The Industrial Valves Market is projected to reach USD 90.5 billion by 2026, growing at a CAGR of 4.4% during the forecast period.
Increasing demand for valves from healthcare and pharmaceuticals industries due to COVID-19 pandemic.
With the rapid spread of COVID-19, healthcare and pharmaceuticals industries are at the forefront of combating this pandemic, and there is a rise in the production of all the critical medical devices required to cure COVID-19 patients. Industrial valves play an important role in the manufacturing of different types of medical devices, and several key industry players have grabbed the opportunity to contribute to the fight against this pandemic.
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Use of IIoT and Industry 4.0 in industrial valves
Valves are critical components of various industrial equipment. The failure of valves could lead to disruptions in plant processes. Traditional, schedule-based maintenance methods fail to alert manufacturing companies about impending valve failures. Due to this, technicians often inform about faults while inspecting valves, which, in turn, results in unplanned downtime that could have been avoided by the implementation of Industrial Internet of Things (IIoT). However, recent developments in data science, communications, and computing power have enabled companies to leverage IIoT technology for reducing unplanned downtime due to valve failures.
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) are the key players in the Industrial Valves Market. These top players have strong portfolios of products and services and presence in both mature and emerging markets.
Emerson is a leading manufacturer of industrial valves and a provider of process management products and solutions, such as valves, transmitters, analyzers, regulators, and automation systems. Additionally, the company provides vertical-specific engineering, consulting, and maintenance services to industries such as chemicals, food & beverages, industrial energy and onsite utilities, life sciences & medical, marine, metals & mining, oil & gas, power, pulp & paper, and water & wastewater treatment. It provides customers with complete lifecycle management for valve assets through its monitoring and maintenance tools. The company is leveraging additive manufacturing technology to create innovative valve designs and solutions to stay competitive in the Industrial Valves Market. Product development is the key organic growth strategy adopted by the company. For instance, in October 2021, Emerson announced its first comprehensive valve assemblies that fulfill safety integrity level (SIL) 3 requirements.
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Schlumberger (Cameron) provides technology and services to the global energy industry. The Valves & Measurement product line serves some segments of the upstream, midstream, and downstream markets and provides valve products and measurement systems primarily used to control, direct, and measure the flow of oil and gas. Schlumberger Limited acquired Cameron International Corporation (US) in April 2016. With the acquisition, Schlumberger’s reservoir and well technology was integrated with Cameron’s wellhead and surface equipment and processing technology necessary for pore-to-pipeline products and services offered to the global oil & gas sector. The company’s focus on R&D remains strong, with its technology center driving innovation within the rapidly evolving world of technology and automation. The company aims to implement 3D printing for the manufacturing or prototyping product development, specifically in the valve ecosystem.
Flowserve Corporation designs, manufactures, and distributes industrial flow management equipment, as well as offers related services. The company operates through 2 business segments: Flow Serve Pump Division and Flow Control Division (FCD). The company’s Flow Control Division (FCD) offers valves and automation solutions, including isolation and control valves, actuation, controls, and related equipment, and energy management products, such as steam traps, boiler controls, and condensate and energy recovery systems. Flowserve serves industries such as oil & gas, chemicals, water & wastewater treatment, water management, power generation, mining, pharmaceuticals, pulp & paper, and food & beverages. The company provides comprehensive flow control systems and services, with its portfolio including valves, pumps, seals, automation, and aftermarket services for the chemicals, oil & gas, water management, and power generation industries. Through its manufacturing and quick response center, Flowserve offers a wide range of aftermarket services such as repair, installation, and retrofitting.
Industrial Valves Market worth $90.5 billion by 2026
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