The industrial valve market size is expected to grow from USD 78.18 billion in 2021 to USD 125.59 billion in 2028; it is expected to expand at a CAGR of 7.0% during the period 2021-2028.
NEW YORK, Feb. 10, 2022 (GLOBE NEWSWIRE) — Latest research on “Industrial Valves Market Forecast to 2028 – COVID-19 Impact and Global Material Type (Cast Iron, Steel, Cryogenic, Alloy Based, Others) Analysis” report); valve types (ball, butterfly, diaphragm, safety, piston RAM, gate and control valves); industrial (oil and gas, water, power and energy, chemical and petrochemical, food and beverage, healthcare and Pharmaceuticals, etc.)”, published by The Insight Partners.
United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, Korea, Saudi Arabia, Brazil, Argentina
Industrial Valve Market: Competitive Landscape and Key Developments Valen Inc., Crane Co., Circor International, Emerson Electric Co., Flowserve Corporation, Kitz Corporation, Neway Valve (Suzhou) Co., Ltd., Spirax Sarco, Schlumberger Co., Ltd. Company and IMI PLC are among the key players profiled during this market research.Apart from these players, several other significant market players are also studied and analyzed to gain a comprehensive understanding of the global Industrial Valves market and its ecosystem.
In 2020, Spirax Sarco expanded its product portfolio to include a range of bellows-sealed valves, BSA and A3S isolation valves.These valves are manufactured to protect plants and save energy by eliminating stem seal leaks.
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In 2021, Neway Valve HT&HP floating ball valve passed the high temperature cycle test of 650℃ and 550℃.The testing process is strictly in accordance with API 6D (ISO 5208).
South America includes Brazil, Argentina, and the rest of South and Central America.Since the last decade, oil production in Central and South America has peaked at more than 7 million barrels per day; 7.5 million barrels per day is the latest statistic.Venezuela and Brazil currently control most of Central and South America’s oil production.Venezuela has been South America’s largest oil producer.Its oil reserves (18% of the world’s total) far exceed that of Saudi Arabia.However, the ongoing political and economic downturn has affected productivity.Venezuela’s production was 3.3 million bpd in 2005, which fell to 2.4 million bpd in 2016.Since 1985, Brazil’s production has increased sharply as Venezuela’s production has declined.The country reported 2.6 million bpd in 2016, a 35 percent share of the region, making it South America’s leading oil producer for the first time.A favorable stance on exploration bids has sparked interest from foreign oil companies, as well as the development of new offshore technologies in Brazil’s favor.Argentina’s economic boom has helped a wide range of sectors, including agriculture and industry.The industrial sector accounts for 17% of the country’s total registered employment and 17% of GDP.Córdoba is Argentina’s most important industrial city, including metalworking, automobile and auto parts factories.These factors are driving the demand and sales of industrial valves in South and Central America.
In Africa, South Africa is one of the most advanced and developed countries.It is exploring its oil and gas potential to stay ahead in the global market.The country began to discover new natural gas reserves by partnering with several private companies.In October 2020, the South African government, in partnership with France-based oil and gas company Total, began a search for new gas deposits in the Outeniqua Basin to discover offshore gas deposits.Earlier, in 2019, the country discovered a new gas deposit in the Brulpadda gas field.Hence, the discovery of new gas fields is expected to boost the industrial valve market in South Africa.
India has become one of the world’s largest importers of LNG, with domestic gas production falling and domestic demand rising.In India, the oil and gas sector is one of the important economic sectors and it plays an important role in influencing decision-making in all other key sectors of the Indian economy.The Indian government has adopted various policies to meet the growing demand for this industry.India’s LNG import potential has more than doubled over the past 10 years.The increase in LNG imports in recent years has led to a decline in domestic production, an increase in natural gas use (especially in the industrial sector where natural gas is used for fertilizer production), and a shrinking city gas network.nation.Hence, the increase in LNG gas consumption and import is expected to provide a favorable environment for the Indian industrial valve market in the coming years.
Brazil has been the worst-hit country in South America (SAM) during the COVID-19 pandemic, followed by Chile, Ecuador, Peru and Argentina.Various economic activities in the region were partially halted in order to contain the spread of SARS-CoV-2.After the crisis, SAM’s manufacturing and construction, mining, and oil and gas activities were severely disrupted, which subsequently restrained the growth of the industrial control valve market in the region.
In SAM, Argentina and Brazil are the two main gas producers, accounting for about 40% of the entire region.However, during the COVID-19 pandemic, oil and gas-related activity in these countries has declined significantly due to the slump in oil and gas prices.Restricted activities related to storage and transportation of liquefied gas products have reduced the demand for industrial valves in the region.However, as the SCAM economy began to recover from the end of 2020, oil and gas companies then began to resume operations.This development is expected to drive the growth of the SCAM industrial valve market over the next few years.
Industrial Valves Market: Overview of Ball Valves Ball valves are one of the most commonly used valves in most industries, and they are also simple in design and construction, with the ball installed within the pipeline.The valve is characterized by high durability, resistance to damage, low maintenance requirements, ease of maintenance, lubrication-free operation and hermetic sealing, even at low torques.Ball valves have higher adoption rates in various industries such as oil and gas, chemical and petrochemical, power generation, and healthcare.In addition, as competition in the market intensifies, companies are launching innovative ball valves.For example, in November 2021, Rusco announced a smart automatic ball valve for home filtration, well water, commercial and municipal applications that can be paired with a smartphone to automate procedures to perform sediment flushing and flow shut-off.
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Post time: Mar-03-2022
