Industrial Valves Market - Growth, Trends
The global industrial valves market is expected to record a CAGR of over 5% during the forecast period. The major factor driving the market studied is the growing demand from the power and chemical industries. Stagnant industrial growth in developed countries is expected to hinder the growth of the market studied.
The oil and gas industry dominated the market, and it is expected to experience growth during the forecast period, owing to the increasing oil and gas activities across the world.
Increasing demand for automatic valves is likely to act as an opportunity in the future.
Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.
Key Market Trends
Increasing Demand from Power Industry
In the power industry, valves are used for various applications, such as boiler startups, feed pump recirculation, steam conditioning, and turbine by pass.
For instance, valves in the condensate system are used to control and regulate the additional flow required for fluid recirculation condensate pump. Furthermore, valves are also used to control the deaerator level for feed water heater.
For the food water system in the power industry, valves are used for boiler feed pump recirculation and the valve plays a key role in this scenario, as it should be operated in on-off and modulating service.
Additionally, in main stream systems, the valves are used for super heaters, turbine bypass, super heater bypass, etc. A modulating valve is used for controlling pressure.
Additionally, the governments focus on increasing the capacity additions of power plants across the country is the factor that is boosting the demand for cooling water treatment chemicals. Such aforementioned factors are boosting the demand for valves in the power industry.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominated the global market share. With growing oil and gas industrial activities and the increasing need for water treatment in countries, such as China, India, and Japan, the usage of industrial valves is increasing in the region.
The consumption of industrial valves is high in oil and gas, and the downstream production has increased in the country. This is further increasing the production capacities of petrochemicals, thus augmenting the consumption of industrial valves in the country.
Chemical plants is another prominent end-user industry in China. Many major companies in the market have their chemical plants in China. These companies increased their production capacities, in order to increase the consumption of industrial valves.
The other major industry in the country is the water treatment facility, which is used in different industries. The growing fuel demand is augmenting the demand to increase the refining capacity, due to increased sales of passenger cars, replacement of LPG as a cooking fuel, increasing urbanization, along with the demand for infrastructure and consumer goods.
The aforementioned factors, coupled with government support, are contributing to the increasing demand for industrial valves consumption in the region during the forecast period.