The global valves market is estimated to be valued at US$ 72.04 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Valves are used in various industries like oil & gas, energy & power, water & wastewater treatment, and others to regulate, direct or control the flow of liquids, gases, and slurries. They play a vital role in controlling the flow and preventing backflow in industrial processes.
Market key trends:
One of the key trends in the valves market is the increasing focus towards providing smart valve solutions. Smart valves are becoming more popular as they provide improved efficiency and performance monitoring compared to traditional valves. They are integrated with sensors and actuators that can be remotely monitored and controlled. This allows end-users to optimize processes, reduce downtime, enhance safety, and lower maintenance costs. Many leading valve manufacturers are investing in developing innovative smart valves with Internet of Things (IoT) and Industrial Internet of Things (IIoT) capabilities to gain a competitive edge in the industry.
Segment Analysis:
The valves market is segmented by type, material, industry and geography. By type, the market is divided into ball valves, gate valves, butterfly valves, plug valves and others. Among these, the ball valves segment held the largest market share in 2022 owing to its advantages such as reliability, simplicity, low operating torque and compact design. By material, the market is bifurcated into steel, cast iron, alloy based and others. The steel segment accounted for the dominant share in the global market due to its properties of high strength and durability.
Key Takeaways:
The Global Valves Market Demand is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing investment in oil & gas industry and power generation sector.
Regionally, Asia Pacific dominates the global valves market and is expected to grow with the highest CAGR during the forecast period. This is attributed to increasing focus of emerging economies like India and China on industrialization and manufacturing sector.
Key players operating in the valves market are Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, BÃ1⁄4rkert Fluid Control Systems, and Flowserve Corporation. Schlumberger Limited held the largest market share in 2022 owing to its strong global presence and wide product portfolio.
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