Industrial Valves – Pushing Boundaries to Catch up New Technologies
Considering the emergence of high performance equipment and ongoing transition toward renewable energy in power generation plants, Future Market Insights, in its new offering, analyzes the latest trends that are likely to redefine the future prospects of industrial valves market. It also discusses various aspects and nuances of the market along with key growth strategies adopted by stakeholders to fit in the current economic climate and be future ready.
The manufacturing industry is undergoing dramatic changes, with acceleration of technological innovation and significant restructuring of end-use sectors. The industry operators are continuously seeking flexible, easily deployable solutions, to reduce manpower and bring the entire process in seamless integration with modern automation technologies. The valve industry in general does not evolve as fast as other technology-driven industrial fields, and developments are made through minor alterations.
In today’s race to achieve superiority in terms of process efficiency, most common valves have been relying on older engineering models, and are still struggling with the use of new resources. However, with the increasing need for incredible accuracy and functionality, the industrial valves are gradually advancing, strongly backed by technological advancements.
Industrial Valves Market - Key Research Findings
- The global industrial valves market size in 2018 was ~US$ 61 Bn.
- The industrial valves market is expected to grow at a CAGR of ~4% during the forecast period of 2019-2029.
- Besides adoption for automatic functions of valves, the increasing demand for manual structures has been recently driving the sales of industrial valves.
- Collectively, Asia Pacific Excl. Japan and North America are likely to account for ~70% of the revenue shares in industrial valves industry by the end of 2029.
- North America, attributing to the strong presence of the oil & gas industry, will continue to be a prominent regional market for industrial valves manufacturers.
- The oil & gas industry is estimated to remain the prominent end-use industry for industrial valves market players.
- The oil & gas industry has witnessed significant growth over the recent past, and the revival of the oil & gas sector has been particularly noteworthy.
- Noteworthy application potential of industrial valves has been identified in the water & wastewater treatment.
Key Factors Shaping the Industrial Valves Market
Increasing Water Exploration Activities
Governments of developing economies in Middle East & Africa and Asia Pacific, particularly in countries such as the UAE, South Africa, and Morocco, are aiming on improving water facilities in rural and urban areas. Also, new water sources exploration activities are expected to increase the sales of valves with efficiency and superior capacity for agricultural and domestic applications. Desalinization projects are also estimated to account for the increasing demand for valves, as most part of the world still lacks the basic facility of running water. An estimated 60% of the world is still without running water.
- In the ASEAN region, there is an increase in sanitation and water supply projects by governments, which is likely to increase the sales of valves for domestic and agricultural applications.
Introduction of New Production Plants in Chemical Industry Boosting the Sales of Industrial Valves
Introduction of several chemical plants for the manufacturing of crude oil bi-products across the Latin American region is expected to boost the manufacturing sector in Argentina, Brazil, Peru, etc. Installation of manufacturing plants is expected to create scope for installation of high pressure pipelines and valves for the transmission of chemicals, steam, etc.
In the United States, the chemical industry is one of the significant industries. The country serves to both domestic as well as global markets. The chemical industry generally includes basic chemicals, specialty chemicals, etc. and requires a large number of industrial valves. Development in the chemical industry is expected to boost the market growth across North America and worldwide.
Increasing Demand from the Mining Industry
The mining industry requires high quality industrial valves for both surface and underground mining. It also requires valves in mine site fire protection system and at pump stations. After the recovery of the global economy, the mining industry is projected to witness positive growth outlook. Cost reduction is important for mining to stay profitable. Workers feel uncomfortable when they work in deep mine coals due to the presence of harmful gases and chances of failure of conventional equipment, owing to the abnormal pressure and temperature. Therefore, the demand for specialized equipment and parts, such as highly featured industrial valves, is increasing at an accelerated rate.
South African platinum mines are a good example of changing mining practices across the world. These mines are anticipated to create opportunities for high performance industrial valves and assemblies over the slated time period.
Rising Number of Contracts and New Orders
By the end of 2018, oil prices have gained its momentum to reach more than US$65 per barrel. This has created opportunities for manufacturers and end users of several industrial products. The rise in oil prices has generated a linear trend towards new orders and contracts irrespective of end-use industries. Key end-use industries that are targeted are oil and gas, chemical and petrochemical, and power generation industries. Asia Pacific is the major region that is driving new orders and contracts related to valves.
Industrial Valves Market Structure Analysis
- The global industrial valves market represents a fairly consolidated competition landscape, where a majority of key players maintain their strategic focus on the development of solid distribution partnerships and joint ventures, targeting a firmer global footprint.
- The industrial valves market has been relatively moderate in size, which remains a key factor for its dynamic competitive nature.
- Prominent manufacturers of industrial valves are currently prioritizing R&D and new product launches to resonate with the growing consumption of eco-friendly coatings in North America, Europe, and APEJ.
- Portfolio extension is also identified to remain one of the key developmental strategies adopted by manufacturers of industrial valves.
- For a strong foothold in target markets, industrial valve manufacturers are anticipated to continue to rely on inorganic strategies, such as mergers and acquisitions.
