The industrial valves market is projected to grow at a CAGR of 5.80%, with estimated market size of USD 59.1 billion in 2021 to USD 82.9 billion by 2028. One of the key factors fueling the market expansion for industrial valves is the rise in infrastructure-related activities. Industrial valves are in greater demand due to increased infrastructure-related projects and the expansion of private infrastructure investment (PPI). Additionally, improving industrial equipment performance and lubricant life with continuous lubricant filtration speeds up market growth. Continuous use of these systems also helps to reduce the costs associated with machinery repairs and production downtime. The market for industrial valves is further benefited from expanding urbanization, lifestyle changes, a boom in investments, and rising consumer expenditure.
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Industrial Valves Market Dynamics
Drivers: Growing demand for valves from healthcare and pharmaceuticals industries due toCOVID-19 pandemic
The healthcare and pharmaceutical sectors are at the vanguard of fighting the COVID-19 pandemic due to its rapid spread. There is an increase in the creation of all essential medical devices needed to treat COVID-19 patients. Several significant industry firms have seized the chance to help in the effort to combat this pandemic since industrial valves are crucial to the production of various types of medical equipment. Emerson's valves, for instance, can control pressure relief, maintain the cleanliness of the materials and components in sterilizers and oxygen therapy devices, and support analyzers and other crucial hematology equipment. Additionally, pop-up and remote hospitals and triage centers receive oxygen supply through the company's high-pressure and high-purity valves.
Restraints: Lack of standardized policies
Manufacturers of valves must abide by the various certifications and laws in each region. Due to the wide use of valves in numerous end-user sectors, this factor leads to diversity in product requirements. However, due to the need for industry participants to modify the same product by regional rules, which makes it challenging for valve manufacturers to attain an optimal installation cost, this diversity is impeding the growth of the valve market. They must use their resources to establish production facilities in other places to address this problem, which will require extra capital investments.
Key Market Players
The industrial valve market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are G.E. Company, Emerson, Flowserve Corporation, Schlumberger Limited, TechnipFMC Plc, KSB SE & Co. KGaA, KITZ Corporation, Alfa Laval Corporate AB, Curtiss-Wright Corp., CIRCOR International, Inc., Oilwell Varco, Inc., Weir Group Plc., Neway Valves, AVK International A/S, Flowserve Corporation and LESER GmbH & Co. K.G.
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