Industrial Valves Companies - EFKON (Austria), Siemens (US), are the Key Players
The global Industrial Valves Market Size is expected to grow from USD 80.4 billion in 2023 to USD 99.8 billion by 2028, at a CAGR of 4.4%.
The rising demand for industrial valves from healthcare and pharmaceutical industries, the growing need for revamping existing power plants and establishing new ones, and shifting focus of valve manufacturers towards offering better maintenance and aftermarket services are the key factors driving the industrial valves market.
Major Industrial Valves Companies Include:
- Emerson (US),
- Flowserve Corporation (US),
- Schlumberger Limited (US).
To stay competitive in the market and to increase their footprint in the global market, these players have adopted various strategies, including increasing investments in R&D, new product launches, increasing number of acquisitions, mergers, partnerships, strategic alliances, and planned geographic expansions.
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The primary competitive strategy of Emerson is to deliver solutions to the customers by manufacturing high-quality products at the most acceptable cost. The regional manufacturing strategy, strong supplier relationships, and multi-sourcing arrangements have enabled the player to mitigate day-to-day challenges such as multidimensional disruptions (political, social, and economic) and competitive rivalry and maintain optimum financial performance.
According to the International Energy Agency (IEA), the oil & gas industry is expected to contribute more than 50% of the global energy mix for the next few decades. It is focused on facilitating the industry to produce the resources economically and effectively. In 2022, intending to serve the oil & gas sector in Saudi Arabia and neighboring countries, Schlumberger Limited inaugurated the second manufacturing facility at King Salman Energy Park (SPARK), Saudi Arabia, following the successful establishment of the first manufacturing facility in SPARK in 2020. The facility covers the manufacturing of valve technologies, such as GROVE valves and ORBIT rising stem ball valves, to enable the efficiency of oil and gas operations in the kingdom and neighboring countries. The increasing well construction and reservoir performance drive the demand for industrial valves in the Well Construction segment. For instance, in March 2021, the company entered into a contract worth USD 480 million with ExxonMobil (US) for drilling 96 wells in southern Iraq. Growing emphasis on key competencies and partnerships to enhance its product portfolio has provided the company with a competitive edge.
Flowserve Corporation has pursued the strategy of industry diversity and geographic breadth. It enables the company to minimize the impact of normal economic downturns occurring due to adverse effects on any industry or any part of the world. Additionally, as a part of the growth strategy, Flowserve Corporation reviews its capacity requirements from time to time. It assures that its current facilities are adequate for meeting the production requirements of its present and near future operations. The company also invests in its aftermarket strategy of providing local support for driving customer investments in its offerings. The aftermarket business is primarily served by the global network of 155 Quick Response Centers (QRCs), which help provide customers with various offerings, including service solutions, spare parts, product life cycle solutions, and other value-added services. The aftermarket strategy also promotes the preference of customers to avail installation or repair services of the company, thereby increasing customer engagement with the brand. Moreover, the aftermarket strategy also helps the organization to ensure business stability during various economic periods.
Related Reports:
Industrial Valves Market by Type (Ball, Butterfly, Globe, Gate, Diaphragm, Safety, Check, Plug), Material (Steel, Cast Iron, Alloy Based, Cryogenic, Plastic, Bronze, Brass), Component (Actuator, Positioner), Function - Global Forecast to 2028
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