DUBLIN--(BUSINESS WIRE)--The "Industrial Valves Market - Forecasts from 2019 to 2024" report has been added to ResearchAndMarkets.com's offering.
The industrial valves market was valued at US$64.241 billion in 2018 and is projected to expand at a CAGR of 4.41% over the forecast period to reach US$83.218 billion by 2024.
Industries such as chemical, power, metal working, and oil and gas all have an increasing demand for innovative valves that meet the industry's requirements. Recent incidences of accidents in factories and manufacturing facilities due to faulty valves are demanding for high-performance industrial valves that provide better security to the equipment and the workers. This, in turn, is driving the demand for highly efficient industrial valves.
In April 2018, an explosion took place at Husky Energy's refinery as a result of a malfunctioning valve in an alkylation unit that allowed a flammable mixture to form and likely caused the explosion. Thus, advanced technologies are increasingly being incorporated in the design of the valves so as to provide better security to the equipment in the industries. For instance, automatic valves are gaining traction in the global market owing to the advantages offered such as advanced preventive maintenance ability, thus eliminating the shutting down of the operation.
Rapid changes in technology and the capabilities of computer-generated control systems is leading to the increased adoption of automatic valves by the industries. Thus, the market is expected to grow at a steady pace owing to the new designs and technologies being incorporated in the industrial valves.
By type, the industrial valves market is segmented as ball valves, butterfly valves, check valves, diaphragm valves, globe valves, gate valves, plug valves, and safety valves. The butterfly valves and plug valves are anticipated to grow at a good rate during the forecast period.
By Industrial Vertical
By industrial vertical, the industrial valves market is segmented as oil & gas, energy & power, water & wastewater treatment, chemical, food & beverage, pharmaceutical, agriculture, and others. Oil & gas holds a significant share in the market owing to the usage of a variety of valves in the industry. The valve service environments and operating conditions are often extreme with high temperature and high pressure in the oil and gas industry.
Geographically, the industrial valves market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. The Asia Pacific is estimated to hold a significant share in the market and is anticipated to grow rapidly as a result of the growing focus of the government of the emerging economies of the region to support domestic manufacturing.
The industrial valves market is highly fragmented with thousands of manufacturers. The players are expanding globally to mirror their customers' requirement. As a result, they are increasingly integrating with other players. The key players include Eaton, Emerson Electric Co., General Electric Company, and Flowserve Corporation among others.
Key Topics Covered
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Secondary Sources
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter's Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. INDUSTRIAL VALVES MARKET BY TYPE
5.1. Ball Valves
5.2. Butterfly Valves
5.3. Check Valves
5.4. Diaphragm Valves
5.5. Globe Valve
5.6. Gate Valve
5.7. Plug Valves
5.8. Safety Valves
6. INDUSTRIAL VALVES MARKET BY MATERIAL
6.1. Stainless Steel
6.2. Cast Iron
7. INDUSTRIAL VALVES MARKET BY INDUSTRY VERTICAL
7.1. Oil & Gas
7.2. Energy & Power
7.3. Water & Wastewater Treatment
7.5. Food & Beverage
8. INDUSTRIAL VALVES MARKET BY GEOGRAPHY
8.1. North America
8.2. South America
8.3.3. United Kingdom
8.4. Middle East and Africa
8.4.2. Saudi Arabia
8.5. Asia Pacific
8.5.3. South Korea
9. COMPETITIVE INTELLIGENCE
9.1. Competitive Benchmarking and Analysis
9.2. Recent Investments and Deals
9.3. Strategies of Key Players
10. COMPANY PROFILES
10.2. Emerson Electric Co.
10.3. General Electric Company
10.4. Flowserve Corporation
10.5. The Weir Group PLC
10.6. IMI PLC
10.8. KITZ Corporation
10.10. Spirax Sarco Limited
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