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The valves market size is forecast to increase by USD 12.52 billion and is estimated to grow at a CAGR of 4.33% between 2023 and 2028. Market growth relies on several factors, including industrialization, infrastructure development, rising demand for oil and gas, and adherence to environmental regulations. However, challenges persist amidst this growth trajectory. These challenges encompass fierce competition among both new entrants and established players, volatile fluctuations in raw material prices within the market, and stringent regulatory requirements and standards governing operations. Despite the promising prospects driven by industrial expansion and heightened energy needs, these obstacles pose significant hurdles to sustained market advancement. Overcoming these challenges necessitates strategic planning, operational agility, and regulatory compliance measures to navigate the competitive landscape and mitigate risks effectively. As the market evolves, stakeholders must remain vigilant, adapt to dynamic market conditions, and implement proactive strategies to capitalize on opportunities while addressing the complexities and uncertainties inherent in the oil and gas industry.
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The market is a significant sector within the pipeline infrastructure industry, supplying gate valves for water supply and sanitation projects, as well as pipeline systems used in upstream, midstream, and downstream activities. The market is driven by the increasing demand for pipeline infrastructure in various sectors, including oil and gas, power generation, and water supply. Emerging technologies, such as artificial intelligence and digitalization, are transforming the market. For instance, smart valves with advanced features like real-time monitoring and predictive maintenance are gaining popularity in oil refineries and petroleum product plants. The oil prices' volatility significantly impacts the market, particularly in the oil and gas sector. In Southeast Asian countries, the market is expected to grow due to the ongoing development of pipeline infrastructure and sanitation projects. Power generation facilities also contribute to the market's growth, as they require pipeline systems and valves for the transportation and distribution of water and other fluids. Midstream activities, including the transportation and storage of oil and gas, are a significant market for gate valves. These valves are essential in maintaining pressure and preventing leaks in pipelines, ensuring the safe and efficient transportation of resources. Overall, the market is a critical component of various industries, ensuring the safe and efficient flow of fluids and gases. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Industrialization and infrastructure development is the key factor driving the global market growth. The global market is experiencing significant growth due to industrialization and infrastructure development in emerging economies, particularly in the Asia-Pacific region and the Middle East and Africa. Valves are essential components in various industries, including oil and gas, electricity production, water treatment, and chemical processing. In these sectors, valves are used to regulate and control the flow of fluids and gases in turbines and boilers, pipelines, and water distribution networks. Valve manufacturers produce a range of valves, including those made of steel, to withstand the demands of these industries.
Furthermore, factors such as stress corrosion cracking, sulfides, tariffs, unplanned downtime, and vibration or corrosion can impact valve conditions and workplace safety. Valve actuators are also crucial in ensuring optimal valve performance. Valves are subjected to harsh conditions and require regular maintenance to prevent issues such as sulfide stress cracking and workplace safety concerns. Hence, driving the growth of the market during the forecast period.
Increasing demand for industrial valves will fuel the global market growth. The global market is experiencing a notable upsurge, particularly in the industrial sector. They are made of steel and are essential components in various industries, including oil and gas, chemical, power generation, water and wastewater treatment, and others. These valves serve to regulate the flow of fluids such as liquids, gases, and slurries, thereby playing a pivotal role in numerous industrial processes.
Moreover, the expansion of industrialization and urbanization is fueling this demand. Valve manufacturers face challenges related to valve conditions, including stress corrosion cracking caused by sulfides, vibration or corrosion, and workplace safety concerns. Tariffs and unplanned downtime are additional factors impacting the market. Valve actuators are used in turbines and boilers to control the flow of fluids. Valve manufacturers must address issues like water quality in water distribution networks and water utilities to ensure efficient valve performance. Upstream processes in the oil and gas industry also require reliable valves to prevent leaks and maintain workplace safety. The market is expected to grow during the forecast period, owing to increasing demand for industrial valves. Hence, such factors are driving the market during the forecast period.
Intense competition among new and established players can majorly impede the growth of the market. The global market experiences intense competition due to low entry barriers and simple production processes. This market caters to various industries, including tariff-exempt turbines and boilers, upstream oil and gas, and water utilities.
