The Global Valves Market, by Product type (Pressure Reducing Valves, Safety/Relief Valves, Control Valves, Globe Valves, Plug Valves, Gate Valves, Ball Valves, Butterfly Valves, Diaphragm Valves and Other Valves), by Industry(Oil & Gas,(LNG, Petroleum (Upstream, Midstream, Downstream,(Petrochemical)), Power(Fossils(Coal & Oil, Natural Gas, Nuclear Power, Other Power)),Chemicals, Marine, Construction, Pulp & Paper, Mining, Water & Waste Water Treatment and Others), by Screen Size (below 8” and 8” and above), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 124,177.1 Million by 2027, exhibiting a CAGR of 6.8 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.

Overview

Valves are crucial parts of industrial applications and processes. Valves are typically used to control and regulate the flow of liquids, gases, and slurries. Valves find major applications in pipelines and piping systems to control the flow of fluid. Increasing government regulations towards workplace safety and emission norms have increased the installation of efficient valves in process and manufacturing industries. Valves can be classified on the basis of how they are actuated: solenoid valve, hydraulic, pneumatic, manual, and motor. One of the most ancient valves is a freely hinged flap, which obstructs the flow of fluid in one direction and can be pushed open by flow in the opposite direction.

The global Valve Market was accounted for US$ 72,862.8 Mn terms of value in 2019 and is expected to grow at CAGR of 6.8% for the period 2019-2027.

Market Driver

Development in renewable energy projects worldwide is expected to boost growth of the global valves market during the forecast period

Various countries are focused on storage of renewable energy. Increasing number of solar thermal energy plants has boosted the application areas of valves. According to the European Solar Thermal Electricity Association (ESTELA), the share of solar thermal energy is expected to increase rapidly in Europe by 2025. Moreover, according to the U.S. Energy Information Administration (EIA), in 2016, the Environment Protection Agency (EPA) is developing a Clean Power Plan (CPP). This project plan is expected to accelerate renewable energy generation, by an annual rate of 3.9% across the U.S. Therefore, increasing number of renewable energy sources is expected to support the global valves market growth over the forecast period.

Market Opportunity

Integration of industrial internet of things (IIoT) in industrial valves can provide excellent growth opportunities

Industrial interest of things (IIoT) refers to interconnected instruments, sensors, and other devices networked together with computers’ industrial applications. Many end-use industries have started integrating IIoT with valves for efficient management and control of flow of fluid. In oil and gas industry, exploration operations can be done more precisely with integration of IIoT and valves. Moreover, IIoT allows valve experts to remotely monitor the health of the valves in a plant, in order to drive better valve performance over the lifespan of those valves. Valves equipped with sensors and connected via IIoT can facilitate industry players to minimize maintenance and shutdown costs by closely monitoring the functioning of valves.  

Market Restraint

Compliance with strict government regulations for conventional power plants is expected to restrain growth of the global valves market during the forecast period

Conventional power plants including coal power plants, nuclear power plants, etc. are responsible for emission of hazardous products and effluents. Governments in various countries have imposed strict regulatory policies to curb the generation of polluting products due to conventional power plants. Industrial valves play a major role in controlling the pollution such as wastewater and emission of hazardous gases. However, many conventional power plant owners often fail to comply with regulatory policies due to technical challenges and negligence by operators. Thus, these factors are expected to restrain the global valves market growth during the forecast period.

Market Trends

  1. North America Trends

Increasing demand for pipeline infrastructure

Increasing demand for pipelines from oil & gas and transportation industries has boosted the use of valves. This is owing to growing natural gas production from the shale formations. For instance, the U.S. has over 217,000 miles of interstate natural gas pipelines that deliver natural gas from producing regions to the end users. Moreover, increasing export of natural gas to neighboring countries such as Mexico is expected to boost the regional market growth. According to Coherent Market Insights’, the U.S. exports to the Mexico have doubled since 2009 and are estimated to continue rising throughout the forecast period as pipeline infrastructure projects currently under construction are almost completed.

Increasing number of merger and acquisitions activities

Key players in the region are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in 2016, Emerson Electric Co. acquired Pentair’s Valves & Controls business supporting the company to expand geographical and product footprint. Furthermore, in 2016, Schlumberger Limited merged with Cameron International Corporation. This combination will result in the industry’s first complete drilling and production systems.

  1. Europe Trends

Rising demand from mining industry

There is high demand for industrial valves in the European mining industry. In the recent past, Poland and Nordic countries together accounted for about US$ 322.98 million exploration expenditures in Western Europe. Moreover, small exploration programs have been conducted in the remaining mining countries such as Spain. As a result, the regional investment in mining industry is expected to increase in the near future.

Technological advancements

Various governments in European countries are focused on technological advancements by helping several small and medium-sized businesses. These technologically advanced valves include automated valves having high efficiency through advanced preventative and predictive maintenance abilities, as well as through improved controls involving solenoid, electric, pneumatic, digital or hydraulic mechanisms. Moreover, these valves can be used in remote or hazardous environments.

Regulations

To eliminate emissions of volatile organic compounds (VOCs) and volatile hazardous air pollutants the U.S. Environmental Protection Agency has obligated Leak Detection and Repair (LDAR) regulations. The regulations are imposed on valves used in the public wastewater treatment pipeline as well as the industrial pipelines that carry fluids in large volume. 

Competitive Section

Key players operating in the global valves market are Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, Bürkert Fluid Control Systems, and Flowserve Corporation.

Key Developments   

  1. Major market players are focused on product launches, in order to expand the product portfolio. For instance, in October 2017, Schlumberger Limited introduced GROVE IST, an integrated seat technology ball valve to enhance performance over traditional metal-seated ball valves.
  2. Key companies in the market are involved in mergers and acquisitions, in order to enhance the market presence. For instance, in December 2018, Emerson Electric Co. acquired Advanced Engineering Valves, which allow Emerson to provide a broader portfolio of valves to the LNG industry.

Segmentation

Market Taxonomy:

  1. By Product
  • Pressure Reducing Valves
  • Safety/Relief Valves
  • Control Valves
  • Globe Valves
  • Plug Valves
  • Gate Valves
  • Ball Valves
  • Butterfly Valves
  • Diaphragm Valves
  • Other Valves
  1. By Industry
  • Oil & Gas
    • LNG
    • Petroleum
      • Upstream
      • Midstream
      • Downstream
        • Petrochemical
  • Power
    • Fossils
      • Coal & Oil
      • Natural Gas
      • Nuclear Power
      • Other Power
    • Chemicals
    • Marine
    • Construction
    • Pulp & Paper
    • Mining
    • Water & Waste Water Treatment
    • Others
  1. By Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America
Existing Clientele

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients

Our Trusted Patner