The global industrial valves market size was valued at USD 76.2 billion in 2023 and is projected to grow at a CAGR of 4.4% from 2024 to 2030. Market growth is being driven by various factors, such as the construction of new power plants, the increasing use of industrial equipment, and the growing adoption of high-quality industrial valves. These factors play a crucial role in improving output and reducing losses.
Advancements in manufacturing techniques and material technology have facilitated the creation of valves that deliver efficient performance even in demanding pressure and temperature conditions. For instance, in December 2022, Emerson announced the introduction of new & advanced technologies for its Crosby J-Series pressure relief valves, the Bellows Leak Detection and Balanced Diaphragm. These technologies are likely to help reduce ownership costs and improve performance, further driving market growth.
In the case of large-scale power plants, the management of steam and water flow requires the deployment of numerous valves. As the construction of new nuclear plants and the modernization of existing ones is in progress, the demand for valves is steadily increasing. In December 2023, China's state council announced the approval of four new nuclear reactors in the country. The role of industrial valves in regulating the temperature and preventing the fuel from overheating is likely to help drive their demand and foster growth in the market.
Furthermore, the integrating of IoT sensors in industrial valves has facilitated real-time performance and operating conditions monitoring. As a result, predictive maintenance has become possible, leading to reduced downtime and enhanced operational efficiency. Utilizing IoT-enabled valves also contributed to improved safety and responsiveness through remote monitoring. This advancement enables proactive decision-making and efficient resource allocation, thereby driving demand across multiple sectors.
Regional Insights
The North America industrial valves market is expected to grow significantly over the forecast period. The region’s industrialization and increasing population drive the demand for efficient energy generation and delivery. The growth in oil & gas production, exploration, and renewable energy sources fuel the need for high-performance industrial valves. For instance, according to the information published by the U.S. Energy Information Administration in March 2024, crude oil production in the U.S. in 2023 averaged 12.9 million barrels per day (b/d), surpassing the previous global record of 12.3 million b/d, set in 2019. This increasing production and industrial development in the region are expected to drive further growth regional market.
Get a preview of the latest developments in the Global Industrial Valves Market! Download your FREE sample PDF today and explore key data and trends
Key Industrial Valves Company Insights
Some of the key companies in the industrial valves market include, Emerson Electric Co.; Velan Inc.; AVK Water; BEL Valves; Cameron Schlumberger; Fisher Valves & Instruments Emerson, and others. Vendors in the market are focusing on increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.
Emerson stands as a global player in the technology, software, and engineering industries, catering to customers in industrial and commercial sectors. The company offers industrial products such as industrial valves, process control software and systems, fluid control, pneumatic mechanisms, and services, including modernization and migration services, process automation services, and others.Velan is a global manufacturer in the industrial valves sector. The company operates in multiple industries, including nuclear power, power, chemicals, oil and gas, mining, pulp and paper, and marine. Their extensive range of products includes gate, globe, and check valves, quarter-turn valves, specialty valves, and steam traps.Key Industrial Valves Companies:
The following are the leading companies in the industrial valves market. These companies collectively hold the largest market share and dictate industry trends.
Emerson Electric Co.Velan Inc.AVK WaterBEL Valves Limited.Flowserve Corporation.KLINGERGG Valves Private Limited(www.ggvalves.com.)LESER GmbH & Co. KGGather more insights about the market drivers, restrains and growth of the Industrial Valves Market
