A survey predicts that the Industrial Valves Market would increase at a compound annual growth rate (CAGR) of 4.4%, from USD 80.4 billion in 2023 to USD 99.8 billion by 2028. The development of new power plants and the modernization of existing ones, as well as the increased demand for automation solutions, are some of the factors contributing to the market's expansion. Another driver is the rising demand for industrial valves from the healthcare and pharmaceutical industries. The development of smart cities across the globe is also highlighted in the study as a key market driver. However, because valve requirements differ among countries, it is anticipated that costly capital investment and low profit margins will restrain the market's expansion. Overall, the report indicates that the global market for industrial valves is prepared for stable expansion in the years to come, supported by a number of variables but also confronting difficulties that may require resolution.

A number of factors have contributed to the steady growth of the industrial valves market. The need for AI-integrated valves that can improve intelligent water delivery systems is expanding, to start with. Second, the market is expanding as a result of the expanding usage of cutting-edge technologies like 3D printing in the manufacture of valves. The market for industrial valves is also significantly influenced by the petrochemical sector. The industry is expanding, and it needs valves for a variety of uses. As a result, the market is expanding as a result of the increasing demand for these valves. Overall, it is anticipated that the industrial valves market will continue to expand steadily, with these elements being essential to this development.

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Market segmentation for industrial valves includes segments for ball, butterfly, check, gate, globe, plug, diaphragm and safety valves. Ball valves ranked second among these types in terms of market share in 2022. Their use in several applications, such as flow and pressure control and their capacity to act as a shutdown valve for corrosive fluids and slurries, are boosting their demand despite the fact that they are expensive to install and maintain. On the other hand, from 2023 to 2028, safety valves are anticipated to see the fastest compound annual growth rate (CAGR). Safety valves are essential parts that guard against vacuum-induced pipeline collapse and discharge excess pressure, protecting people and equipment from injury. Therefore, the increasing use of safety valves to safeguard machinery and people is anticipated to fuel the expansion of the industrial safety valves market throughout the course of the forecast period. Overall, the industrial valves market is divided into various types, each of which is essential to the industry's expansion.

Actuators, valve bodies, and other components (positioners and I/P converters) make up the three market segments for industrial valves. Pneumatic, electric, and hydraulic actuators are further categories for actuators. In the industrial valves market in 2022, actuators accounted for the biggest share of these parts, followed by valve bodies. Actuators are essential parts that enable remote valve adjustment, ensuring smooth, error-free functioning of big valves. Actuators that are powered by air pressure, hydraulic pressure, or electricity, respectively, can control valves in a dependable and effective manner. Additionally, there is a growing need for valve bodies with increased toughness and durability for use in industrial processes that operate in high-temperature environments and need a constant supply of essential fluids, such as active pharmaceutical ingredients (APIs) in the pharmaceutical industry and ultrapure water for semiconductor fabrication processes. Overall, the various parts are crucial to the expansion and development of the market for industrial valves.

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On/off and control functions are the segments used to categorise the industrial valves market. On/off valves accounted for a higher part of the market, however the control sector is predicted to grow at the greatest CAGR from 2023 to 2028. As isolation is crucial in any fluid/gas handling system for diverting the flow, shutting down the system, providing access for maintenance, as well as during the removal/installation of any component, on/off valves satisfy strict shut-off criteria across a variety of industries. As a result, these valves represent a bigger market share. But in critical/severe service applications, where manual operation is risky or takes more time and effort, control valves are used. As a result, there is an increasing need for control valves that automate valve operation.

Steel, cast iron, alloy-based, cryogenic, plastic, and other materials (bronze and brass) are the several material categories under which the industrial valves market is divided. Due to its corrosion resistance, stainless steel is the most frequently used material for the construction of valves in industries including brewing, desalination, and petroleum refining, accounting for a bigger market share for steel valves. However, over the projection period, plastic valves are anticipated to have the highest CAGR. Plastic valves are increasingly being used in sectors like chemicals and pharmaceuticals due to benefits including corrosion resistance, excellent chemical compatibility, and abrasion resistance. Plastic valves are an appealing option for some applications because they can cut the cost of ownership and the danger of contamination.

Size-based categories for the industrial valves market include "less than 1", "1" to 6", "7" to 25", "26" to 50", and "more than 50". Valve sizes more than 50" are anticipated to see the greatest CAGR during the forecast period of 2023 to 2028, despite the fact that valves in the size range of 1" to 6" had the majority share in 2022. In thermal power plants, fertiliser plants, petrochemical plants, and refineries, water, steam, oil, chemical, and other high-pressure and high-temperature applications are commonly handled by valves greater than 50".

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Oil & gas, water & wastewater treatment, energy & power, food & beverage, metal & mining, chemical, pharmaceutical, building & construction, pulp & paper, agriculture, semiconductor, and other end-user sectors are the segments of the industrial valves market. During the projected period, the pulp and paper sector is anticipated to see the highest CAGR, followed by the semiconductor industry. While ultrahigh-purity valves are crucial in the semiconductor sector to give exact doses of gases during the deposition process to make semiconductor chips, control valves are widely employed in the paper and pulp industries to handle abrasive material. The expansion of the industrial valves market is also greatly aided by other sectors including oil and gas, water and wastewater treatment, and energy and electricity.

North America, Europe, Asia Pacific, and the Rest of the World are the four geographic divisions of the industrial valves market. While North America is anticipated to see the highest growth throughout the forecast period, Asia Pacific was likely to hold the largest share of the global industrial valves market in 2022. In North America, the market for industrial valves was dominated in 2022 by the water and wastewater treatment sector. The outdated infrastructure for water and wastewater treatment calls for the installation of modern industrial valves that improve energy efficiency, monitor media flow, and abide by evolving environmental laws. These facilities are therefore running for all residential services worldwide. Due to growing consumer demand, commercial and industrial sectors are anticipated to increase production, which will lead to growth of the industrial valves market in North America during the forecast period.

News Covered:

https://www.globenewswire.com/en/news-release/2023/02/03/2601315/0/en/Industrial-Valves-Market-Size-Share-Growth-Drivers-and-Analysis.html

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