The gate valve 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.
A gate valve is a mechanical device that closes and opens or partly obstructs multiple entrances to control or regulate fluid flow (liquid or gas). Gate valves are commonly used in municipal applications to restrict the water flow for residential uses. These valves are also used in industries such as oil & gas and chemicals to accomplish critical functions related to fluids. Flexible wedge, solid wedge, split wedge, and parallel disc valves are among the type of gate valves employed in these industries. Valves are also utilized in desalinated water systems, high-integrity pressure protection systems, radwaste systems (in nuclear power plants), pressure control systems, on/off designs, and other applications.
The oil & gas, petroleum, and pharmaceuticals industries are the largest consumers of gate valves. The demand for various industrial products, including gate valves, is increasing due to fast economic growth in developing countries. The increasing demand for petroleum products encourages oil companies to ramp up their production capacities, thereby generating a greater demand for gate valves. Furthermore, improvements in gate valve characteristics, such as friction reduction and pressure control, and continuous developments in the efficiency of valves are likely to boost the growth of the gate valve market during the forecast period.
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Gate Valve Market: Strategic Insights
Market Size Value in US$ 8,712.18 million in 2020 Market Size Value by US$ 12,988.40 million by 2028 Growth rate CAGR of 4.5% from 2020 to 2028 Forecast Period 2020 - 2028 Base Year 2020
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Gate Valve Market: Strategic Insights
| Market Size Value in | US$ 8,712.18 million in 2020 |
| Market Size Value by | US$ 12,988.40 million by 2028 |
| Growth rate | CAGR of 4.5% from 2020 to 2028 |
| Forecast Period | 2020 - 2028 |
| Base Year | 2020 |
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Impact of COVID-19 Pandemic on Gate Valve Market
The COVID-19 pandemic wreaked havoc on the oil & gas sector in 2020, with plummeting oil prices. In 2020, the imbalance between supply and demand rose as a consequence of a significant drop in demand for oil and gas, owing to various limitations enforced by governments throughout the world. Water & wastewater treatment, and electricity and power sectors are two of the most important end users of valves. Businesses from both these sectors witnessed a drop in demand amid the pandemic. However, as people's concerns for a better and safer lifestyle growth, there will be a greater focus on cleanliness and sanitation, This factor is likely to boost the water & wastewater treatment industry, thereby fueling the demand for industrial valves, including gate valves.
Gate Valve Market Insights
Increasing Demand in Oil & Gas Sector Bolsters Gate Valve Market Growth
In the oil & gas sector, gate valves have widespread applications in upstream, middle, and downstream operations. These valves employ a gate mechanism to open or close a pipeline completely. They provide an apt solution for the regulation and maintenance of flow rates. Thus, with the flourishing oil & gas sector across the world, the gate valves market is likely to keep up its pace during the forecast period.
During the next two decades, the global energy demand is expected to increase by 50% according to research findings. This projected surge in demand is mainly attributed to the expanding population across the world and rising living standards in emerging countries. Petroleum remains a key source of energy despite the burgeoning popularity of new and renewable energy sources. New refineries are being planned at several locations across the world. For instance, in August 2021, Indian Oil Corporation Limited announced its plan of investing US$ 15 billion to triple its refining capacity by 2025. Meanwhile, the Indian Oil Group's refining capacity was 80.2 million metric tons per annum (MMTPA) in August 2021, accounting for 33% of the total national refining capacity of 249.87 MMTPA. Furthermore, the company indicated it would increase its annual oil refining capacity to 87.55 million metric tons by 2025. Thus, the flourishing oil and gas sector is a major contributor to the gate valve market proliferation.
Valve Type-Based Gate Valve Market Insights
Based on type, the gate valves market is segmented as the flexible wedge, solid wedge, and split wedge or parallel disk valve. A gate valve is the most commonly used valve in any process plant; it is a linear motion valve that starts or stops the fluid flow. These valves are either fully open or closed when in service. Further, the solid wedge is the most popular and commonly utilized disc type because of its simplicity and strength. A one-piece solid disc with a cut around the perimeter makes up the flexible wedge; the size, shape, and depth of these cuts vary. Furthermore, the split wedge disk comprises two solid sections held together by a specific mechanism.
Valve Size-Based Gate Valve Market Insights
Based on valve size, the gate valve market is segmented as 2" to 12", 14" to 36", 42" and above. While valves may occupy little space in a pipe or a system, they can account for a significant chunk of the design and construction costs. They also have a substantial impact on overall system performance and long-term expenses. Choosing the right valve size is critical for ensuring safe, accurate, and dependable operations, and cost savings.
Application-Based Gate Valve Market Insights
Based on application, the gate valves market is segmented into oil & gas, water and wastewater treatment, chemicals, and others. Gate valves are found in various everyday mechanical devices, including workplace HVAC and water systems, and vehicle’s gasoline motor. Furthermore, gate valves are widely found in homes and commercial facilities. Materials used in the production of these valves include stainless steel, cast iron, alloy steel, forged steel, etc.
Players in the gate valve market adopt strategies such as mergers, acquisitions, and market initiatives to remain competitive. A few recent developments by key market players are listed below:
- In 2021, DeZURIK released a new cast stainless steel-based AIS-compliant knife gate valve. This robust seated, bidirectional valve is based on DeZURIK's popular KGC-BD design. The AIS-compliant variant is available in the sizes varying from 3" to 24", and it complies with all American Iron and Steel Act requirements.
- In 2022, ORBINOX introduced a novel bidirectional high-pressure knife gate valve for industrial and water treatment applications. Its designed with a focus on providing the ideal option for water treatment applications as well as general industrial operations that require high pressure performance and durability.
Company Profiles Included in Gate Valve Market Report
- 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
- KSB SE & Co KgaA.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Valve Type, Valve Size, and Valve Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Valve manufacturers require raw materials such as stainless steel, ductile iron, and carbon steel in the form of the forge. The costs of these commodities have been rising and changing due to various factors, including fluctuating transportation costs. The price volatility of raw materials used in the production of gate valves is a significant factor challenging the progress of gate valves manufacturers. Inconsistencies in these costs lead to fluctuations in profit margins, as prices of raw materials collectively account for ~60% of the total price of the end product.
The oil and gas industry is the largest end-user of Gate Valves. For extraction and processing of crude and gas are mostly done using pipelines, valves are utilized to regulate the flow of oil and gas. Moreover, these resources are found in a limited geographic location and utilized across the globe. The distribution of these is done using pipelines. Thus, as industrialization is growing at a steady rate across the globe, the demand for oil and gas is also increasing. Several oil-producing countries are increasing oil production.
Asia-Pacific region led the global gate valve market in 2020. The need for gate valves in Asia is being driven by the growing industrialization in most emerging economies in the region. Over the predicted period, gate valve usage is expected to increase significantly. China, along with other Asian countries, is the largest buyer of industrial valves, especially gate valves. Moreover, several municipal projects and government efforts for infrastructural development are expected to drive the Asia Pacific gate valve market throughout the forecast period. Furthermore, the rising demand from the petroleum industry is expected to boost the Middle East & Africa market's share during the forecast period.
- BRAY INTERNATIONAL
- DEZURIK, INC.
- EMERSON ELECTRIC CO.
- ITT INC.
- MUELLER CO. LLC
- ORBINOX
- SISTAG AG
- STAFSJö VALVES AB
- WEIR GROUP PLC
- ZHEJIANG LINUO FLUID CONTROL TECHNOLOGY CO., LTD
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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