The industrial valves market was valued at US$ 64,335.89 million in 2023 and is expected to reach US$ 89,331.32 million by 2031; it is estimated to record a CAGR of 4.2% from 2023 to 2031.
Over the years, several companies operating in the global industrial valves market have been focused on the development of small valves. However, several other industries have showcased a rise in demand for large valves owing to the installation of large pipelines, as they offer higher flexibility compared to small valves. This has influenced the global industry valves market players to focus on new product development and strategic partnerships with clients to deliver products as per customer needs. For instance, in May 2022, Neway Valves announced its partnership with an anonymous oil company to supply gate valves of 88 inches and 72 inches. These valves are experiencing a rise in demand across various oil & gas companies owing to their high anti-leak features. Similarly, in February 2023, ARMATURY Group a.s. Supplied 60 pieces of 43.5-inch gate valves to Gaz System for its Gustorzyn-Wronów-Dolna Odra project. Thus, the rising demand for large gate valves across industries is expected to offer lucrative business opportunities to the global industrial valves market players over the forecast period.
Impact of COVID-19 Pandemic on Industrial Valves Market
APAC consists of prominent oil and gas and chemical-producing countries. According to the Organization for Economic Co-operation and Development (OECD), the COVID-19 pandemic has severely affected several countries, such as India, Australia, China, and Japan. India was the worst-hit country by the pandemic in this region. Governments of these countries imposed limitations to control the spread of SARS-CoV-2 during the initial period of the outbreak. Also, limited workforce and social distancing norms led to a decline in the frequency of the production process. China, Australia, Iran, Indonesia, and Malaysia are a few prominent natural gas-producing countries in the region. Major natural gas-consuming countries in APAC are China, Japan, South Korea, and India. China imposed strict lockdown and social isolation norms during the COVID-19 outbreak, which stopped exploration activities and reduced the demand for oil and other energy commodities across the country. As a result, natural gas storage and transportation activities declined significantly across China, which decreased the demand for industrial valves.
Lucrative Regions for Industrial Valves Market Growth
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Industrial Valves Market: Strategic Insights
Industrial Valves Market
-
CAGR (2023 - 2031)
4.2%
-
Market Size 2023
US$ 64,335.89 Million
-
Market Size 2031
US$ 89,331.32 Million
Market Dynamics
GROWTH DRIVERS
- Rapid Urbanization Across the Globe is Driving the Market Growth
- Growing Use of Valves in Oil and Gas Industry
- Increasing Use of Ball Valves and Butterfly Valves
FUTURE TRENDS
- Rise in Investments in Water Treatment Plants
- Rising Popularity of Smart Valves
OPPORTUNITIES
- Growing Number of Smart City Initiatives
Key Players
- Velan Inc
- Crane Co
- CIRCOR International Inc
- Flowserve Corp
- Emerson Electric Co
- KITZ Corporation
- Neway Valve (Suzhou) Co Ltd
- Spirax Sarco Engineering Plc
- Schlumberger Ltd
- Weir Group PLC
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Valves Type
- Ball Valve
- Butterfly Valve
- Safety Valve
- Control Valve
- Check Valve
- Plug Valve
- Others
Ball Valve Type
- Top Entry
- Fully Welded
- Side Entry
Size
- Up-to 5 Inches
- 6 to 15 inches
- 16 to 24 inches
- Above 25 Inches
- Check Valves
- Others
Class
- Below 150
- 300
- 400
- 600
- 800
- 900
- 1500
- 2500
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Industrial Valves Market: Strategic Insights
-
CAGR (2023 - 2031)4.2% -
Market Size 2023
US$ 64,335.89 Million -
Market Size 2031
US$ 89,331.32 Million
Market Dynamics
- Rapid Urbanization Across the Globe is Driving the Market Growth
- Growing Use of Valves in Oil and Gas Industry
- Increasing Use of Ball Valves and Butterfly Valves
- Rise in Investments in Water Treatment Plants
- Rising Popularity of Smart Valves
- Growing Number of Smart City Initiatives
Key Players
- Velan Inc
- Crane Co
- CIRCOR International Inc
- Flowserve Corp
- Emerson Electric Co
- KITZ Corporation
- Neway Valve (Suzhou) Co Ltd
- Spirax Sarco Engineering Plc
- Schlumberger Ltd
- Weir Group PLC
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Valves Type - Ball Valve
- Butterfly Valve
- Safety Valve
- Control Valve
- Check Valve
- Plug Valve
- Others
Ball Valve Type - Top Entry
- Fully Welded
- Side Entry
Size - Up-to 5 Inches
- 6 to 15 inches
- 16 to 24 inches
- Above 25 Inches
- Check Valves
- Others
Class - Below 150
- 300
- 400
- 600
- 800
- 900
- 1500
- 2500
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights – Industrial Valves Market Analysis
The introduction of new and stringent rules for ballast water treatment across Europe and APAC is propelling the need for industrial valves. The rising oil & gas production from subsea sources has propelled the demand for industrial valves over the years. In process sectors, high labor costs in Europe are prompting businesses to prefer automation systems. Thus, growing industrialization, rising natural gas demand, and increasing exploration operations are a few factors fueling the industrial valves market growth in Europe. Moreover, the European Union (EU) has enacted strict legislation restricting emissions and gas leakages in the mining, refining, oil & gas, power, and chemical industries. As a result, the need for high-quality industrial valves is constantly increasing across these industries in Europe. Further, the chemical industry in the region is significantly growing. According to the European Chemical Industry Council, AISBL, chemicals worth US$ 632.06 billion were sold across Europe in 2021, contributing 15% of the global chemical trade. The rise in chemical production and sales across the region is expected to bolster the Europe industrial valves market in the coming years.
