Industrial Valve Market Report

In the power plant industry, valve uses include boiler initiation, steam conditioning, feed pump recirculation and turbine bypass. For example, in the condensate system, valves are utilised to manage and regulate the extra flow necessary for a fluid recirculation condensate pump. In addition, valves are used to regulate the deaerator flow for the feedwater heater in the power sector. According to the EIA, total global power generation will reach approximately 45 trillion kilowatt hours (kWh) by 2050, nearly 20 trillion kWh more than in 2023. Even if renewable energy is becoming more prevalent, the amount of power produced is insufficient to meet the continuously increasing demand. Additionally, the government's emphasis on increasing power plant capacity expansions across the whole nation is increasing the requirement for valves in the power industry.

Valve manufacturers concentrate on finding low-cost production locations since outsourcing gives benefits for price. Although they were able to minimise expenses, other difficulties such as late delivery and poor quality cropped up. This has resulted in increasing rejection rates and consumer dissatisfaction prompting manufacturers to make changes to the supply chain in order to standardise quality across all facilities. As a result, valve manufacturers must comply to the various valve certifications and rules of different locations. Since valves are widely used in a variety of end-user sectors, this aspect influences product parameters. However, this variation is hampering the growth of the valve market since industry participants have to adapt the same product in accordance with regional regulations, making it challenging for valve manufacturers to attain an optimal installation cost. Valve malfunction or failure causes unexpected downtime or plant closure. As a result, the plant suffers severe implications such as declined revenue, increased maintenance costs, related labour expenses and raw material wastage. In this case, the only alternatives are to replace or repair the valves. However, industry participants are attempting to address this issue by implementing predictive maintenance, and condition monitoring technologies.

Businesses are introducing new valve solutions with improved features like increased durability, precise control, and advanced automation capabilities. These advancements address various industry requirements such as manufacturing, water treatment, and oil and gas. Real-time monitoring and remote control through IoT-enabled valves can help improve operational efficiency and safety. In July 2022, Valtorc introduced plug valves that meet ARRA standards and are available in sizes ranging from 1/2" to 20". The new devices would help the company expand its market share in the industrial valve industry. In March 2022, The Habonim Company also introduced cryogenic valves for applications in the maritime and aircraft sectors. Moreover, the product would also boost the corporation's market share in industrial valves. The company known as Parker Hannifin is in charge.

The Asia-Pacific region controls the majority of the global market. Industrial valves are becoming more popular in this region as oil and gas industrial operations expand and the need for water treatment grows in countries such as India, China, and Japan. The Asia-Pacific region is the world's largest contributor to the speciality chemicals sector. Between 2021 and 2025, Southeast Asia is expected to start 54 oil and gas projects spread across six different countries. In 2025, they would account for around 223,000 barrels per day of world crude output and approximately 8.1 billion cubic feet per day of global gas production. Some of the top tech companies are located in China. China's rapidly increasing population, along with increased automobile sales, is driving up demand for fuels. According to the United States Energy Information Administration (EIA), China's petroleum and other liquids production reached 130,000 barrels per day (b/d) in 2022. Furthermore, the government and other corporations are establishing new power generation facilities, which is increasing demand for better-controlling equipment such as industrial pumps.