Gate Valve Market is expected to reach US$ 12,988.40 million by 2028

Rising Number of Wastewater Treatment and Power Generation Facilities Accelerate Gate Valve Market Growth

According to the latest study on “Gate Valve Market Forecast to 2028 – COVID-19 Impact and Analysis – by valve type, valve size, and application,” the market is projected to reach US$ 12,988.40 million by 2028 from US$ 8,712.18 million in 2020. It is estimated to register a CAGR of 4.5% during the forecast period.

Market Driver: Global Gate Valve Market

The growing industrialization in emerging Asian economies propels the demand for gate valves in the region. China is the largest buyer of industrial valves, especially gate valves, among all Asian countries. Moreover, several efforts from municipal corporations and governments for infrastructural development, and the rising demand from the petroleum industry are expected to drive the Asia Pacific gate valve market during the forecast period. The gate valve market report includes a detailed competitive analysis of the major players, including Weir Group PlC; ITT Inc.; Emerson Electric Company; Velan Inc.; Jash Engineering Ltd.; Mueller Water Products Inc.; Process Systems; T-T Pumps; Econosto; Red Valve Company, Inc., FKB; and KSB SE & Co KgaA. Product introduction, acquisition, agreement, and expansion are among the major strategies implemented by the gate valve market players globally. ITT Friction Technologies, for example, opened its new state-of-the-art factory in Silao, Mexico, in May 2018.

APAC Led Gate Valve Market with 38.8% Share in 2020

China, India, South Korea, Japan, and Australia are among the key economies in APAC. China, India, and Southeast Asian countries are the fast-growing economies in the region. The demand for gate valves from the water & wastewater management industry in APAC is booming, and a similar trend is expected to continue in the next few years. In addition to the large-scale industrialization and urbanization, dense population and high per capita income contribute to the expansion of the gate valves market. Urbanizations leads to the elevated demand for new and enhanced wastewater treatment facilities for ensuring appropriate water usage and management.

The discovery of new fossil fuel reserves in APAC, especially in countries such as China and Thailand, is expected to open up substantial development opportunities for the gate valves market. The large-scale exploration and production operations at these sites will boost the procurement of gate valves in this countries. The chemicals industry in China is another key end user of gate valves. Many top players have chemical manufacturing sites in China..

Impact of COVID-19 Pandemic on Gate Valve Market

According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected other major emerging economies such as Singapore, Thailand, and Indonesia.

The existing unutilized production capacity scenario, combined with the COVID-19 effect, would have a neutral impact on the Asian manufacturing and power sectors’ overall financial health. However, there has been a major reduction in power consumption and production volumes in industrial and commercial units, ultimately resulting in a reduction in demand for gate valves. However, owing to the adoption of remote production and supported by solid infrastructure, majority of the manufacturing units didn’t feel adverse effect in their operations..

North America is at the forefront of the advancement and adoption of new technologies due to favorable government policies boosting innovations and strengthening infrastructure capabilities. After the first wave of the COVID-19 pandemic, overall all the segment recoveries have been non-uniform across various manufacturing industries. Several manufacturers had to suspend their operations; they also experienced disruptions in supply activities, which lowered their capacity utilization rates and impaired productivity. However, the implementation of digital twin, i.e., a digital representation of a physical thing, like production process or physical production environment, enabled manufacturing units across North America to virtually simulate the production process and products with its performance in the real world..