Industrial Valves Market driven by rising automation technologies

Posted April 5, 2023 by avinashgogawale14

The Industrial Valves Market Size is projected to grow from an estimated USD 80.4 billion in 2023 to USD 99.8 billion by 2028 at a CAGR of 4.4%.
The Industrial Valves Market is anticipated to expand at a CAGR of 4.4% between 2023 and 2028. By 2028, the market, which was worth USD 80.4 billion in 2023, is expected to have grown to USD 99.8 billion. According to their material, component, and function, the report classifies several industrial valve types, including ball, butterfly, globe, gate, diaphragm, safety, check, and plug valves. The market is being driven by the rising demand for industrial valves across a number of industries, including food and beverage, oil & gas, power generation, water and wastewater treatment, chemicals, and others. In the upcoming years, the market is anticipated to develop as a result of elements like rising investments in the energy and power sector, rising industrial automation, and the adoption of Industry 4.0 and the Internet of Things.

A number of factors point to the industrial valves market expanding in the upcoming years. The healthcare and pharmaceutical industries, which depend on a steady flow of medical gases and fluids, have boosted their need for valves as a result of the COVID-19 epidemic. The need for valves is also being fueled by the expanding need for building new nuclear power plants and upgrading existing ones. Another important element propelling the market's expansion is the requirement for linked networks to maintain and monitor industrial equipment. The process industries are adopting automation technology at a faster rate, which is increasing the demand for valves. Also, there is a rising global emphasis on the creation of smart cities, which is anticipated to increase demand for valves used in a variety of applications, including transportation, building automation, water and wastewater treatment, and others.

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Key Market Players

Emerson Electric Co. (US),
Schlumberger (US),
Flowserve Corporation (US),
IMI plc (US),
Neles Corporation (Finland),
Spirax Sarco Limited (UK),
Crane Co. (US),
KITZ Corporation (Japan),
Trillium Flow Technologies (US),
Bray international (US) , and
CIRCOR International, Inc. (US).
Opportunity: Use of IIoT and Industry 4.0 in industrial valves

Manufacturers have a sizable window of opportunity due to the Industrial Internet of Things (IIoT) and Industry 4.0 adoption in the industrial valves market. Valves are essential parts of many different pieces of industrial machinery, and their failure could cause delays in plant operations. Unplanned downtime results from traditional, schedule-based maintenance techniques failing to warn manufacturing organisations about probable valve failures. However recent advances in data science, connectivity, and computing power have made it possible for businesses to use IIoT technology to cut down on unscheduled downtime caused by valve failures. Manufacturers can track valve performance in real-time and forecast and stop valve problems before they happen by incorporating sensors and data analytics. Additionally, this technology can offer insights on valve usage trends, allowing businesses to enhance operational effectiveness and optimise valve performance. For manufacturers, the adoption of IIoT and Industry 4.0 in the industrial valves market offers a huge opportunity to lower costs, boost productivity, and enhance overall plant efficiency.

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Experts in valves can now track the efficiency, lifetime, and prospective failure rates of valves in a plant remotely thanks to the Industrial Internet of Things (IIoT). The performance of valves may be increased, and a secure working environment can be guaranteed, by utilising IIoT technology. Industry participants may benefit from lower maintenance and shutdown costs because to the deployment of sensors on valves and their connectivity through the IIoT. Insights gained from collecting and analysing data from connected valves can be utilised to enhance operations and avoid unscheduled downtime due to valve failures. Manufacturers have a tremendous opportunity to increase operational effectiveness and cut costs by implementing IIoT in industrial valves.

Challenge: Rise in collaborations among industry players.

Collaboration amongst market participants has become a significant difficulty as the industrial valves market keeps expanding and growing. Due to the extremely fragmented nature of the business, mergers and acquisitions are becoming increasingly frequent as producers try to diversify their product lines and increase their market share. Due to the drop in oil prices, the oil and gas industry is concentrating on efficient operations. To assure long-term growth and profitability, major market players are buying up small businesses that have new solutions. Future predictions predict that this trend of cooperation and consolidation will continue, creating a more competitive market with fewer independent firms.

Emerson is a major player in the industrial valves industry and offers a variety of engineering, consulting, and maintenance services as well as a range of process management solutions to different sectors. Via its monitoring and maintenance technologies, the company provides full lifecycle management for valve assets. To be competitive in the industry, Emerson is actively using additive manufacturing technology to create cutting-edge valve designs and solutions. Product development is the company's primary growth strategy, as demonstrated by the release of comprehensive valve assemblies that comply with SIL 3 regulations in October 2021.

The Valves & Measurement product line from Schlumberger, a leading global provider of technology and services to the energy sector, offers valve products and measurement systems to control, direct, and measure the flow of oil and gas. After acquiring Cameron International Corporation in 2016, the business combined the wellhead and surface equipment and processing technologies from Cameron with Schlumberger's reservoir and well expertise. The company is trying to leverage 3D printing for production or prototyping in product development, particularly in the valve ecosystem, as Schlumberger's focus on research and development (R&D) is still quite strong.

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Industrial flow management equipment is designed, produced, and distributed by Flowserve Corporation, along with related services. The Flow Serve Pump Division and the Flow Control Division are the company's two main segments (FCD). The Flow Control Division (FCD) provides automation systems and valves for a variety of industries, including power generation, water and wastewater treatment, chemicals, oil and gas, and more. With its portfolio of valves, pumps, seals, automation, and aftermarket services, the company offers complete flow control systems and services. The business offers a wide range of aftermarket services, such as repair, installation, and retrofitting, through its manufacturing and quick response centre.

Recent Developments

In October 2021, Emerson launched the first comprehensive valve assemblies that fulfill safety integrity level (SIL) 3 as per the IEC 61508 standard of the International Electrotechnical Commission.
In September 2021, KITZ Corporation announced the acquisition of common shares of TOA Valve Engineering Inc. (Japan) and signed an agreement of capital and business alliance. This business alliance helped both the companies to further boost their corporate value and expand their businesses by mutually sharing strategies, technologies, and strengths related to valves.
In January 2021, Flowserve Corporation launched a new IoT service suite, RedRaven, for the remote monitoring of facilities. RedRaven advanced IoT condition monitoring helps plants monitor valve performance and proactively identify and address issues before failures.
In February 2020, Schlumberger Limited opened a manufacturing center in King Salman Energy Park (SPARK), Saudi Arabia, that supports Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program to promote economic growth.
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Tags industrial valves market
Last Updated April 5, 2023