Industrial valve is a device that regulates, directs, or controls flow of a fluid such as gases, liquids, fluidized solids, or slurries. Valves regulate flow or pressure downstream and operate on sophisticated automation systems. Valves operated manually, either by handle, lever, pedal, or wheel. Also, valves are operated automatically, driven by changes in pressure, temperature, or flow. Industrial valves are classified into five types such as hydraulic, pneumatic, manual, solenoid valve, and motor. Industrial valves are made of stainless steel, titanium, hastelloy, stellite, nickel, or brass. Also, valves can be made of different types of plastics such as acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polypropylene (PP), or polyvinylidene difluoride (PVDF).
Growing demand of industrial valves in end-use industries such as oil & gas, chemical, and power is a key factor driving growth of the global industrial valves market over the forecast period. Additionally, rising offshore oil & gas projects across the globe, and government initiatives for replacing old water pipelines in developing countries are other factors expected to boost growth of the global industrial valves market over the forecast period.
However, high fabrication cost associated is a key factor restraining growth of the global industrial valves market. In addition, intensified competition among competitors, and fluctuating crude oil prices which makes the project economically unstable is expected to hamper growth of the global industrial valves market over the forecast period.
Introduction of remote valves using Industrial Internet of Things (IIoT) which improves operating performance and also reduces unplanned downtime of valves is expected to support growth of the global industrial valves market over the forecast period.
The global industrial valves market is segmented on the basis of product type, material type, and region. On the basis of region, the global industrial valves market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Asia Pacific market accounts for largest market share in terms of revenue as compared to that of the markets in other regions. This can be attributed to improvement in water infrastructure and increasing demand from mining and chemical industry in emerging economies in the region. The market in North America and Europe projected to witness fastest growth in the global industrial valve market over the forecast period. The market in Middle East & Africa is expected to register significant growth over the forecast period, owing to development of new oil fields in the region.
Prominent players in the global industrial valves market include AVK Holding A/S, Emerson Electric Co., Flowserve Corporation, Forbes Marshall Private Limited, IMI Plc., KITZ Corporation, Metso Corporation, Neway Valve (Suzhou) Co., Ltd., Velan Inc., and Spirax-Sarco Inc.
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