The global Industrial Valves Market is anticipated to develop significantly, according to the report titled "Industrial Valves Market." The market, which is anticipated to be worth USD 80.4 billion in 2023, is anticipated to rise by a noteworthy compound yearly growth rate (CAGR) of 4.4% to reach USD 99.8 billion by 2028.

The wide variety of valve types, including ball, butterfly, globe, gate, diaphragm, safety, check, and plug valves, as well as the usage of different materials, including steel, cast iron, alloys, cryogenic materials, plastics, bronze, and brass, all contribute to this brisk expansion. The functionality of valves is further improved by parts like positioners and actuators.

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A number of important factors are fueling the market for industrial valves, which is expanding rapidly. Notably, the pharmaceutical and healthcare sectors, where precise management of fluids and gases is essential, are driving up demand for valves. Process sectors are also increasingly focusing on adopting automation solutions, which largely rely on industrial valves for effectively regulating processes. Additionally, there is a growing need to build new power plants and upgrade existing ones on a global scale, which is driving up demand for industrial valves in a variety of industries. These intersecting trends highlight the market's adaptability and its function in supporting the operational requirements of many industries.

Based on Type, globe valves held the largest share of the Industrial Valves Market in 2022

According to type, the Industrial Valves Market's dominant segment in 2022 was globe valves. These valves are widely used in many different applications, especially in cryogenic settings where bronze and stainless steel globe valves are chosen because of their resistance to extremely high temperatures. In cryogenic applications, the addition of an expanded bonnet aids in preventing the freezing of the packing gland area. Globe valves are a favoured option for managing high-pressure steam in power plants because of their exceptional suitability for high-pressure systems. They also play a crucial role in controlling fluid flow in power plants' lubricating systems and coolant pipes, demonstrating their adaptability and significance in crucial industrial operations.

Based on Component, actuators held the largest share of the Industrial Valves Market in 2022

The industrial valves market's leading segment in 2022 was the component category of actuators. In many industrial processes, actuators play a crucial role in automating valve operations and guaranteeing accurate control of fluid and gas flow. The adaptability of pneumatic actuators, which allows even the smallest ones to produce significant torque while the largest ones are able to offer extraordinarily high torque levels, makes them ideal for a variety of applications. On the other hand, hydraulic actuators use fluid pressure to create motion in response to signals that can be expressed as ampere, volt, or pressure values. Actuators are crucial in industrial valve systems because they are especially useful when a lot of force is needed to control a valve.

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Based on Function, on/off function held the larger share of the Industrial Valves Market in 2022

The on/off function category accounted for a greater market share in 2022 within the Industrial Valves market. Isolation valves are generally used for this function, and depending on the needs of the application, they may operate in either the ordinarily open (NO) or normally closed (NC) positions. Normally open valves are useful in many different parts, including pressure vessels, pumps, compressors, tanks, pressure sensors, and equipment for measuring liquid levels. They are essential for controlling flow logic because they make it possible to choose one flow path over another and make it easier to link a system to external equipment. Within industrial operations, these valves allow for the controlled flow of fluids between various parts and equipment. To further highlight the variety of valve roles within industrial processes, typically closed valves, such as vent and drain valves, stay closed during standard operation and are only opened when depressurization or fluid drainage from a system is required.

Based on Material, steel valves held the largest share of the Industrial Valves Market in 2022

Steel valves as a material led the Industrial Valves Market in 2022. In industrial settings where high pressure ratings, temperature resilience, and effective corrosion resistance are required, steel valves are recommended. These valves are made of a variety of steel varieties, each specifically designed to satisfy particular performance criteria, including ferritic, austenitic, martensitic, and duplex steel. For a variety of industries, including oil and gas, water and wastewater treatment, pharmaceuticals, building and construction, and pulp and paper production, carbon steels and basic stainless steel grades like 316, 329, and 400 are well suited. The adaptability and dependability of steel valves in crucial industrial processes are highlighted by their widespread use in various industries.

Based on Size, industrial valves in the size range of 1” to 6” held the largest share of the market in 2022

Industrial valves with sizes ranging from 1" to 6" held the majority of the market in 2022. This size range is compatible with the widespread application of valves in process systems, which are frequently included into piping systems with a diameter of 4 inches or less. When a specific size preference is not stated, valves sized at 6" or less are frequently used. The choice of valve material is normally guided by the requirements of the application. The adaptability of valves in this size range makes them appropriate for handling a variety of media, including slurries, chemicals, and water. They are widely used in many different industries, including those that deal with food and beverage production, pharmaceuticals, and water and wastewater treatment, demonstrating their versatility and importance to these operations.

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Based on End-User Industry, the energy & power industry held the largest share of the Industrial Valves Market in 2022

Based on end-user industry, the energy and power sector took the lead in the industrial valves market in 2022. The development of new power generation facilities, such as coal-fired power plants, gas turbines, and nuclear power plants, is one reason for this supremacy, among others. The ongoing growth of the energy and power industries fuels the demand for industrial valves, which are necessary in numerous crucial applications throughout these facilities. Furthermore, the demand for maintenance and rehabilitation of existing power plants is being sparked by strict environmental legislation in nations like the United States and Europe, as well as initiatives by end-user companies to minimise carbon footprints and lower carbon dioxide emissions.

The Industrial Valves Market in Asia Pacific held the largest share of the market in 2022

The Industrial Valves Market was dominated by the Asia Pacific region in 2022, accounting for the biggest share. Several important elements have contributed to this region's popularity. With a large number of medium-sized valve manufacturers, China stands out as a key player in the manufacture and export of valves. Japan, which depends largely on nuclear energy for a sizeable amount of its energy requirements, has made it easier to integrate nuclear power plants to produce electricity, which has helped the industrial valves market expand. India, on the other hand, is seeing a rise in demand from the oil and gas sector as a result of offshore explorations and the building of the infrastructure for oil and gas pipelines.

Major companies operating in the Industrial Valves Market include Emerson (US), Flowserve Corporation (US), Schlumberger Limited (US), Crane Co. (Sweden), Neles (Finland), KITZ Corporation (Japan), IMI PLC (UK), KSB SE & Co. KGaA (Germany), Bray International (US), and Spirax-Sarco Engineering PLC (UK).

News Covered:

https://www.globenewswire.com/news-release/2023/02/03/2601315/0/en/Industrial-Valves-Market-Size-Share-Growth-Drivers-and-Analysis.html

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