Industrial Valves Market Growth, Analysis, Latest Trends and Forecast till 2025

Northbrook, USA, 2021-Sep-22 — /EPR Network/ —

The industrial valves market was valued at USD 48.1 billion in 2020 and is projected to reach USD 85.7 billion by 2025. It is expected to grow at a CAGR of 12.3% during the forecast period. Increasing demand for valves from the pharmaceuticals industry due to the outbreak of the COVID-19 pandemic, growing focus on the development of smart cities globally, rising need for connected networks to maintain and monitor industrial equipment, and surging requirement for establishing new nuclear power plants and revamping existing ones are the key driving factors for the industrial valves market.

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Based on the valve type, the industrial valve market has been segmented into ball valves, globe valves, gate valves, butterfly valves, plug valves, check valves, diaphragm valves, and safety valves. Globe valves is going to capture the largest size during the forecast period.  They are among the most popular valves used to control the flow in a pipeline, and they regulate by the position of a movable disk in relation to the stationary ring seat. The major advantage of the globe valve is that it does not leak as much as other valves. Owing to various benefits such as better full-closing characteristics, shorter opening and closing time, positive shut-off, these valves are adopted across various industries.

Based on the end-user industry, the industrial valves market has been segmented into oil & gas, water & wastewater treatment, energy & power, food & beverages, metals & mining, chemicals, pharmaceuticals, building & construction, pulp & paper, agriculture, and others. Textiles, glass, and semiconductor manufacturing industries are covered under the “others” category. The oil & gas industry accounted for the largest share of the industrial valves market in 2020 owing to the growing transportation sector, increasing energy demand, and rising drilling activities in the Gulf Cooperation Council (GCC) countries. However, at present, the world is facing an economic crisis due to the outbreak of the COVID-19 pandemic. The onset of this epidemic has affected the oil & gas industry badly, with oil prices slashing like never before. Similarly, on the one side, major oil-producing companies are running out of space to store extracted oil, while on the other side, the oil demand has declined drastically, which has created a huge demand–supply gap. Oil & gas is one of the key industries for industrial valves, but the pandemic has adversely affected the industrial valves market in 2020 to a greater extent.

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Among all regions, APAC held the largest share of industrial valves market in 2020. Rapid population growth and urbanization in developing economies such as China, Japan, and India have led to the growth of the energy & power, water & wastewater treatment, building & construction, chemicals, pharmaceuticals, and oil & gas industries. This, in turn, increased the demand for industrial valves until 2019. However, COVID-19, a global health emergency and also an economic crisis, has hit the industrial valves market in 2020 adversely. The industrial valves market is expected to witness a significant decline as a few of the major industries adopting industrial valves are oil & gas, energy & power, and water & wastewater treatment. These industries are non-operational due to stringent measures, which include lockdown, restrictions on foreign trade, and a halt in the supply of non-essential goods and services taken by several governments across the world as precautionary measures for the safety of people. There is also a huge supply-demand gap due to the decline in global demand.

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