DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.

The global industrial valves market size was valued at USD 73 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.

Based on the size, valves sized <1 and 1- 6 to account for the largest share during 2021-2026

Valves sized <1 and 1- 6 together accounted for a larger share of the overall industrial valves market in 2020. A similar trend is likely to be observed during the forecast period. This growth can be attributed to the rising adoption of these valves in various critical and severe service applications in multiple industries, such as oil & gas, energy & power, water & wastewater treatment, chemicals, food & beverages, and pulp & paper.

Actuators to witness a higher CAGR during the forecast period

Actuators are expected to witness the highest CAGR during the forecast period. Rapid developments in electronics have resulted in the introduction of advanced control systems and state-of-the-art actuator and valve combinations are now installed in new plants. Through connected networks, monitoring of valve conditions and predicting impending valve deterioration is possible. This, in turn, reduces the unplanned/accidental shutdown of plants and leads to the rising adoption of actuators in valves. Various critical/severe service applications use actuators where manual operation is either not safe or requires more effort and time. Hence, the market for actuators is expected to grow at a higher CAGR during the forecast period.

Energy & power end-use industry to witness the highest CAGR during the forecast period

Energy & power end-use industry is expected to witness the highest CAGR during the forecast period. In the energy & power industry, there is a strong need to develop infrastructure to balance future energy demand. This trend is creating an opportunity for manufacturers to design and develop their products as per the requirements and standards of the industry. Valves, specifically with digital capabilities, are in demand for safety applications and critical operations.

North America to record the highest growth rate in industrial valves market during the forecast period

North America is likely to be the highest growing market for the industrial valves market in the coming years. North America is a key market for industrial valves as the region is home to a few of the largest multinational corporations, such Emerson Electric Co. (US), Schlumberger (US), Flowserve Corporation (US), and Crane Co. (US). The increasing R&D activities in the region pertaining to the use of actuators in the valves for automation and the rising demand for safety applications are among the crucial factors driving the market in North America. R&D at industry levels is broadening the application areas of industrial valves in different industries, such as energy & power and chemicals, in the US. Control valves are used in the oil & gas, energy & power, and water & wastewater treatment industries to control media flow through a system, as well as to start, stop, or throttle the flow and ensure safe and efficient process automation.

Market Dynamics

Drivers

• 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
• Growing Focus on Development of Smart Cities Globally

Restraints

• Lack of Standardized Policies

Opportunities

• Use of IIoT and Industry 4.0 in Industrial Valves
• Manufacturing of Industrial Valves Through 3D Printing
• Expansion of Refineries and Petrochemical Plants
• Focus of Industry Players on Offering Improved Customer Services
• Need for Replacement of Outdated Valves and Adoption of Smart Valves

Challenges

• Rise in Collaborations Among Industry Players
• Local Manufacturers Offering Low-Priced Valves
• Unplanned Downtime due to Malfunctioning or Failure of Valves

Companies Mentioned

• Alfa Laval
• Apollo Valves
• Avcon Controls Pvt Ltd.
• AVK Holding A/S
• Bray International
• Circor International, Inc.
• Crane Co.
• Curtiss-Wright Corporation
• Dwyer Instruments LLC.
• Ebro Armaturen Gebr. Broer GmbH
• Emerson Electric Co.
• Flowserve Corporation
• Forbes Marshall
• Ham-Let Group
• IMI plc
• Kitz Corporation
• Klinger Holding
• Neles Corporation (Metso Corporation)
• Neway Valve Co.
• Samson Controls
• Schlumberger Limited
• Spirax Sarco Limited
• Swagelok Company
• Trillium Flow Technologies (Weir Flow Control)
• Velan Inc.

For more information about this report visit https://www.researchandmarkets.com/r/gsfc5q

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