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Industrial Valve Market Size
- Report ID: GMI8180
- Published Date: Feb 2024
- Report Format: PDF
Industrial Valve Market Size
Industrial Valve Market size was valued at USD 72 billion in 2023 and is anticipated to register a CAGR of over 6.2% between 2024 and 2032. The increasing construction of new power plants, rise in the industrial equipment performance & lubricant life with continuous filtration of lubrication, and growing adoption of high-quality industrial valves to enhance output & minimize losses are some of the factors driving market growth. In recent years, improvements in manufacturing techniques and material technology have enabled newly developed valves to provide effective performance in increased pressure and temperature conditions.
In the rapidly shifting model of industrial manufacturing, the demand for high-quality industrial valves has risen. As industries are continuously pushing the boundaries of innovation, the role of industrial valves in gases, flow of liquid, and other substances has become increasingly crucial. The integration of advanced technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT), in valve design & manufacturing is becoming a pivotal factor in meeting the expectations of durability, precision & safety in industrial processes. These advanced technologies are addressing the growing complexities faced by modern industries. Furthermore, these cutting-edge technologies not only improve the overall performance of industrial units but also eliminate operational risks and increase productivity.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Industrial Valve Market Size in 2023: | USD 72 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 6.3% |
| 2032 Value Projection: | USD 123 Billion |
| Historical Data for: | 2018 – 2023 |
| No. of Pages: | 387 |
| Tables, Charts & Figures: | 250 |
| Segments covered: | Type, Material, Component, Size, End Use, Distribution Channel, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Valve manufacturers concentrate on low-cost manufacturing locations since outsourcing provides advantages in terms of pricing. They were able to cut expenses, but problems like poor quality and late deliveries continued to arise. Increased consumer dissatisfaction and rejection rates follow, forcing businesses to adjust their supply chains in order to standardize quality throughout all of their facilities. Due to this, valve manufacturers have to follow many certifications and local laws pertaining to industrial valves. This leads to a range of product specifications because valves are widely available in a number of end-user sectors.
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Industrial Valve Market Scope
