Industrial Valves Market: Global Demand Analysis & Opportunity Outlook 2035
Research Nester’s recent market research analysis on “Industrial Valves Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global industrial valves market in terms of market segmentation by type, material, component, function, application, and by region.
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Increasing Demand for New Power Plants to Promote Global Market Share of Industrial Valves
To identify problems and improve the performance efficiency of the power plant, industrial valves are used. The demand for valves is expected to increase with the construction of new nuclear facilities and the refurbishment of existing ones because valves are used in safety-related applications in nuclear power plants. To protect turbines and boilers from vibration or corrosion, this is done. According to the International Energy Agency, advanced economies produce over 20% of the world’s electricity, with nuclear power accounting for around 10% of that total.
Due to the need to maintain a controlled flow during procedures like product filling, industrial valves are also frequently employed in the food processing industry. Increased government spending on modernizing the existing food processing infrastructure is estimated to drive market growth.
Some of the major growth factors and challenges that are associated with the growth of the global industrial valves market are:
Growth Drivers:
· Increasing Need for AI-integrated Valves
· Increasing Need for Fuel
Challenges:
A plant will shut down or have unplanned downtime if its valves malfunction. Customer connections may be strained as a result of late deliveries or subpar goods.
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Also, larger capital expenditure and the absence of uniform policies are expected to hamper market growth.
By type, the global industrial valves market is segmented into gate, globe, ball, butterfly, plug, check, safety, and relief. Ball valve sales accounted for more than 15% of all sales in 2019. Most often, these valves are used for tight shut-off needs and flow regulation. Chlorine generators, shipboard circulation systems, and fire protection services are all supported by the technology. Due to the need to maintain a controlled flow during procedures like product filling, ball valves are frequently employed in the food processing industry. Increased government spending on modernizing the existing food processing infrastructure is predicted to boost ball valve segment growth and help the country reach its self-sufficiency goals.
By region, the Asia Pacific industrial valves market is to generate the highest revenue by the end of 2035. In 2022, the Asia Pacific region represented a 40% share of the market. The demand for industrial valves is increasing as a result of the increasing requirement for better water & wastewater treatment methods as well as proper water management in Asia Pacific countries.
Also, the market in Europe is expected to hold a significant share during the forecast period. increasing government initiatives and developments in the region are driving market growth. For instance, in June 2022, Nigerian state oil firm Nigerian National Petroleum Corporation (NNPC) received permission from the Nigerian Government to sign an agreement on constructing a 5,660-km gas pipeline from Morocco to Europe. These initiatives further boost the studied market.
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