with complete lifecycle management for valve assets through its monitoring and maintenance tools. The company is leveraging additive manufacturing technology to create innovative valve designs and solutions to stay competitive in the industrial valves market. Product development is the key organic growth strategy adopted by the company. For instance, in October 2021, Emerson announced its first comprehensive valve assemblies that fulfill safety integrity level (SIL) 3 requirements.

*Schlumberger* (Cameron) provides technology and services to the global energy industry. The Valves & Measurement product line serves some segments of the upstream, midstream, and downstream markets and provides valve products and measurement systems primarily used to control, direct, and measure the flow of oil and gas. Schlumberger Limited acquired Cameron International Corporation (US) in April 2016. With the acquisition, Schlumberger’s reservoir and well technology was integrated with Cameron’s wellhead and surface equipment and processing technology necessary for pore-to-pipeline products and services offered to the global oil & gas sector. The company’s focus on R&D remains strong, with its technology center driving innovation within the rapidly evolving world of technology and automation. The company aims to implement 3D printing for the manufacturing or prototyping product development, specifically in the valve ecosystem.

*Flowserve Corporation* designs, manufactures, and distributes industrial flow management equipment, as well as offers related services. The company operates through 2 business segments: Flow Serve Pump Division and Flow Control Division (FCD). The company’s Flow Control Division (FCD) offers valves and automation solutions, including isolation and control valves, actuation, controls, and related equipment, and energy management products, such as steam traps, boiler controls, and condensate and energy recovery systems. Flowserve serves industries such as oil & gas, chemicals, water & wastewater treatment, water management, power generation, mining, pharmaceuticals, pulp & paper, and food & beverages. The company provides comprehensive flow control systems and services, with its portfolio including valves, pumps, seals, automation, and aftermarket services for the chemicals, oil & gas, water management, and power generation industries. Through its manufacturing and quick response center, Flowserve offers a wide range of aftermarket services such as repair, installation, and retrofitting.

*Recent Developments*

· In October 2021, Emerson launched the first comprehensive valve assemblies that fulfill safety integrity level (SIL) 3 as per the IEC 61508 standard of the International Electrotechnical Commission.
· In September 2021, KITZ Corporation announced the acquisition of common shares of TOA Valve Engineering Inc. (Japan) and signed an agreement of capital and business alliance. This business alliance helped both the companies to further boost their corporate value and expand their businesses by mutually sharing strategies, technologies, and strengths related to valves.
· In January 2021, Flowserve Corporation launched a new IoT service suite, RedRaven, for the remote monitoring of facilities. RedRaven advanced IoT condition monitoring helps plants monitor valve performance and proactively identify and address issues before failures.
· In February 2020, Schlumberger Limited opened a manufacturing center in King Salman Energy Park (SPARK), Saudi Arabia, that supports Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program to promote economic growth.

*Related Reports:*

Vacuum Valve Market by Type (Pressure Control Valves, Isolation Valves, Transfer Valves), Pressure Range, Industry (Semiconductor, Flat-panel Display Manufacturing, Thin-film Coating), and Geography (2021-2026)

Valve Driver Market with COVID-19 Impact, by Function (Solenoid, Proportional), Valve Type (Conventional Control Valve, Expansion Valve), End-User (Commercial & Residential, Industrial, and Motion Equipment), Region - Global Forecast to 2025

CONTACT: About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441

Full Article