Profound understanding of the market trends and preferential shifts of end-use segments across several regions are likely to create a bottleneck for prominent players, looking forward to untapped opportunities in the industrial valves market.
Industrial Valves Market – Growth 1.0 Led by Water Exploration and Power Generation Projects
Components such as industrial valves – most commonly used to control the flow of gas or liquid in a contained system – are becoming increasingly important, as the demand is witnessing parallel growth with the technology surrounding them. Robust developments in the water industry along with multiple power generation projects on the horizon are signaling future opportunities for industrial valves sales. Rising water exploration activities and desalination projects catering to basic requirements of running water have also been significantly contributing to the sales of industrial valves. Nonetheless, the valve industry has witnessed a tide of fluctuations on the account of turbulent investment scenario in oil & gas industry, which has subsequently plummeted drilling and exploration activities.
Despite the need of a universal reference to the accuracy of industrial components and accepted margin of error in practice, the valve manufacturing industry lacks proper standardization and certification for ensuring authenticity and defining the parameters for product capabilities. The introduction of technology and immediate supply chain has also been slow to penetrate in the market space. As industries such as chemical, metalworking, and water treatment, have an increasing demand for innovative industrial valves that meet their requirements, manufacturers will need to take into consideration the critical problems and redefine their strategies to ensure maximum asset utilization and explore new technologies.
‘Energy’ Holds Ample Opportunities in Evolving Markets
With modern engineering reaching new heights, high-quality valves are of utmost importance to provide the necessary accuracy. Increasing demand for power in developing countries in Asia Pacific, driven by rapid economic and population growth along with accelerating urbanization, has led to development of new Greenfield thermal plants, providing potential growth prospects of the industrial valves market. Additionally, manufacturers are tapping into opportunities in aftermarket valve replacement for aging thermal plants in the region. The energy sector of North America continues to expand in scale and ambition, with new plans for combined cycle gas turbine plants demanding specialized valves, which in turn, provides an added advantage for manufacturers to gain distinct competitive advantage.
* This data is only a representation. Actual data may vary and will be available in report.
Focus Zooming in on ‘Fine-tuning the Existing Portfolio’
As these products have no expiry dates and could be easily utilized, the development process remained traditional and considerable amount of industrial valves continue to lie in warehouses across the globe. However, considering the evolving changes in end-use industries with rapid technological advancements, manufacturers are forced to catch up with the new trends as a necessity, rather than an initiative. While expanding product portfolio remained an important growth strategy, manufacturers had been facing challenges in meeting compatibility parameters based on demand from different end-use industries. To that end, new strategies are aimed at reducing new product development cycles and directed towards creating best fit portfolio with respect to changing market behavior.
Industrial valve manufactures have long been focused on low-cost manufacturing destinations, considering huge pricing benefits from outsourcing. However, late delivery and poor quality of products became serious concerns to both manufacturers and end users. While a handful of well-established players are redefining their investment strategies to quality for products and processes, a large of small players continue to follow their core competencies. Further, taking the pressing requirements of end users into consideration, key market players are seeking new technologies, such as 3D printing and other additive manufacturing technologies, to optimize the production process and enable real-time monitoring of valve performance.
Gate valves remain top-selling category
Globe valves to see significant growth in demand
Cast steel remains highly preferred
Stainless steel witnessing high demand
Manual function remains preferred
Automatic function gathering momentum
Oil & gas industry remains top end user
Water & wastewater treatment projects generating high demand
How Growth will Unfold
Due to constant exposure to extreme temperature conditions and frequent contact and reaction with fluids, corrosion remained a root cause of depleting valve performance and failures. Therefore, manufacturers are placing their focus on developing ‘smart valves’ that not only increase the reliability of the control systems but also allow remote monitoring. With rapid advancements in technologies and capabilities of automated control systems, industrial valve manufacturers are currently prioritizing R&D activities for product differentiation. In addition, considering the preferential shifts in end-use industries, market players are planning to employ and dedicate a team of skilled engineers to find immediate solutions for ‘custom-made’ requirements and replacement of valves.
As technology advances rapidly across industrial sectors, a few key players are launching mobile apps for optimized valve maintenance, in addition to product innovation and new launches. Strategic acquisitions and collaborations, in addition to long-term supply agreements with oil field and mining companies, will remain a key focus area of the market players. Further, these players are tapping into opportunities in ongoing projects of natural gas exploration and transportation pipelines in the U.S., coupled with upcoming mining projects in fast-developing markets of China, India, Brazil, and South Africa.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Industrial Valves Market: Global Industry Analysis 2014-2018 & Opportunity Assessment 2019-2029
A recent market study published by FMI on the industrial valves market includes global industry analysis 2014-2018 & opportunity assessment 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historic as well as current growth parameters of the industrial valves market, the growth prospects of the market are obtained with maximum precision.
Industrial Valve Market Taxonomy
The global industrial valves market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
By Valve Type
- Threaded Series
- High Performance
- Dual Plate
- Piston Lift
- Spring Loaded Disk
- Swing Check
- Tilting Check
- Y Pattern
- T Pattern
- Safety Relief
- Spring Loaded
- Pilot Operated
- Other Customized
By Valve Material?
