Market Research Future (MRFR) has published a cooked research report on the “Industrial valves market” that contains information from 2023 to 2030. The Industrial valves market is estimated to register a CAGR of 6.10% during the forecast period of 2023 to 2030 and projected to grow at USD 95.07 billion by 2030.
MRFR recognizes the following companies as the key players in the Market- Emerson (US), Schlumberger Limited (US), IMI PLC (US), Flowserve Corporation (US), Weir Group (UK), Crane Co. (US), AVK Holding A/S (Denmark), Kitz Corporation (Japan), Neway Valve (Suzhou) Co. Ltd (China), Conbraco Industries Inc. (US), Samson AG (Germany), Velan Inc. (Canada).
Industrial Valve Market Overview:
The global industrial valve market was set apart at USD 59.2 billion in 2021, and it is relied upon to develop at a higher CAGR of 6.10% in the worldwide market during the guage period to represent a higher piece of the pie worth of roughly USD 95.07 billion by 2030.
Industrial valves play a pivotal role in regulating fluid flow within complex systems across various sectors. As industries evolve, the demand for efficient and integrated valve solutions has grown significantly. Leading System Integration (LSI) has emerged as a game-changing approach to optimizing valve systems, enhancing performance, and ensuring seamless operation. In this comprehensive guide, we explore the concept of LSI for industrial valves, its benefits, implementation, and its transformative impact on industrial processes.
For furnishing guidelines and bearings alongside control of fumes, fluids, slurries, gases, and others in process enterprises, modern valves are utilized. As these are by and large made utilizing tempered steel, cast iron, carbon steel, and other metal combinations. It guarantees proficient and smooth stream control in different enterprises like synthetic compounds, food sources and refreshments, oil and power, water and wastewater, and numerous others. The market for modern valves has been expanding at a huge rate the whole way across the globe.
The rising demand for valves from healthcare and pharmaceutical industries, establishment of smart cities globally, and rapid deployment of connected networks to monitor valve conditions and predict system failures are the major factors driving the growth of the industrial valves industry.
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Market Segmentation:
The modern valve market has been isolated all over the globe in view of the kind, material, size, and end-client verticals.
· By Type
The market has been isolated all over the globe in light of the kind into plug valves, globe valves, door valves, squeeze valves, really look at valves, butterfly valves, and ball valves.
· By Material
The market has been separated the whole way across the globe in view of material into cryogenic material, composite-based material, metal material, cast iron material, tempered steel material, and numerous others.
· By End-User Verticals
The market has been partitioned the whole way across the globe in light of the end-client verticals into the development business, mash and paper industry, water and wastewater treatment industry, food and drinks ventures, compound enterprises, energy and power ventures, oil and gas businesses, and others.
Market Drivers
Emerging Technology Trends : Industrial Valves Market
Plant operators should always be aware of the valve conditions to ensure operational safety and improve productivity. There is a growing demand for remote condition monitoring worldwide among end-user industries to reduce unplanned downtime, increase workplace safety, and substantially reduce maintenance and repair costs. Many valve manufacturers have started providing end-user industries with condition monitoring solutions. For instance, Emerson’s valve condition monitoring is a real-time, non-intrusive health monitoring solution that helps improve overall plant safety and productivity.
Once the data communication architecture is reviewed and established, Emerson provides detailed instrument configuration, and Secure First Mile data transfer methods are installed and validated. As the setup of valve condition monitoring is completed, the technology starts interpreting time-series analysis of valve data and executes automated data analytics processing. Data is then reviewed weekly, and if any urgent issues are identified, they are communicated in real time. Further, monthly reports are generated summarizing the condition of valve assets.
Global Industrialization and Infrastructure Development:
As industrialization continued to expand, the demand for valves in sectors such as oil and gas, energy, and manufacturing also increased. Moreover, ongoing infrastructure development projects, especially in emerging economies, contributed to the market's growth.
Technological Advancements:
Manufacturers continued to innovate and develop advanced valve technologies that enhanced performance, durability, and efficiency. Smart valves equipped with sensors and control systems gained popularity, allowing for remote monitoring and automation.
Market Regional Analysis
The modern valve market has been partitioned all over the globe in view of the district into the North American locale, Asia-Pacific area, European district, Latin American area, and the Middle East and African locale. The biggest piece of the pie in the modern valves market all over the globe is held by the Asia-Pacific district, as this locale had the biggest portion of the overall industry in 2017. Besides, expanding industrialization combined with developing interest in different end-client verticals in which these valves are utilized drives the market interest to this locale.
The Middle East holds the second-biggest piece of the pie in the modern valve market and African locale as this area is the oil-delivering district and it is guessed that the oil and gas industry will fill quickly in the worldwide market and its creation will increment many folds during the guage period.
The European district additionally shows a positive development rate in the modern valve market attributable to the presence of a grounded, innovatively progressed foundation. Be that as it may, the least portion of the overall industry is held by the Latin American area attributable to low per capita discretionary cash flow and low framework.
Key Players-
Key Companies in the industrial valve market include
· Emerson (US)
· Schlumberger Limited (US)
· IMI PLC (US)
· Flowserve Corporation (US)
· Weir Group (UK)
· Crane Co. (US)
· AVK Holding A/S (Denmark)
· Kitz Corporation (Japan)
· Neway Valve (Suzhou) Co. Ltd (China)
· Conbraco Industries Inc. (US)
· Samson AG (Germany)
· Velan Inc. (Canada)
· Forbes Marshall (India)
· Dwyer Instruments Inc. (US)
· Avcon Controls (India)
· Dwyer Instruments (US)
· PR Valves LLC (US)
· Danfoss A/S (Nordborg)
Industry News:
In December 2022, Emerson introduced the Crosby J-Series pressure relief valve product line, which is expected to ensure balanced operation against backpressure to improve performance and lower the cost of ownership. They feature the bellows leak detection technology, which enables remote detection of bellows ruptures in the valves, thereby helping reduce volumetric emissions.
In December 2022, KSB SE & Co. KGaA launched the series produced additively manufactured/3D printed diaphragm valves made of special alloyed material. The new valves are specially designed for the pharmaceutical industry.
In November 2022, Neles, a global provider of flow control solutions, completed the acquisition of the valve and pump businesses of the Finland-based technology company, Flowrox. Through this acquisition, Neles aims to expand its product portfolio and exposure to the metal and mining industry.
In Septemnber 2022, Parker Hannifin Corporation completed the acquisition of Meggitt PLC, a world leader in the aerospace and defense, and energy markets. It offers a comprehensive portfolio of technologies and products, including industrial valves and control systems.
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