May 27, 2024
Valves Market

Valves Market is Expected to be Flourished by Increased Demand from Oil & Gas Industry

Valves are mechanical devices that regulate, direct, or control the flow of gases, fluids, or Granular solids by opening, closing, or partially obstructing various passageways. They are commonly used in industries such as oil & gas, power generation, mining, water & wastewater, and chemicals among others. Valves find widespread application in pipelines, engines, and hydraulic circuits. Different types of valves available in the market include ball, butterfly, check, diaphragm, gate, globe, pinch, and plug among others. Ball valves are the most commonly used valves across industries due to their high flow capabilities and ease of operation.

The global valves market is estimated to be valued at US$ 83 billion in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

The oil & gas industry accounts for the largest share of valve usage given extensive network of pipelines globally. Rising focus on deepwater and ultra-deepwater projects is driving growth of valves demand from oil & gas industry.

Market Dynamics:

The increased demand for valves from the oil & gas industry remains the key driver for the global valves market. As highlighted earlier, the oil & gas industry accounts for over 30% share of the overall valves market. Growth in deepwater and ultra-deepwater projects by major oil companies is driving demand for subsea valves. stringent environmental regulations regarding leakages has also increased focus on technologically advanced valves with high reliability. The other driver highlighted in the heading is increased demand from oil & gas industry. Rising energy demand globally has spurred new pipeline projects and expansion of existing networks. This is fueling growth in demand for various types of valves.

While drivers like increasing investments in pipeline infrastructure and expansion of existing networks in developing regions remains strong demand influencers, fluctuations in crude oil prices poses a challenge to steady growth of the market. However, with focus rapidly shifting towards renewable sources of energy, the demand dynamics may change in coming years.

Segment Analysis

The valves market is segmented by type, application, material, and geography. The butterfly valve segment is dominating the market owing to its wide applications across industries for controlling the flow of liquids, gases and powders. Butterfly valves are lightweight and operate with low torque, which makes them suitable for processes that require high flow rates with minimal pressure drop.

PEST Analysis

Political: Regulations regarding material usage, environmental emissions are driving innovation towards sustainable valves.

Economic: Growth in process industries, power sector boosting demand.

Social: Emphasis on safety and energy efficiency enhancing replacement demand.

Technological: Advancements in materials, actuator design improving production automation.

Key Takeaways

The Global Valves Market Size is expected to witness high growth over the forecast period. The global valves market is estimated to be valued at US$ 83 billion in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031.

The Asia Pacific region dominates the market currently due to the large population and rising infrastructure development.

Key players operating in the valves market are Tyson Foods, Inc., JBS S.A., Pilgrim’s Pride Corporation, Wens Foodstuff Group Co. Ltd., BRF S.A., Perdue Farms, Sanderson Farms, Baiada Poultry, Bates Turkey Farm, and Amrit Group. The butterfly valve segment dominates owing to its wide applications across industries for controlling the flow of liquids, gases and powders.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it