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Valves Market: Snapshot

Valves can be manually and automatically operated. The strong need for efficient workplace safety has increased as many industrial processes produce flammable gases and fluids. The need for efficient work place safety is expected to fuel the demand for valves globally. The Global Valves market is anticipated to grow at a CAGR of 7.0 % during the forecast period 2019 to 2027. The Global Valves market was valued at US$ 69.72 Bn in 2018.

Demand for valves in the oil & gas industry exists primarily due to their exhaustive applications throughout upstream, midstream, and downstream activities. Demand for oil and gas products is increasing at a significant rate; however, supply for the same is dwindling due to the global decrease in oil and gas reserves. The demand and supply gap has led various companies to invest their financial and technological resources in exploring new oil fields and improving oil and gas extraction efficiency. Governments of different countries are investing in oil and gas companies.

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Increased industrialization has given rise to stringent emission and effluent regulations for industries such as chemicals, oil & gas, pharmaceutical, and others. Several regulating authorities in different regions are beginning to adhere to stricter emissions standards. Fugitive emissions is a major area where valves play a vital role. Fugitive emissions are hazardous chemicals in physical form that can leak unanticipated.

This is attributed to the strategic investments of the companies in technology sector. The intent of M&A is to generate the new source of revenue from new customers and markets by improvising product and service innovation. Furthermore, one of the major reason in the growth of valves market is due to the rise in investments in oil & gas markets. For example: The U.S exports of the refined products, Liquefied Natural Gas and crude oil saw a significant surge as the crude oil export ban was lifted in January 2016. The region is experiencing heavy investments by the oil & gas companies in exploration activities.

The focus on industrial development is estimated to impact the global valves market positively. As a thumb rule, valves are often placed at a pipeline distance of less than 10% of the total length of the pipeline for efficient and easy control of gas in the oil & gas and related industries.

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Threat of new entrance is low for global valve market. Reason behind this phenomena is High initial capital investment, Preference to experienced players, and Low scope for small level players to penetrate in fragmented market.

Companies focusing on automation of their manufacturing plants is majorly seen globally. Complicated processes involved in industries such as oil & gas and pulp & paper are controlled automatically with the usage of robots and other advanced technologies. These processes are generally termed as plant automation or process automation. Introduction of technology in industries globally has made industrial activities highly flexible and effective. The aim of industries to enhance productivity, reduce cost of production, and improve work place safety are some reasons that are projected to foster the increase of plant automation. Valves have been an integral part of process automation system in industries, as they determine the efficiency of the plant. Valves in industries such as manufacturing, oil & gas, water and wastewater treatment, pulp & paper, chemicals, automobile, and food & beverage have witnessed rapid increase in adoption with introduction of process automation. Crucial performance areas for valves on automated plants include complex piping systems, fluctuating temperature pipes, and process pressure control.

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Some of the major players operating in this market are

  • Honeywell International, Inc.
  • Emerson Electric Co.
  • Bürkert Fluid Control Systems.

Other significant players engaged in Valves market in Global include

  • Industrial Scientific AVK Holding A/S
  • Rotork Plc
  • General Electric Company
  • Goodwin International Ltd
  • Schlumberger Limited
  • Flowserve Corporation
  • KITZ Corporation.

The vendors present in Valves market are currently focusing on introducing efficient valves with increased pressure control capacities. Moreover, the vendors are adopting partnership and acquisition strategies to proficiently compete in the regional market.

Advances in Automated Controls Help Propel Specialized Demand in Valves Market

Valves, both manual and automated ones, are crucial in the operation of process industries notably including oil and gas, power generation, water and wastewater treatment, chemical manufacturing. They are used to control the flow of fluids comprising liquids, gases, fluidized solids, and slurries. The valve technology has also become an integral part of safety of operations, ensuring the safety of labor and materials from any mishaps in production facilities or plants. Advances made in actuators have helped companies in the valves market grow their revenue streams. Actuators form a key part of control valves that are operated from remote locations. Pneumatically-actuated globe valves have gained popularity in several of industrial applications. Self-operated valves Another key focus for performance improvements in valves is the design of the valve body. Over the years, the application of cutting-edge instrumentation has enabled manufacturers design new geometries capable of meeting specialised applications in process industries. Valve trim parts for example are continuously being improved on to boost the performance of valves. These advancements are imperative for manufacturers to develop valves to meet the need for complex control systems in industries. Some of the key types of products in the valves market are linear motion, rotary motion, and quarter ones.

