The industrial valve market is expected to grow from USD 70.53 billion in 2018 to USD 85.19 billion by 2023, at a CAGR of 3.96% between 2018 and 2023.
The key factors driving the growth of this market include the increased need for industrial valves from oil and gas production-related facilities in GCC countries, elevated energy demand in APAC, smart city development initiative across the world, high demand for predictive maintenance techniques from manufacturing industries, and stringent environmental and safety regulations to make the energy sector more resilient.
Among all applications, the oil & gas industry is expected to account for the largest size of the industrial valve market during the forecast period. Recent uptrend in the oil & gas industry has boosted the demand for and increased the production of oil and gas in the Middle East and North America. Growing production of oil sands and shale gas fuels the demand for industrial valves in North America, and the increased investments in natural gas exploration and refineries are likely to boost the demand for these valves during the forecast period. Additionally, technological advancements and the adoption of more innovative valves for oil and gas transportation are the major factors that are likely to have a positive impact on the industrial valve market growth.
Cryogenic valves are expected to be the fast-growing segment in the industrial valve market, based on material, during the forecast period. Cryogenic plug valves are expected to be highly installed in the oil & gas and chemicals industries for the isolation application, that is, to separate cryogenic media from other media. The oil & gas, energy & power, and chemicals industries are likely to have high demand for cryogenic ball valves due to their ability of quarter turn on-off operation, minimal lubrication, and capability to provide tight sealing with low torque in cryogenic fluid handling applications and will drive the market for these valves during the forecast period.
Plug valves will be the fastest-growing market for industrial valves during the forecast period. The market for industrial plug valves is expected to grow at a rapid pace in the coming years due to the competitive trend in the APAC and European chemical companies.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Industrial Valve Market 4.2 Industrial Valve Market, By Material 4.3 Industrial Valve Market, By Valve Type 4.4 Industrial Valve Market, By Valve Size 4.5 Industrial Valve Market, By Industry 4.6 Industrial Valve Market in North America, By Country and Industry, 2023 4.7 Industrial Valve Market, By Geography (2018-2023)
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 126.96.36.199 Increased Need for Industrial Valves From Oil and Gas Production-Related Facilities in GCC Countries 188.8.131.52 Elevated Energy Demand in APAC 184.108.40.206 Smart City Development Initiative Across the World 220.127.116.11 High Demand for Predictive Maintenance Techniques From Manufacturing Industries 18.104.22.168 Stringent Environmental and Safety Regulations to Make Energy Sector More Resilient 5.2.2 Restraints 22.214.171.124 Lack of Standardized Certifications and Government Policies 126.96.36.199 Slowdown in Oil and Gas Extraction 188.8.131.52 Downtime Due to Repair and Maintenance 5.2.3 Opportunities 184.108.40.206 Integration of Iiot Technology in Industrial Valves 220.127.116.11 Use of 3d Printing in Manufacturing Sector 18.104.22.168 Constant Need for Valve Replacement 22.214.171.124 Increase in Number of Refineries and Petrochemical Plants 126.96.36.199 Rise in the Discovery of Global Offshore Oil Reserves 5.2.4 Challenges 188.8.131.52 Minimization of Lead Times 184.108.40.206 High Cost of Fabrication 220.127.116.11 Existence of Manufacturers Providing Low-Priced Valves 18.104.22.168 Duplication of Technology
6 Industry Trends 6.1 Introduction 6.2 Value Chain 6.3 Consumer Buying Process 6.4 IoT Impact on Industrial Valve Market
7 Industrial Valve Market, By Material 7.1 Introduction 7.2 Stainless Steel 7.3 Cast Iron 7.4 Cryogenic 7.5 Alloy Based 7.6 Others 7.6.1 Brass 7.6.2 Bronze 7.6.3 Plastic