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Industrial Valve Market Trends

Report ID: GMI8180
Published Date: Feb 2024
Report Format: PDF

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Industrial Valve Market Trends

There is a growing demand for remote conditional monitoring among end-user industries to increase workplace safety, reduce unplanned downtime, and reduce maintenance & repair costs. The implementation of automation in valves has further increased the emphasis on precise monitoring. It eliminates human errors in process control and provides precise control over service fluid. Moreover, several manufacturers have begun offering end-use industries with condition monitoring solutions. For instance, Emerson Electric Co., an industrial automation company, provides valve condition monitoring and non-intrusive health monitoring solutions for the chemical, power, energy, and life sciences sectors that improve overall productivity & plant safety.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of industrial valve reached USD 72 billion in 2023 and is set to grow at 6.2% CAGR from 2024 to 2032, propelled by the increasing construction of new power plants and focus on the industrial equipment performance & lubricant life.

Check valves segment accounted for USD 14.04 billion in 2023, owing to its application in chemical industry for ensuring the safety & efficiency of chemical processing systems and preventing leakage & backflow.

North America market held a revenue share of 22% in 2023, driven by the increasing energy demand.

ALFA LAVAL, AVK Holding A/S, Baker Hughes Company, CIRCOR International, Inc., Crane Company, Curtiss-Wright Corporation, Danfoss, Emerson Electric Co., Hitachi, Ltd., Honeywell International Inc.,KITZ Corporationare some of the major industry contenders.