June 18, 2024
Valves Market

The Global Valves Market Growth Is Driven By Increased Demand From Energy Sector

Valves are components that regulate manage and direct the flow of liquids, gases, vapors or solid materials by opening, closing or partially obstructing passageways in pipes, valves find wide ranging applications across industries such as oil & gas, energy & power, water and wastewater treatment, pharmaceuticals, and many others. They are extensively used for controlling the flow and pressure of liquids and gases in various industrial processes. Valves help in starting, stopping or regulating fluid flow and help prevent backflow and control the direction of flow. They are installed in machinery, pipes or containers to direct or restrict the flow of liquid, gas or other material that they are designed for. Technological advancements such as development of intelligent valves for efficient flow control in various industrial processes are boosting adoption.

The global Valves Market is estimated to be valued at US$ 83 Mn 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.

Market key trends:

One of the key trends gaining traction in the valves market is the adoption of intelligent valves. Intelligent valves come with advanced technologies like remote monitoring capabilities, predictive maintenance, and diagnostics which help improve the overall process efficiency. These valves send real-time data about their performance and operations to a central control system. This enables predictive maintenance and reduces downtime. For instance, Emerson’s smart valve positioner Rosemount 3405 continuously monitors valve performance and detects potential issues before failure occurs. Similarly, many players are focusing on development of valves equipped with IoT capabilities to enable remote monitoring and control. Continuous technological advancements in valve design aimed at improving reliability, reducing energy consumption,easy maintenance and commissioning are some other key trends expected to propel the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The valves market has moderate threat from new entrants due to high research and development cost and established customer base of existing players.

Bargaining power of buyers: The bargaining power of buyers is moderate owing to the availability of wide range of product options from different brands.

Bargaining power of suppliers: The bargaining power of suppliers is also moderate as there are large number of valve manufacturers and component suppliers.

Threat of new substitutes: Low threat from substitutes as valves have applications across industries like oil & gas, energy & power, water and wastewater treatment, and chemicals.

Competitive rivalry: The valves market witnesses high competition due to presence of numerous global and regional players.

Key Takeaways

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

Regional analysis: Asia Pacific dominates the global valves market and is expected to grow at highest CAGR during the forecast period. This is attributed to increasing investments in water & wastewater treatment, oil & gas production, power generation projects especially in China and India. These countries are focusing on expanding their production facilities to cater to rising demand from end use industries.

Key players: 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. Tyson Foods and JBS S.A captured major share of the global poultry meat market due to their strong production and distribution network across geographies.

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