Industrial Valves Market Outlook 2024-2033: Growth Potential, Drivers And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The industrial valves market has seen a steady rise in recent years, with significant growth attributed to various factors such as infrastructure development, energy exploration and production, and globalization of manufacturing. The market size is projected to increase from $103.84 billion in 2023 to $108.99 billion in 2024, marking a compound annual growth rate (CAGR) of 5.0%.
Drivers of Growth in the Historic Period
- Infrastructure Development
- Energy Exploration and Production
- Globalization of Manufacturing
- Stringent Regulatory Standards
- Replacement and Upgradation
Forecasted Growth and Contributing Factors
The market is anticipated to maintain its growth momentum, reaching $129.35 billion in 2028, driven by factors like environmental sustainability initiatives, water management projects, and resilience in supply chains. Additionally, customization, specialization, and global economic recovery will play pivotal roles.
Emerging Trends Shaping the Future
- Smart Valve Technologies
- Industrial Internet of Things (IIoT)
- Focus on Energy Efficiency
- Increased Automation in Manufacturing
- Expansion in Oil and Gas Exploration
- Advanced Materials and Manufacturing Techniques
Surging Oil And Gas Explorations Drives The Industrial Valve Market
Understanding the Impact
The escalating number of oil and gas explorations is set to fuel the growth of the industrial valve market. These explorations involve identifying potential drilling locations and extracting resources. Industrial valves play a crucial role in controlling the flow and pressure of oil and gas, hence their demand is closely linked to this sector’s activities.
Illustrative Statistics
According to the U.S. Energy Information Administration, oil production in the US surged to 11.6 million barrels per day in 2021, while gas production reached 118.7 million barrels per day during the same period. These figures underscore the significant role of the oil and gas sector in propelling the industrial valve market forward.
Key Players
Major companies like Emerson Electric Co., The Flowserve Corporation, and Schlumberger Limited are at the forefront of driving innovation and meeting the demand for industrial valves in this sector.
Transformative Product Developments In The Industrial Valve Market
Embracing Innovation
Product innovation is emerging as a pivotal trend in the industrial valve market, with companies focusing on developing cutting-edge solutions to enhance their market position. Recent developments, such as those introduced by Emerson Electric Co., showcase the industry’s commitment to technological advancement.
Case Study: Emerson Electric Co.
In December 2022, Emerson Electric Co. introduced two groundbreaking technological products—Crosby J-Series pressure relief valves. These innovations aim to enhance performance, reduce costs, and improve operational efficiency, thereby meeting the evolving needs of the market.
Strategic Acquisitions
In April 2022, ITT Inc. acquired Habonim Industrial Valves & Actuators Ltd., signaling a strategic move to expand its specialty valve portfolio. This acquisition enables ITT Inc. to access new markets and strengthen its position in sectors such as green energy.
Market Segmentation and Regional Dynamics
Understanding Market Segments
The industrial valves market encompasses various segments, including types of valves, functions, materials, accessories, and end-users. This segmentation enables a comprehensive understanding of the market landscape and facilitates targeted strategies by industry players.
Key Regions
Asia-Pacific emerged as the largest region in the industrial valves market in 2023, underscoring the region’s significance in driving market growth. As a hub for manufacturing and industrial activities, Asia-Pacific continues to present lucrative opportunities for market players.
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The Industrial Valves Global Market Report 2024 provides comprehensive insights on the industrial valves market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the industrial valves market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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