Industrial Valve Market Projected to witness Vigorous Expansion by 2022-2028
The industrial valve market is expected to grow from US$ 78.18 billion in 2021 to US$ 125.59 billion by 2028; it is estimated to grow at a CAGR of 7.0% during 2021 to 2028.
Industrial Valve Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type (Cast Iron, Steel, Cryogenic, Alloy-Based, Others); Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, Piston RAM Valves, Gate Valves, Control Valves); Industry (Oil and Gas, Water Treatment, Power and Energy, Chemicals and Petrochemical, Food and Beverage, Healthcare and Pharmaceutical, Others) The industrial valve market is expected to reach US$ 125.59 billion by 2028 from US$ 78.18 billion in 2021; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028. The overall market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America. APAC constitutes a large population and high per capita income, along with vast industrialization and increasing urbanization. Further, highly industrialized countries such as China, India, Japan, and South Korea are increasingly emphasizing the development of wastewater treatment facilities to tackle the issue of environment conservation. The region is also the largest consumer of crude oil and gas, which is another factor boosting the adoption of industrial valves.
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The industrial valve market is segmented on the basis of material type, valve type, and industry. Based on material type, the market is segmented into cast iron, steel, cryogenic, alloy-based and others. Based on valve type, the industrial valve market is segmented into ball valve, butterfly valve, diaphragm valve, safety valve, and piston ram valve. On the basis of industry, the industrial valve market is segmented into oil & gas, water treatment, power & energy, chemical & petrochemical, food & beverage, healthcare & pharmaceutical, and others.
Petroleum has been a major industry in the US since 1859, when oil was discovered in the Oil Creek area of Titusville, Pennsylvania. The exploration, production, processing, transportation, and marketing of natural gas and petroleum products are all part of the oil & gas sector. In 2018, the US surpassed Russia and Saudi Arabia to become the world’s top crude oil producer, generating 15% of global crude oilAccording to the US Energy Information Administration, the US produced 12.29 million barrels of crude oil per day in 2019. This number was predicted to reach 11.28 million in 2020, 11.18 million in 2021, and 11.85 million in 2022. Valves are an important part of any piping system. They can be used to regulate flow rates, isolate and safeguard equipment, and direct and steer the crude oil refining process.
From 2010 to early 2015, disclosed capital investments in shale gas-related chemical production in the US totaled more than US$ 130 billion. The chemical sector is expected to profit from the revitalization of manufacturing industries in the US, which are the major demand generators of different chemicals. Domestic demand for chemicals as inputs into other sectors of the economy would rise by at least US$ 10 billion to US$ 21 billion as a result of this reindustrialization trend, which is aided by low energy and favorable productivity-adjusted labor rates. These factors are further augmenting the growth of the industrial valve market in North America.
Top Key Players: Valen Inc., Crane Co., Circor International, Emerson Electric Co., Flowserve Corporation, Kitz Corporation, Neway Valve (Suzhou) Co. Ltd., Spirax Sarco, Schlumberger Limited, and IMI PLC are among the key players operating in the global industrial valve market.
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