by The Valves Market is estimated to be valued at US$ 72.04 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Valves are devices that regulate, direct or control the flow of fluids by opening, closing, or partially obstructing passages. They are used for isolation, flow regulation and flow control. The main product types include ball valves, butterfly valves, check valves, gate valves, globe valves and plug valves. Valves find application across many industries including oil & gas, water & wastewater, power, food & beverage, chemical, pharmaceutical and others.
Market Dynamics:
The growth of the valves market is driven by increasing investments in oil & gas industries and rapid industrialization across the globe. According to the International Energy Agency, the global energy investment is projected to grow by around 2% per year through 2030 and reach $2.1 trillion. Also, increasing demand for safe and potable water due to growing population is propelling the usage of valves in water & wastewater treatment plants. However, stringent regulations regarding material usage may hinder the market growth.
Segment Analysis:
The global valves market is dominated by the oil & gas sub segment. Oil & gas industry accounts for over 35% of the demand for valves globally due to the extensive use of valves in upstream, midstream, and downstream oil & gas operations. Valves are used for controlling, monitoring, and regulating oil and gas flows from production rigs to refineries and further to the distribution grid. The oil & gas sub segment is dominating owing to the high use of valves for pipeline networks, process control, and transportation of oil & gas across different stages of the value chain.
PEST Analysis:
Political: Favorable government policies and initiatives supporting oil & gas and infrastructure development is boosting the valves market. Economic: Growing industrialization and infrastructure spending is driving valves demand. Social: Rising population and urbanization is increasing the requirements for oil & gas, water, and construction, thereby propelling the valves market. Technological: Advancements in valve materials, actuators, and emerging technologies such as 3D printing and IoT are supporting market growth.
Key Takeaways:
The Global Valves Market Size was valued at US$ 72.04 Bn in 2023 and is expected to reach US$ 126.23 Bn by 2030, expanding at a CAGR of 7.5% during the forecast period. The growing urbanization and industrialization are major factors propelling the demand for valves from industries such as oil & gas, power, water & wastewater treatment, and construction. Geographically, Asia Pacific dominated the valves market with over 35% share in 2023 owing to swift infrastructure development and expanding oil & gas industry in countries such as China and India.
The global valves market is competitive with the presence of established players. Schlumberger Limited, Honeywell International Inc., and Emerson Electric Co. are some of the prominent players in the oil & gas segment while KITZ Corporation and AVK Holding A/S cater to the needs of the municipal water & wastewater industry. Technological advancement is a key strategy adopted by the major players to gain competitive edge in the market. For instance, Honeywell launched intelligent valve positioners integrated with advanced analytics.
Regional analysis shows that Asia Pacific is projected to witness the fastest growth during the forecast period due to massive infrastructure growth plans such as the Belt and Road Initiative by China. Countries like China, India, and Southeast Asian nations are embarking on infrastructure development projects thereby propelling valves demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
