The Global Trends That Shaped Valve Industry 2021

Despite the COVID-19 global pandemic, the valve industry is forecasted to gain market period in the projected period of 2021-2028 with a CAGR (compound annual growth rate) of 6%. This article will further discuss the market report of the valve sector, including the market overview, key market trends, and the major players in the industry. Let us start!

The Market Overview

The global industrial market size was valued at USD 58 million in the previous year. Now the valve industry is forecasted to achieve 6% CAGR in the period of 2021-2028 amidst pandemic. Industrial valves are applied in process sectors for regulation, direction, and control of gases, vapors, liquids, and even slurries. 

These valves are primarily manufactured using cast iron, carbon steel, stainless steel, and other metal alloys to obtain efficient flow control in many industries.

Source: Allied Market Research

Oil and gas are just some of the key sectors that rely heavily on valves. Another is the food processing industry, which, however, was stopped during the lockdown. Owing to these elements, the global pandemic did significant damage to the market of industrial valves. Here are the other things that we should take note of:

  • Over the medium term, the significant attributes driving the global market studied are the growing demand from the chemical and power industries.
  • On the flip side, stagnant industrial growth in developed countries is expected to hinder the market’s growth.
  • The Asia-Pacific region is expected to influence the majority of the valve market and witness the highest CAGR during the forecast period. How so? The COVID-19 pandemic has halted the demand for industrial valves in Europe and North America. However, China exhibited a huge growth in need during the outbreak of the COVID-19 pandemic.

The Key Market Trends

Among the key market trends is the increasing demand from the power sector. Here are the things you should know:

Source: Allied Market Research

  • Valves are used for many different applications in the technology and power industry, such as pump recirculation, boiler startups, steam conditioning, and turbine bypass.
  • For example, valves in the condensate system manage the additional flow required for the fluid recirculation condensate pump. Also, valves are used to control the deaerator level for the feedwater heater, so if you are looking for reliable valves for the water piping system, check out tubomart.com for various selections.
  • For feedwater operation in the power industry, valves are used for boiler feed pump recirculation, and the industrial valves play a significant role in this application.
  • Additionally, the valves are used for superheaters, turbine bypass, superheater bypass, and the likes.
  • By 2030, the global electricity demand is estimated to expand at 75%. However, even though the energy generated by renewable sources is proliferating, the scale of electricity is not enough to satiate the rapidly growing demand.

The Asia-Pacific Region is Ready to Dominate the Market

The Asia-Pacific region got the lion’s share of the global market. With the growing need for water treatment in countries like China, India, and Japan, along with the oil and gas industrial activities, the industrial valves demand is flourishing in the region. 

The consumption of industrial valves is very high in the oil and gas industry as downstream production has increased. This further increases the production capacities of petrochemicals, which augments the consumption of industrial valves in various parts of the world.

The chemical industry is another prominent end-user industry in Asia and the rest of the world. Several major companies in the market have chemical manufacturing plants found in their facilities. These companies reported that any increase in their production capacities is always parallel to the consumption of industrial valves.

Major Key Players in Valve Industry

The following are some of the major key players in the industrial valve sector:

  • AVK Group

AVK company produces industrial monitoring and control systems for discrete and process industries. AVK is producing industrial valve varieties for water treatment, oil and gas, steel, chemical, and power generation.

  • Emerson

Emerson is known for automation solutions and is a reputable industrial valves manufacturer with many valve selections. It carries the brands Vanessa, Keystone, Tartarini, KTM, Virgo, Neotecha, Fisher, Clarkson, and Yarway.

  • BEL Valves

BEL Valves is a UK-based valve manufacturer specializing in high-pressure and high integrity valves for oil and gas sectors. The company’s clients include the most prominent national and international companies worldwide, such as Chevron, Total, ExxonMobil, Shell, BP, and Saudi Aramco. 

Conclusion

In a nutshell, knowing the global market trends of the valve industry is essential, especially if you are part of the business or planning to be part of the business venture. Getting to know what type of valve industry trends exist can help your company be equipped with the implications related to the COVID-19 pandemic which can make all the difference for your success in the future.

Nishisingh

Nishi Singh is a professional journalist and editor in New Delhi. She has studied Mass Communication from National Institute of Mass Communication.