Industrial Valves Market Projected to Reach $93.6 Billion by 2028
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
- AVK Holding A/S
- Avcon Controls Private Limited
- Schlumberger Limited
- Crane Co.
- Emerson Electric Co.
- Flowserve Corporation
- Forbes Marshall
- IMI plc
- Metso Corporation
- The Weir Group plc
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Key Market Segments
By Material Type
- Cast Iron
- Steel
- Alloy-Based
- Others
By Valve Type
- Ball Valves
- Butterfly Valves
- Gate Valves
- Globe Valves
- Plug Valves
- Check Valves
- Diaphragm Valves
By Application
- Oil & Power
- Water & Wastewater
- Chemical
- Food & Beverage
- Others
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
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