The COVID-19 pandemic has brought big bottlenecks to the production in several industries. The aftermaths throttled operations in various process industries in numerous economies across the world. This has also adversely impacted the demand in the valves market. Also, the economic downturn led to a prolonged paucity of both semi-skilled and unskilled workforce in some of the key process industries. Players had to change the priorities to defend their bottomline. This also stimulated some industry players to transition to automation and digital channels to explore new business propositions, in order to stay ahead of the curve. All these factors will play vital role in shaping the future trajectories in the valves market.

Valves Market: Overview

Global valves market report by Transparency Market Research analyzes and forecasts valves market at the global and regional level. The report provides an analysis of the global valves market for the period from 2017 to 2027, wherein the period from 2019 to 2027 comprises the forecast period and 2018 is the base year. Data for 2017 is provided as historical information. The report covers all the major trends playing a major role in the growth of the valves market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market’s growth during this period. The study provides a complete perspective on the valves market growth in terms of revenue in US$ Mn and volume in Mn units, across different geographical regions namely North America, Europe, Asia Pacific, Middle East & Africa and South America. The report would help manufacturers, suppliers, and distributors to understand the current and future trends in the market and formulate their strategies accordingly.

Market overview section of the report showcases the market dynamics and trends such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. The report also provides the value chain analysis for the valves market. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the market growth.

Global Valves Market: Scope of the Report

Global valves market is segmented on the basis of product type, by industry and by industry by type. In product type segment, global valves market is categorized into pressure reducing valves, safety/relief valves, control valves, globe valves, plug valves, gate valves, ball valves, butterfly valves, diaphragm valves and other valves. Control valves is further segmented on the basis actuation technology. Gate valves, globe valve, ball valves, butterfly valves and diaphragm valves are further segmented based on valve type. Furthermore, the industry segment is categorized into oil & gas, power, chemicals, marine, construction, pulp & paper, mining, water and wastewater treatment and others. Oil and gas industry is segmented into LNG (Liquefied natural gas) and petroleum. Petroleum sector is further categorized as upstream, midstream and downstream. The power industry is segmented as fossil, nuclear power and other power. Fossil segment of power is further sub segmented as coal & oil and natural gas. Further, the report includes estimation of valves market by product type by industry for various sectors such as oil & gas, fossil, petrochemical, nuclear power and other sectors. Revenue as well as volume data is estimated for all above mentioned segments.

Global valves market report also includes competitive profiling of the key players associated with the valves market around the globe. The important business strategies adopted by leading players, their market positioning, financials, SWOT analysis, and recent developments have also been identified in the research report. The competitive landscape section of the report also gives an overview about the major contributing regions/countries by these key players in order to strengthen their market position in the future.

Global Valves Market: Research Methodology

The valves market data estimates are the result of our in-depth secondary research, primary interviews and in-house expert panel reviews. In order to compile the research report, we conducted in-depth interviews and discussions with a wide range of key industry participants and opinion leaders. Primary research represents the bulk of our research efforts, supplemented by extensive secondary research. Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the valves market, across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get latest market insights and validate the existing data and analysis. Primary interviews offer new and fresh information on important factors such as market trends, market size, competitive landscape, growth trends, etc. These factors help to validate and strengthen secondary research findings. Moreover, the data collected and analyzed from secondary and primary research, is again discussed and examined by our expert panel. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding purposes. Secondary research also includes a study of recent trade journals, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.

Global Valves Market: Competitive Dynamics

Global valves market is fragmented in nature with the presence of small, medium, and large players. Some of the key companies operating in this market are Honeywell International Inc., Emerson Electric Co., KITZ Corporation, Bürkert Fluid Control Systems, Schlumberger Limited, Flowserve Corporation, AVK Holding A/S, Rotork Plc, General Electric Company and Goodwin International Ltd .

Market Segmentation: Global Valves Market

By Product Type

  • Pressure Reducing Valves
  • Safety/Relief Valves
  • Control Valves
  • Globe Valves
  • Plug Valves
  • Gate Valves
  • Ball Valves
  • Butterfly Valves
  • Diaphragm Valves
  • Other Valves

By Industry

  • Oil & Gas
    • LNG
    • Petroleum
      • Upstream
      • Midstream
      • Downstream
        • Petrochemical
  • Power
    • Fossils
      • Coal & Oil
      • Natural Gas
    • Nuclear Power
    • Other Power
  • Chemicals
  • Marine
  • Construction
  • Pulp & Paper
  • Mining
  • Water & Waste Water Treatment
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Rest of North America
  • Europe
    • The U.K.
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Middle East and Africa (MEA)
    • United Arab Emirates (U.A.E.)
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Rest of South America

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