The industrial valves market is expected to grow to $93,664.9 million by 2028, driven by demand in China and advancements in valve automation.
The COVID-19 pandemic has hindered the demand for industrial valves in North America and Europe, however, China exhibited significant growth in demand during the outbreak of the COVID-19 pandemic.
Industrial valves are electro-mechanical or mechanical devices used for the control of gases, liquid, slurries, and others through pipes and tubes in industries. Different kinds of industrial valves perform various functions such as shut on/off, pressure control, and other regulatory purposes. There are various kinds of industrial valves, including ball valves, butterfly valves, check valves, gate valves, globe valves, pinch valves, and others, which are designed for regulation, control, and on & off purposes.
The global industrial valves market size is expected to reach $93,664.9 million in 2028 from $58,547.9 million in 2020, growing at a CAGR of 6.0% from 2021 to 2028.
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Moreover, industrial valves are manufactured using carbon steel, cast iron, stainless steel, and various other metal alloys for attaining high efficiency. Furthermore, the high automation and control in industrial valves improve their functioning in hazardous applications such as oil & gas, chemical processing, nuclear power generation plants, and others.
Covid-19 Impact Analysis
The COVID-19 pandemic has negatively affected the industrial valves market mainly due to the halt in international trade, prolonged lockdowns, and ceased manufacturing processes. In addition, the major end-user manufacturing companies located in countries such as the U.S., Germany, the UK, and others are also facing financial impacts due to halted production, which is likely to hinder the growth of the industrial valves market during 2020.
Top 10 Key Market Players
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Key Market Segments
By Material Type
By Valve Type
By Application
By Region
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The article discusses the projected growth of the industrial valves market, expected to reach $93,664.9 million by 2028.
COVID-19 negatively impacted demand in North America and Europe but increased demand in China.
Key players include AVK Holding, Emerson Electric, and Flowserve Corporation.
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