Industrial Valve Market Highlights, Key Findings, Major Companies Analysis and Forecast to 2023
Market Highlights
Industrial valve market is expected to grow from USD 70.53 billion in 2017 to USD 90.77 billion by 2023, at a CAGR of 4.53% during the forecast period. The ongoing industrialization in developing countries such as India and continued growing adoption of latest technology valves in process manufacturing units in developed countries are the key drivers for the industrial valve market.
On the basis of end-use verticals, the market has been segmented into oil & gas, energy & power, chemicals, food and beverages, water and wastewater treatment, pulp and paper, construction, and others. The oil and gas segment is estimated to dominate the market throughout the forecast period. The growing investments for capacity expansion in the oil & gas sector in the Middle East and Africa, and the rise in demand for maintenance operations in refineries boost the demand for Industrial Valves Market in the oil & gas sector. However, the energy & power industry is estimated to register the highest CAGR during the forecast period.
The major players constantly focus on growth strategies such as strategic partnerships, mergers, acquisitions, and product launches to enhance their product offerings and expand their market reach. For instance, in 2018, Trelleborg Sealing Solutions partnered with LB Bentley to develop a medium duty rotary gate valve. This valve is based on stem sealing technology that reduces the risk of contamination and failure.
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Key players
The key players profiled in the industrial valve market research report are 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), and Conbraco Industries Inc. (US). The major players constantly focus on growth strategies such as partnerships, mergers, acquisitions, and product launches to enhance their product offerings and expand their market reach. The other prominent players in the in the industrial valve market are Samson AG (Germany), Velan Inc. (Canada), Forbes Marshall (India), Dwyer Instruments, Inc. (US), Avcon Controls (India), Dwyer Instruments (US), PR Valves LLC (US), and Danfoss A/S (Nordborg).
Segmental Analysis
The global industrial valve market is segmented on the basis of type, material, and end-use verticals.
The types of industrial valve market available in the market are ball valves, butterfly valves, check valves, gate valves, globe valves, pinch valve, and plug valves. The ball valves segment is expected to reach a substantial market share over the review period, owing to the increading adoption of ball valves in the oil and gas sector. In addition, the plug valves segment is slated to record the highest growth rate over the assessment period, due to the increasing demand from chemical companies.
The materials used in the market are alloy-based, brass, cast iron, cryogenic, stainless steel, and others. The cryogenic material segment is poised to register the fastest growth rate due to their property of superior functionality in both, low temperature and under high pressure settings. Consequently, this is expected to drive the demand for cryogenic plug valves in industries such as oil and gas, and chemicals over the review period.
The end-user industry verticals that contribute towards the demand of Industrial Valve Market are chemicals, construction, energy & power, food and beverages, oil & gas, pulp and paper, water and wastewater treatment, and others.
Regional Analysis
On the basis of region, the market has been segmented into Asia Pacific, Europe, North America, and the rest of the world.
North America is assessed as the largest regional market for industrial valve market and is expected to record the largest market share over the review period. This is attributed to the established industry verticals such as oil and gas, energy and power, chemicals, among others, are contributing towards the robust demand for industrial valve market. Moreover, the presence of established industrial verticals is also expected to fuel the demand, and consequently the market share for industrial valve market in North America over the assessment period.
The Asia Pacific market for industrial valve market is projected to record the fastest growth rate and a substantial market share over the review period. This is attributed to the rise in power generation, owing to the population growth and rapid industrialization in the emerging economies in the region, such as India, China, Japan, South Korea, among others. The growth in various industrial sectors such as chemicals, oil & gas, construction, energy & power, and pharmaceuticals, among others.
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Industry News
September 2019: Tene Investment Funds Ltd., an Israel-based private equity fund, acquired 74% stake of Habonim Industrial Valves & Actuators Ltd., a leading manufacturer and supplier of industrial valves, for USD 28.3 million.
September 2019: KCM Capital Partners LLC, a U.S. based business investment firm, acquired Industrial Valve Sales & Services LLC, a provider of specialty valve services and products. The aim of the acquisition was to enhance IVS with strategic and financial resources provided by KCM.
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