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 are 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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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).
The global industrial valve market has been segmented in terms of type, material, end-user, and size.
By type, the market breaks down into check valves, ball valves, globe valves, butterfly valves, gate valves, pinch valves, and plug valves.
By material, the market segments into brass, stainless steel, cryogenic, cast iron, alloy based, and others.
By size, the market includes 25" to 50", less than 1”, 50" and above, and 1" to 25".
By end-user, the market divides into chemicals, pulp & paper, energy & power, construction, oil & gas, water & wastewater treatment, food & beverages, others.
The global industrial valve market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Asia Pacific led the global industrial valve market with the highest share back in 2017 and is further projected to exhibit the highest CAGR over the ongoing forecast period. The growth of the regional market can be primarily attributed to factors like the fast-paced industrialization, current infrastructural developments, and the increasing investments being made in the end-user industries like oil & gas, energy & power, chemicals, water & wastewater treatment, and construction. Moreover, the demand for the market is expected to remain high in the Middle East & Africa region, under the Rest of the World regional segment, due to the rising rate of production of industrial valves.
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June 2019, XHVAL, a leading manufacturer of industrial valves for over 3 decades, introduced its one-on-one customer service. The company has majorly contributed to the enhancement of material flow operations for different types of gas and liquid. The organization continues to strive in attaining excellence in both customer service and sales. XHVAL realizes that clients now prefer one-on-one consultation services to gain proper knowledge about the type of valve they are willing to purchase, and they have duly created a system for the same.
July 2019, XHVAL announced the introduction of another one of its versatile range of valve type, the GOST Gate Valve. These kinds of valve are extremely common in the petrochemical sector. However, it is also highly useful for other applications in the chemical, power, and oil & gas industries.
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