Valves Type-Based Insights
Based on valve type, the industrial valves market is segmented into ball valves, butterfly valves, safety valves, control valves, check valves, plug valves, and others. The ball valves segment accounted for the largest industrial valves market share in 2022. A ball valve is a widely used valve in the industrial sector. It is majorly used for pressure and flow control applications for slurries, normal liquids, gases, and corrosive liquids across major industries such as oil & gas, manufacturing, and chemical & petrochemical. The valves are easy to design; they fit seamlessly across any pipe and have high durability. Constant development initiatives undertaken by global ball valve manufacturers are further contributing to the market growth. For instance, in November 2021, Rusco announced the launch of smart, automated ball valves for home filtration, well water, and commercial and municipal applications. These can be paired with smartphones for program automation, sediment flushing, and flow shutoff.
The control valve subsegment is further divided into 2-way and 3-way. The 2-way segment registered a higher market share with revenue of US$ 11,569.1 million in 2023 and is expected to maintain its position over the forecast period. This is owing to the rise in demand for variable speed systems from industries, including oil & gas, energy & power, and chemical & petrochemicals, among others, to control the flow of fluid through pipelines. In addition, 2-way control valves provide better control of the flow and pressure of liquids or gases in industrial systems. Accurate control of these parameters is critical to maintaining efficient operations, reducing waste, and ensuring the safety of industrial processes. Compared to other types of valves, two-way valves possess benefits such as easy installation and maintenance, saving the time and cost of maintaining the valve. In addition, these valves are intended to reduce the risk of leakage and contamination within an industrial system, as they can effectively interrupt the flow of materials when necessary. Hence, two-way valves are increasingly being used for chemical production, water treatment, oil & gas exploration, and pharmaceutical operations.
The global industrial valves market is segmented based on valve type, ball valve type, size, class, industry, butterfly valve disc closure type, construction type, control valve type, and check valve type. Based on valve type, the industrial valves market is classified into ball valves, butterfly valves, safety valves, control valves, check valves, plug valves, and others. Based on the size, the market is divided into up to 5 Inches, 6 to 15 inches, 16 to 24 inches, and above 25 Inches. Depending upon the Class, the market is divided into below 150, 300, 400, 600, 800, 900, 1500, and 2500. Based on industry, the market is bifurcated into oil and gas, LNG, water treatment, power and energy, chemical and petrochemical, and others. The industrial valves market, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
Crane Co., Emerson Electric Co., Flowserve Corporation, Kitz Corporation, and Schlumberger Limited are among the prominent players profiled in the industrial valves market report.
Industrial Valves Market Analysis
Players operating in the industrial valves market are mainly focused on the development of advanced and efficient products. As per the company press releases, below are a few recent key developments:
- In February 2024, KITZ Corporation planned to establish a new manufacturing facility in Vietnam to increase its production of high-purity valves in the market for gas and semiconductors.
- In 2021, Crane launched a new FK-TrieX full port triple offset isolation valve that offered reliability, safety, and efficient operation for various service applications. The FK-TrieX features superior fugitive emissions control and enhanced reliability with a unique bi-directional bubble-tight shutoff, which minimizes the total cost of ownership.
- In 2021, KITZ exhibited at UAE GASTECH 2021, Dubai, held from September 21 to September 23. KITZ exhibited mainly the introduction of cryogenic valves for LNG and liquefied hydrogen and valves for hydrogen stations compatible with high-pressure.
Industrial Valves Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 64,335.89 Million |
| Market Size by 2031 | US$ 89,331.32 Million |
| Global CAGR (2023 - 2031) | 4.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Valves Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material Type, Valves Type, and Industry
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
APAC is anticipated to grow with the highest CAGR over the forecast period.
The industrial valves market is expected to reach USD 89,331.32 million by 2031.
Rising advancements in microprocessor processing capabilities and high-speed connectivity technologies have paved the way for the wide-scale deployment of the Internet of Things (IoT). With the growing emphasis on digitalization and automation, manufacturers are increasing their demand for smart valves to achieve higher efficiency across production processes. As a result, this growing digitalization trend is expected to fuel the industrial valves market growth during the forecast period.
The key players, holding majority shares, in industrial valves market includes Schlumberger Ltd, Emerson Electric Co, KITZ Corporation, Flowserve Corp, and Crane Co.
With the growing use of valves in the oil & gas industry expected to drive the market, oil acts as an important base raw material for deriving various chemicals such as organic, analytical, physical, inorganic, and biochemistry industrial valves are used across the oil & gas industry for the seamless transportation of oil and gas from one process to another and other distribution purposes. Thus, the growing oil & gas industry is boosting growth in the global industrial valves market.
The global industrial valves market was estimated to be USD 64,335.89 million in 2023 and is expected to grow at a CAGR of 4.2% during the forecast period 2023 - 2031.
The water treatment segment led the industrial valves market with a significant share in 2023 and it is also expected to grow with the highest CAGR.
The List of Companies - Industrial Valves Market
- Velan Inc
- Crane Co
- CIRCOR International Inc
- Flowserve Corp
- Emerson Electric Co
- KITZ Corporation
- Neway Valve (Suzhou) Co Ltd
- Spirax Sarco Engineering Plc
- Schlumberger Ltd
- Weir Group PLC
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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