Additionally, valve manufacturers face challenges such as stem failure due to stress corrosion cracking, sulfide stress cracking, vibration or corrosion, and unplanned downtime. Workplace safety and water quality are paramount concerns in the water distribution network. Valve actuators play a crucial role in maintaining optimal valve conditions. Key players in this fragmented market include those specializing in steel valves for high-pressure applications. Competitors must address the risks of sulfides, tariff implications, and workplace safety regulations to maintain market presence. Therefore, fierce competition between new and established players is likely to hamper the market's growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Baker Hughes Co: The company offers different types of valves, such as globe control valves, rotary control valves, safety valves, safety relief valves, and many more.
We also have detailed analyses of the market’s competitive landscape and offer information on 18 market companies, including:
The report offers clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the vendors. The analysis classifies vendors into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak to understand the dos and don’ts of business, which in turn can help a client make the best decision.
The chemicals and oil and gas industry segment will contribute a major share of the market, as this segment covers a wide range of applications such as refining, manufacturing, storage, and transportation of chemicals and oil and gas. The market caters significantly to the Process Industries, particularly the Oil & Gas Extraction and the Manufacturing Sector, including the metal & mining industry.
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The chemicals and oil and gas industry segment showed a gradual increase in market share with USD 15.80 billion in 2018. They are essential components in these industries, serving applications such as refining, production, storage, and transportation. They are used to regulate fluid and gas flow in pipelines, tanks, and reactors, ensuring operational safety and efficiency. Valves must endure high pressures, temperatures, and corrosive conditions and accommodate various fluids and gases. Advanced technologies like logic controllers, Lubrication, Machine Learning (ML), and predictive maintenance are integrated into valve systems for optimization techniques and response optimization. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.APAC has a sizeable growing market. The APAC market experiences significant growth due to increasing industrialization and infrastructure development. Key industries driving this expansion include oil and gas, power generation, water and wastewater management, chemicals, and pharmaceuticals. China, Japan, India, and South Korea are the major players, with China being the largest manufacturer and consumer. The oil and gas sector is the primary end-user. They are essential components in various industries, including the manufacturing sector, where they are used in logic controllers and piping systems. Advanced manufacturing techniques and material technology enhance their mechanical properties and operational safety. The metal & mining industry utilizes metal alloys and valves like Pinch and Plug Valves. Lubrication and predictive maintenance are crucial for valve longevity. Hence, such factors are driving the market growth in APAC during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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Valves are essential components in various industries, including infrastructure development and pipeline infrastructure. The automation of industries has led to an increased demand for valves in upstream, midstream, and downstream activities. In the oil and gas sector, pipeline systems rely on gate valves for controlling the flow of crude oil, natural gas, and other petroleum products. Water supply and sanitation projects also utilize valves to manage the flow of liquids and gases. Emerging technologies such as artificial intelligence and lithium-ion battery recycling are influencing the market. In Pune, India, the demand for valves is on the rise due to the growth of Process Industries. Valves are made of various materials such as Carbon Steel, Cast Iron, Stainless Steel, and Metal Alloys. The market landscape depends on the water and wastewater infrastructure, industrial Internet of Things, energy and power industries, upstream activities. They are used for passing Fluids, including Gases, Slurries, Liquids, and Vapors. Latin Valva, a term derived from the Latin word for valve, refers to the stem and other moving parts that control the flow. Influential players in the valve market include Flowserve Corporation, Crane Co, and SungEel HiTech Co. The market is also witnessing a trend towards factory automation, leading to the integration of valves with advanced technologies such as pressurized bullet tanks for storing liquefied gases like liquid propane and anhydrous ammonia. Overall, the valve market is expected to grow significantly in the coming years due to the increasing demand for efficient and reliable fluid control systems.
Market Scope |
|
Report Coverage |
Details |
Page number |
194 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.33% |
Market growth 2024-2028 |
USD 12.52 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.08 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 36% |
Key countries |
China, US, UK, France, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alfa Laval AB, AVK Holding AS, Baker Hughes Co., Bray International Inc., Crane Holdings Co., Curtiss Wright Corp., Emerson Electric Co., Flowserve Corp., Forbes Marshall Pvt. Ltd., Honeywell International Inc., IMI Plc, KSB SE and Co. KGaA, Parker Hannifin Corp., SAMSON AG, Schlumberger Ltd., The Weir Group Plc, Trillium Flow Technologies, Valmet Corp., Valvitalia SpA, and Watts Water Technologies Inc. |
Market dynamics |
Parent market analysis, market research and growth, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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