July 24, 2024
Ict

Valves Market Is Estimated To Witness High Growth Owing To Increasing Demand from Oil & Gas Industry and Technological Advancements

The Valves Market is estimated to be valued at US$ 68.17 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Valves Market offers a wide range of products that are used for controlling the flow of fluids or gases in various industries such as oil & gas, chemical, pharmaceutical, and water & wastewater treatment. These valves play a crucial role in maintaining efficient and safe operations in these industries. They are designed to withstand high temperatures, pressures, and corrosive environments. Valves find applications in pipelines, refineries, power plants, and manufacturing facilities. Some of the commonly used valve types include gate valves, globe valves, ball valves, butterfly valves, and check valves.

Market Dynamics:

The growth of the Valves Market is driven by the increasing demand from the oil & gas industry, where valves are extensively used for controlling the flow of oil and gas in pipelines and processing facilities. The market is also fueled by the advancements in valve technology, such as the development of smart valves that can be remotely controlled and monitored. Moreover, the expanding water & wastewater treatment industry is expected to create lucrative opportunities for valve manufacturers. However, the market growth may be hindered by the high cost of valves and the availability of substitute products. Additionally, the stringent environmental regulations imposed on valve manufacturers may pose challenges to market players. Nevertheless, ongoing technological developments are anticipated to drive the growth of the Valves Market in the coming years.

Segment Analysis:

The valves market can be segmented based on type, function, material, application, and end-user industry. In terms of type, the market can be divided into gate valves, ball valves, butterfly valves, globe valves, and others. Among these, ball valves dominate the market due to their high durability, efficient flow control, and ability to handle high pressure. In terms of function, the market can be classified into manual valves and automated valves. Automated valves are gaining popularity due to their ability to provide remote control and reduce human error. Based on material, the market can be segmented into steel valves, cast iron valves, alloy valves, and others. Steel valves dominate the market due to their high strength and resistance to corrosion. In terms of application, the market can be divided into oil & gas, water & wastewater, power generation, chemicals, and others. The oil & gas segment is the dominating segment, driven by increasing exploration and production activities globally.

PEST Analysis:

  • Political: The political stability of a country greatly influences the valves market. Political unrest and stringent regulations can hinder market growth.
  • Economic: The economic conditions of a country play a vital role in the valves market. A growing economy and increasing industrialization drive the demand for valves.
  • Social: The growing population and urbanization contribute to the demand for valves in various sectors such as water & wastewater management and power generation.
  • Technological: Advancements in technology, such as the development of smart valves and digital control systems, are driving the growth of the valves market.

Key Takeaways:

The Global Valves Market Demand is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period, due to increasing industrialization and urbanization. The oil & gas segment is expected to dominate the market due to increasing exploration and production activities. Regionally, Asia Pacific is the fastest-growing region in the valves market, driven by rapid industrialization in countries like China and India. North America is also a significant region, owing to the presence of major industry players and increasing investments in infrastructure development. The key players operating in the valves market include Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, Bürkert Fluid Control Systems, and Flowserve Corporation. These key players focus on strategic partnerships, new product launches, and mergers & acquisitions to strengthen their market presence.

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