Industrial Valves Market

Updated on : April 26, 2023

[306 Pages Report] The global Industrial Valves Market size is projected to reach USD 99.8 billion by 2028 and is estimated to be USD 80.4 billion in 2023 at a compound annual growth rate (CAGR) of 4.4%.

The rising demand for valves from healthcare and pharmaceutical industries, establishment of smart cities globally, and rapid deployment of connected networks to monitor valve conditions and predict system failures are the major factors driving the growth of the industrial valves industry.

Industrial Valves Market Forecast to 2028

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Emerging Technology Trends : Industrial Valves Market

Valve Condition Monitoring

Plant operators should always be aware of the valve conditions to ensure operational safety and improve productivity. There is a growing demand for remote condition monitoring worldwide among end-user industries to reduce unplanned downtime, increase workplace safety, and substantially reduce maintenance and repair costs. Many valve manufacturers have started providing end-user industries with condition monitoring solutions. For instance, Emerson’s valve condition monitoring is a real-time, non-intrusive health monitoring solution that helps improve overall plant safety and productivity.

Once the data communication architecture is reviewed and established, Emerson provides detailed instrument configuration, and Secure First Mile data transfer methods are installed and validated. As the setup of valve condition monitoring is completed, the technology starts interpreting time-series analysis of valve data and executes automated data analytics processing. Data is then reviewed weekly, and if any urgent issues are identified, they are communicated in real time. Further, monthly reports are generated summarizing the condition of valve assets.

Industrial Valves Market Dynamics

DRIVERS: Increasing need to establish new power plants and revamp existing ones

Although valves make up a small portion of a power plant, they play a vital role. In the case of large power plants, hundreds of valves are used to manage steam and water flows. In recent years, improvements in material technology and manufacturing techniques have enabled the newly developed valves to offer optimum performance even in increased pressure and temperature conditions.

Control valves are used to diagnose problems and improve the overall performance efficiency of the power plant. With the establishment of new nuclear plants and revamping existing ones, the demand for valves is expected to increase to protect turbines and boilers from vibration or corrosion as valves are used in safety-related applications in nuclear power plants.

Piping is a primary process in the nuclear power plant, which acts as a channel for transporting necessary fluids for producing and managing nuclear energy. For the piping system to work seamlessly, valves and fittings play a pivotal role in preventing nuclear disasters by effectively controlling the flow of the fluids.

RESTRAINT: High capital investment and low profit margin due to varying valve standards across regions

As outsourcing offers pricing benefits, valve manufacturers focus on identifying low-cost manufacturing destinations. Although they managed to reduce costs, additional issues such as low quality and late delivery cropped up. This led to increased rejection rates and customer dissatisfaction, which, in turn, is compelling manufacturing to make amends to the supply chain to standardize quality across every facility.

As a result, valve manufacturers must adhere to the different certifications and policies of different regions regarding valves. This factor also creates diversity in product specifications due to the widespread applicability of valves in various end-user industries. However, this diversity is hindering the valves market's growth, as industry players have to amend the same product according to the regional policies, making it difficult for valve manufacturers to achieve an ideal installation cost.

OPPORTUNITIES: Rising demand for AI-integrated valves for intelligent water supply

Artificial intelligence (AI) can be described as any algorithm that allows processing data and learning, thereby increasing the system’s performance over time as its algorithm becomes better tested and trained. In a water distribution network, AI can be integrated into various applications, such as predicting flow at one location at one time based on what happened at a previous location, forecasting future scenarios to deal with any contingencies, and choosing the best options available for solving a particular problem or eliminating any bottleneck.

AI algorithms for decision-making involve optimization techniques for finding the suitable combination of factors that minimize or maximize a numerical objective function. For implementing contingency plans and protocols, AI assists in optimizing a response based on the level of risks, which can either be predefined or determined in real time, including the response to close certain valves to minimize the impact of a pipe burst. There is a rising necessity to integrate AI for implementing decision-making algorithms and related optimization techniques into the operation of most water utilities. The AI-induced operational analysis enables real-time and optimized control of certain parts of the water distribution network, such as pressure or flow control valves and pumping stations, which helps reduce energy consumption and efficiently monitors water quality.

CHALLENGES: Unplanned downtime due to malfunctioning and failure of valves

Malfunctioning or failure of valves results in unplanned downtime or shutdown of a plant. As a result, the facility faces enormous consequences, such as loss in production, heightened repair costs, related labor costs, and wastage of raw materials. Furthermore, this can put a strain on customer relationships as a result of delayed deliveries or poor product quality. In this scenario, replacing or repairing the valves are the only options. However, industry players are trying to overcome this issue by adopting predictive maintenance, connected infrastructure, or condition monitoring solutions. Smart valve monitoring is another development through which manufacturers can overcome the issue of downtime and help customers improve process efficiency.

