DELRAY BEACH, Fla., Oct. 16, 2024 /PRNewswire/ -- The global Industrial Valve market will be USD 121.67 billion by 2029 from USD 95.58 billion by 2024, at a CAGR of 4.9% during the forecast period according to a new report by MarketsandMarkets. The industrial valve market is witnessing tremendous growth supported by an increasing demand for the product in application areas as diverse as oil and gas, water and wastewater management, and pharmaceuticals. Some of the major growth drivers include rising demands for efficient fluid-control systems, new valve technologies, and increasing regulatory pressures for safe operations and healthy environmental practices. Another area of its contributions is the growing increase of renewable energy projects in the hydrogen space and desalination plants. The Asia Pacific and Middle East region is geographically leading in the emerging markets. Urbanization, along with infrastructural development, boosts these regions' growth. Therefore, an upward trend in the industrial valve market is expected to be evidenced, thus fueled by technological innovations and robust end-user demand.
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290 - Pages
Industrial Valve Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 95.58 billion |
Estimated Value by 2029 | $ 121.67 billion |
Growth Rate | Poised to grow at a CAGR of 4.9% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By technology, industry, and region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Fierce competition due to reduced product differentiation |
Key Market Opportunities | Integration of industrial valves with IIoT and Industry 4.0 |
Key Market Drivers | Rising demand for valves from healthcare and pharmaceutical industries |
Linear valves are expected to account for the largest share of the industrial valve market during the forecast period.
The digital transformation systems segment accounted for the largest share of the Industrial Valve market in 2029. The linear valve market is expected to have high growth potential due to increasing automation in various sectors such as oil and gas, water management, and pharmaceuticals. Growing demand for effective regulation of fluid flow and Pressure in industry operations drives the demand for linear valves such as actuators and pneumatic valves. In addition, the growing emphasis on sustainable practices, such as water conservation and renewable energy projects, is another factor creating a growth opportunity. Technological advancements in smart valves infused with the ability to use IoT would continue propelling the market. Hence, overall growth within the linear valve market will be strong and healthy.
Chemicals segment will exhibit the highest CAGR in the forecast year.
Valves deployed in the chemical industry expose them to handling media such as abrasive silica, molten slurry, liquefied wax, high-velocity hard particles, corrosive attacks, and fugitive emissions. The efficient performance of valves ensures process integrity and safety of the staff and improves the overall production efficiency, thus enhancing profitability. In typical chemical and petrochemical plants, valves are used in diversified plant operations, including feed pumps, compressors, furnaces, reactors, exchangers, separators, letdown systems, fluid management systems, condensers, and steam lines for pressure flow control, abrasion, corrosion, scaling and erosion, emission, cleaning, and pressure-assisted sealing, among other such functions.
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Asia Pacific is expected to hold the largest market share of the Industrial Valve market during the forecast period.
In 2023, the Asia Pacific region captured the largest share of the global industrial valves industry. Growth in the industrial valves market in the water and wastewater treatment sector is enormous; it will likely continue in the years ahead. Growth drivers include a dense population and a per capita income with large-scale industrialization and rapid urbanization. These economies include countries like China, India, and several Southeast Asian nations, whose economies are increasingly growing. With the region's urban population constantly increasing, there is a high need for better water and wastewater treatment systems. Additionally, with a growing need for efficient water management and superior water and wastewater treatment technologies, the demand for industrial valves in Asia Pacific countries is also increasing.
Key players
The key companies in the Industrial Valve companies include Emerson Electric Co. (US), SLB (US), Flowserve Corporation (US), IMI (UK), and Crane Company.
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