- Cast Steel
- Carbon Steel
- Stainless Steel
- Other Alloys
By End-use Industry
- Oil & Gas
- Water & Wastewater Treatment
- Power Plants
- Paper & Pulp
- North America
- Latin America
- Eastern Europe
- Western Europe
- Middle East and Africa
The report initiates with the executive summary of the industrial valves market, which includes a summary of key findings and statistics of the market. It also includes the demand-side & supply-side trends pertaining to the industrial valves market.
Readers can find the market definition and a detailed taxonomy of the industrial valves market in this chapter, which will help them understand the basic information about the industrial valves market. Along with this, comprehensive information about industrial valves and their properties are provided in this section. This section also highlights the inclusions and exclusions, which help readers understand the scope of the industrial valves market report.
This section explains the global market value analysis and forecast for the industrial valves market between the forecast periods of 2019-2029. This chapter includes a detailed analysis of the historical industrial valves market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029). Along with this, pricing analysis of the industrial valves market at the regional level has been provided in this section. This section also explains the global market volume analysis and forecast for the industrial valves market between the forecast periods of 2019-2029.
This chapter explains the key macro-economic factors that are expected to influence the growth of the industrial valves market over the forecast period. Along with the macroeconomic factors, this section also highlights the value chain, supply chain, forecast factors, Porter’s five forces analysis, and value chain analysis for the industrial valves market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
Based on the valve type, the industrial valves market is segmented into gate, globe, ball, butterfly, plug, check, safety relief, and other customized valves. In this chapter, readers can find information about key trends and developments in the industrial valves market and market attractiveness analysis.
This chapter provides details about the industrial valves market based on the valve material, and has been classified into cast steel, carbon steel, stainless steel, bronze, and other alloys. In this chapter, readers can understand the market attractive analysis based on the valve material.
This chapter provides details about the industrial valves market based on the end-use industry, and has been classified into oil & gas, chemical, water & wastewater treatment, power plant, paper & pulp, and others. Readers can understand the market attractive analysis based on the end-use industry.
Based on the function, the industrial valves market is segmented into manual and automatic. In this chapter, readers can find information about key trends and developments in the industrial valves market and market attractiveness analysis.
This chapter explains how the industrial valves market will grow across several geographic regions such as North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Middle East & Africa (MEA), and Japan.
This chapter includes a detailed analysis of the growth of the North America industrial valves market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, regional trends, and market growth based on the application and countries in North America.
This chapter provides the growth scenario of the industrial valves market in Latin American countries such as Brazil, Mexico, Argentina, and the Rest of Latin America. Along with this, assessment of the market across target segments has been provided.
Important growth prospects of the industrial valves market based on its end users in several countries such as Russia, Poland, and the Rest of Eastern Europe are included in this chapter.
In this chapter, EU5, BENELUX, Nordic, and the Rest of Western Europe countries are prominent countries in the Western Europe region that are the prime subjects of assessment to obtain the growth prospects of the market. Readers can find detailed information about the growth parameters of the Western Europe industrial valves market during the forecast period of 2019-2029.
This chapter highlights the growth of the industrial valves market in Asia Pacific Excluding Japan by focusing on China, India, South Korea, ASEAN, and the Rest of Asia Pacific Excluding Japan. This section also help readers understand the key factors that are responsible for the growth of the industrial valves market in Asia Pacific Excluding Japan.
This chapter provides information about how the industrial valves market will grow in major countries in the Middle East and Africa region such as GCC Countries, South Africa, Israel, Turkey, and the Rest of Middle East and Africa, during the forecast period of 2019-2029.
This chapter highlights the growth of the industrial valves market in Japan. This section also help readers understand the key factors that are responsible for the growth of the industrial valves market in Japan.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the industrial valves market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all prominent stakeholders in the industrial valves market, along with a detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are GE Company, Emerson, Schlumberger Limited, TechnipFMC Plc, Weir Group Plc., Flowserve Corporation, KSB SE & Co. KGaA, Watts Water Technologies, Inc., KITZ Corporation, Alfa Laval Corporate AB, Curtiss-Wright Corp., CIRCOR International, Inc., IMI plc, Mercer Valve Co., Inc., National, Oilwell Varco, Inc., Neway Valves, AVK International A/S, and LESER GmbH & Co. KG, among others
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the industrial valves market report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the industrial valves market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Product Managers
- Business Development Officers
- Production Managers
- Procurement Heads
- Sales Executives
- Raw Material Suppliers
- Industry Experts
- End Users
- Current market dynamics and challenges
- Yesteryear trends
- Market characteristics
- Market performance and growth quadrants
- Competition structure and market structure
- Strategic growth initiatives
- Near-term and long-term market growth prospects
- Market segment splits and authenticity
- Opinions on market projections and validity of assumptions
- Industry Associations
- Valve Manufacturers Association of America
- Japan Valve Manufacturers' Association
- Valves Organization
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits
Industrial Valve Market Reports - Table of Contents
18. Assumptions and Acronyms Used
19. Research Methodology