Globe valves held the largest share of the industrial valves market in 2022

The major advantage of globe valves is the minimal leakage. Other advantages include better full-closing characteristics, shorter opening and closing time, and positive shutoff drive; therefore, the adoption rate of these valves is much higher across various industries.  

Actuators held the largest share of the industrial valves market in 2022

Modern actuators enable opening and closing operations and provide intermediate positioning with high accuracy. The valve actuator can be used with a logic controller and digital communication system to monitor remote operations and provide predictive maintenance data. Selecting the right actuator can reduce maintenance costs, increase uptime, and enhance plant safety.

On/off segment held the largest share of the industrial valves market in 2022

Isolation valves are available in a comprehensive range of designs, materials, and sizes to suit a wide range of applications and processes in industries such as oil & gas, energy & power, water & wastewater treatment, food & beverage, chemical, pharmaceutical, metal & mining, pulp & paper, and agriculture. Several key players, such as Emerson, Metso, Cameron, IMI Plc, and Flowserve, offer a robust and extensive portfolio of on/off valves.

Steel segment held the largest share of the industrial valves market in 2022

Steel offers efficient mechanical properties and good resistance against stress corrosion cracking and sulfides due to which it has become the most widely used material for the construction of valves. Carbon steel offers high- and low-temperature strength and the valves made using this type of steel can be used in applications where extreme pressure and temperatures make other materials unusable.

1” to 6” valves size segment held the largest share of the industrial valves market in 2022

The growing adoption of valves in the 1” to 6” size range can be attributed to the rising adoption of these valves in various critical and severe service applications in multiple industries, such as oil & gas, energy & power, water & wastewater treatment, chemical, food & beverage, and pulp & paper as they offer less turbulence to the flow and ensure lower pressure drops. Moreover, valves in this size range are compact and cost-effective.

Energy & power industry held the largest share of the industrial valves market in 2022

Countries worldwide are struggling to fulfill the growing requirement for energy, and the energy & power industry is constantly seeking ways to produce energy faster, safer, and more efficiently with minimal environmental impact. Also, it is crucial to utilize the available resources efficiently, as most of these are nonrenewable. Control valves are key components in power generation plants. In the energy and power industry, valves need tight shutoffs for handling high-integrity slurry. Also, the disc should be easily replaceable because most of the time, the slurries passing through are abrasive. Therefore, specialized valves are employed in the energy and power industry for varied applications.

Asia Pacific held the largest share of the industrial valves market in 2022

Owing to the increasing urban population in the region, there is a high demand for new and improved wastewater treatment systems. The increasing need for proper utilization of water and the growing demand for advanced water & wastewater treatment techniques are creating a demand for industrial valves in Asia Pacific countries. Pharmaceutical manufacturers in China are increasingly adopting IoT-integrated industrial valves to optimize and automate a broad spectrum of tasks, including transporting accurate doses of fluids to manufacture drugs. Due to the high-precision requirements of the semiconductor industry, Japanese manufacturers are adopting PFA/PTFE-lined industrial valves to ensure high seal ability, better corrosion resistance, and longer service life.

Industrial Valves Market by Region

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Key Players

The Industrial Valves Companies is dominated by a few globally established players such as Emerson (US), Flowserve Corporation (US), Schlumberger Limited (US), Neles (Finland), and IMI PLC (UK).

Industrial Valves Market Report Scope: 

Industrial Valves Market Highlights

This research report segments the industrial valves market based on offering, technique, workflow, and region.

Recent Developments

• In December 2022, Emerson introduced the Crosby J-Series pressure relief valve product line, which is expected to ensure balanced operation against backpressure to improve performance and lower the cost of ownership. They feature the bellows leak detection technology, which enables remote detection of bellows ruptures in the valves, thereby helping reduce volumetric emissions.
• In December 2022, KSB SE & Co. KGaA launched the series produced additively manufactured/3D printed diaphragm valves made of special alloyed material. The new valves are specially designed for the pharmaceutical industry.
• In November 2022, Neles, a global provider of flow control solutions, completed the acquisition of the valve and pump businesses of the Finland-based technology company, Flowrox. Through this acquisition, Neles aims to expand its product portfolio and exposure to the metal and mining industry.
• In Septemnber 2022, Parker Hannifin Corporation completed the acquisition of Meggitt PLC, a world leader in the aerospace and defense, and energy markets. It offers a comprehensive portfolio of technologies and products, including industrial valves and control systems.  

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