August 30, 2023 07:13 ET | Source: Research and Markets Research and Markets
Dublin, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The "Global Valves Market 2023-2028 by Type, End-Users, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering. Split Butterfly Valve
The global valves market is set for significant growth, with projections indicating a rise from USD 68.36 billion in 2023 to USD 88.33 billion by 2028, representing a Compound Annual Growth Rate (CAGR) of 5.26% during the forecast period.
The global valves market is a diverse and dynamic industry, encompassing various valve types, materials, and applications. Valves are critical components for controlling the flow of fluids, gases, and other materials in pipelines and systems across industries such as oil and gas, water and wastewater, power generation, chemical processing, and pharmaceuticals.
The growth of the industrial valves market is driven by increased demand from sectors like oil and gas, where valves play a pivotal role in regulating the flow of steam and water in major power plants. Technological advancements have enabled valves to perform effectively under high-pressure and high-temperature conditions. However, challenges like high capital investment, low-profit margins due to varying valve standards, and issues related to outsourcing pose hurdles.
Despite challenges, opportunities arise in the form of rising demand for AI-integrated valves for intelligent water supply. Artificial Intelligence (AI) algorithms enable predictive data processing, forecasting, and optimizing water distribution networks.
The global valves market is segmented by type (ball valves, butterfly valves, gate valves, plug valves, and control valves), end-users (Oil & Gas, Power Generation, Chemical, Water & Wastewater, and Mining), and geography (Americas, Europe, Middle East & Africa, and Asia-Pacific).
Recent developments in the market include Emerson Electric Co.'s introduction of the Clarkson SU10R, Crane Co.'s acquisition of Circor International's Instrumentation & Sampling business, and Val Technologies' launch of the V1-2 control valve for high-temperature and high-pressure applications.
The global valves market is expected to expand significantly due to increasing demand from various industries and technological advancements. While challenges exist, the adoption of AI-integrated valves and solutions for predictive maintenance are driving factors for market growth.
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