by The global 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 mechanical or hydraulic devices that regulate flow in pipelines, gas pipes or in HVAC and instrumentation lines. They control the rate of flow, shut off flow, serve as check valves to prevent reverse flow, relief valves to relieve excess pressure, and much more. Valves find applications across different industries such as oil & gas, power generation, water & wastewater, chemicals, food & beverages, and others. Within these industries, valves are used for applications like isolation, diversion, regulation & throttling of liquid, gas & steam flows. The growing requirements in oil & gas and chemical industries drives the demand for valves to efficiently control the flow of fluids, gases and slurries through pipelines and vessels.
Market key trends:
The global valves market is driven by rising demand from the oil & gas industry. With growing energy needs worldwide, the oil & gas industry is undergoing immense expansion with many pipeline projects being commissioned. This drives the need for installation of numerous on/off valves, control valves, safety valves and other types of valves along oil/gas transmission and distribution pipelines. Furthermore, rising investments in energy infrastructure like refineries, power plants and other process industries augments valve requirements. Additionally, shifting focus towards automation is fuelling adoption of actuated control valves in industries. Manufacturers are also developing specialized valves for critical applications in industries like pharmaceuticals, food processing, semiconductors etc. which present new growth avenues. However, volatility in oil prices remains a key challenge for steady growth of the valves market.
Porter’s Analysis:
Threat of new entrants: The valves market requires high R&D and machinery costs for production. Therefore threat of new entrants is low.
Bargaining power of buyers: There are many established manufacturers for valves. So buyers have high bargaining power due to availability of alternatives.
Bargaining power of suppliers: Major raw materials include metals and plastic polymers. As raw material suppliers are fragmented, bargaining power of suppliers is moderate.
Threat of new substitutes: There are limited product substitutes for valves. Threat from new substitutes is low.
Competitive rivalry: Being a consolidated market with established global players, competitive rivalry in the valves market is high.
Key Takeaways:
The Global Valves Market Demand is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period 2023 to 2030, due to increasing investments in oil and gas pipeline projects. The market size for 2023 is US$ 72.04 Bn.
Regional analysis: Asia Pacific dominates the global valves market and is expected to continue its dominance, growing at a CAGR of around 8% during the forecast period. This can be attributed to increasing infrastructure development and power generation activities in China and India.
Key players: Key players operating in the valves market are Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, BÃ1⁄4rkert Fluid Control Systems, and Flowserve Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
