The global diaphragm valves market is expected to witness strong growth during the forecast period between 2021 and 2031.
Diaphragm valves are devices, used to control the temperature and overall flow of different fluids in several industrial applications.
Diaphragm valves have witnessed increased demand in the last few years as they have helped decrease the risk of contamination, control the pressure drop, reduce maintenance expenditure, and offer improved flow regulation. Diaphragm valves also incur reduced maintenance costs, which could help fuel product demand.
The outbreak of the COVID-19 pandemic negatively impacted the overall diaphragm valves market.
Industries were forced to close down temporarily or permanently, owing to government restrictions, imposed to contain the spread of the virus. This led to reduced product demand which, in turn, affected the diaphragm valves market.
Rising demand for electricity in both the developed and developing economies worldwide is the key growth driver for the diaphragm valves market.
Also, factors such as rapid industrialization in developing countries such as India are expected to fuel the diaphragm valves demand, in the upcoming years.
Growing need to manage radioactive waste globally is also anticipated to propel the overall diaphragm valves market, in the coming years.
In addition to this, rising demand for safe and reliable diaphragm valves in leading economies globally is projected to drive product demand, in future.
Innovations to existing products could also help bolster product demand and positively impact market growth.
Water-treatment application segment is expected to make the largest contribution to the overall market due to increased product deployment owing to features such as high corrosion resistance and abrasion resistance.
The offline channel is anticipated to contribute the most to the overall market in the upcoming years due to increased number of manufacturers keen on checking the product physically before purchasing them.
The global diaphragm valve market is extremely competitive, with the presence of several well-established players. These players have become prominent owing to consistently delivering quality products for several years. Many of these players are expected to account for a large share in the global market, in future.
Research and development undertakings to produce improved quality of products could be a key growth strategy for the leading players, in the years ahead.
Growth strategies such as novel product launches could help leading players gain a competitive edge over the others.
In 2019, Emerson Electric Co. launched a new product to deploy it for its Rosemount pressure transmitters.
Prominent players could collaborate with the lesser-known players in a bid to expand their market presence and increase their revenue share.
A few leading players in the global market include Alfa Laval, Nippon Daiya Valve, The Weir Group PLC, Crane Co., and Emerson Electric Co.
The global diaphragm valves market is divided into five regions, namely, North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
Asia Pacific is expected to be the dominant region in the global market owing to the increased presence of diaphragm valves manufacturers in countries such as India and China.
Leading players could establish manufacturing facilities in countries such as India, owing to ease of availability of key resources such as land and labor.
North America is anticipated to offer lucrative growth opportunities for the diaphragm valves market due to high investment in various industries such as chemical and food & beverages.
Europe is expected to witness strong growth in the coming years because of extensive research and development undertakings in countries such as Germany and UK.
Other regions of the world such as Middle East and Africa and Latin America are expected to witness moderate growth in the global market, in the coming years.