Flowing Control Exploring the Industrial Valves Market with Emerging Trends, Growth Opportunities by 2031
The industrial valves market has witnessed significant growth in the past decade, owing to growing oil and gas industry.
PORTLAND, OR, UNITED STATES, June 30, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, Industrial Valves Market by Material type (Cast iron, Steel, Alloy based, Others), by Valve type (Ball valves, Butterfly valves, Gate valves, Globe valves, Plug valves, Check valves, Diaphragm valves), by Application (Oil and Power, Water and wastewater, Chemical, Food and beverage, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031. The industrial valves market size was $65 billion in 2021, and is estimated to reach $110.5 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
Industrial valves are electro-mechanical or mechanical devices used for control of gases, liquid, slurries, and others through pipes and tubes in industries. Various kinds of industrial valves perform various functions such as shut on/off, pressure control, and other regulation purposes.
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Rapid industrialization across the world has resulted in the increase in industrial valves demand during the last few years. These industrial valves provide an easy and affordable means of controlling flow of materials across major industries.
As the demand for fuel surges, various countries are launching new oil & gas exploration projects. This is anticipated to boost the demand for advanced valve tech. Similarly various water treatment plants are being launched to cater to the rising fresh water demand. Driven by this, the industrial valves market will record high growth in the coming years.
Leading players are focusing on introducing green and digital products that will enable experts to control and monitor the flow of materials from remote locations. This will help them to increase their sales of players are AVK Holding, Avcon Controls Pvt. Ltd., Schlumberger Limited, Crane, Emerson Electric Co., Flowserve Corp., Forbes Marshall, IMI Plc, Metso Corporation, The Weir Group Plc, EG Valves Manufacturing Co., Ltd., Sirca International S.p.A., KLINGER Holding, Böhmer GmbH, Fluidline Valves Co. Pvt Ltd., Anything Flows LLC, Davis Valve, Powell Valves, Tianjin City Binhaihuayi Valve Co., Ltd., Virgo Engineers Inc, Jag Valves, Walworth, Sap Industries Ltd, Microfinish Valves And Pumps, Newmans Valve LLC, Fluidchem Valves (India) Pvt. Ltd, Goodwin International, Global Valve & Controls, Gemini Valve and Flow Control Technology Valve.
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Recent technological developments have made it possible for businesses to use cutting-edge tools like artificial intelligence (AI) and the Internet of Things (IIoT) technology to reduce unplanned downtime and other adverse situations caused by valve failures.
These valve technologies enable professionals to remotely check on the functionality and state of industrial valves. Industries are implementing sensor-equipped valves to minimize failure rates and overall maintenance costs as a result of increased industrialization. Over the projection period, it is anticipated that adoption of these cutting-edge values would strengthen the market.
The investments for extraction of oil & gas has propelled substantially, which has led to infrastructural development. Furthermore, the focus on increasing the production of oil & gas in has created a high demand for industrial valves in the Middle East. This is expected to create massive demand for industrial valves, which in turn may boost the growth during the industrial valves market forecast period.
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David Correa
Allied Analytics LLP
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