January 07, 2022
According to the report titled ‘Global Industrial Valves Market (2020 Edition): Analysis By Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug, Safety, Diaphragm, Others), Technology, Size, End-User, By Region, By Country: Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global industrial valves market was valued at USD 72672.11 million in the year 2019 and is expected to expand substantially during the period 2020-2025
Widespread consumer awareness about product quality, supportive government policies regarding conservation of energy, and strict regulations on environment conservation are factors propelling the growth of global industrial valves market.
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Moreover, compulsory standards imposed by Food & Drug Administration (FDA) concerning food safety, and technological advancements promising reduction in maintenance costs which is attracting buyers from several sectors are further accelerating industry development.
During the COVID-19 pandemic, many corporations were severely affected due to temporary shutdowns leading to a disruption in supply chain activities. However, the industrial valves business sphere is anticipated to register considerable growth post the virus outbreak attributable to technical innovations in the Industrial Internet of Things (IIOT) field, high disposable income, and emerging demand for household appliances in the forthcoming years.
From a regional standpoint, Asia Pacific industry is poised to amass significant returns during the course of the analysis period, owing to the growing industrialization as a result of low production cost, a potential rise in the demand across emerging economies like China and India, coupled with massive investments by public and private sectors in SMEs in the region. Moreover, a positive outlook concerning the chemical, food processing, and power sectors is likely to augment industry growth in the region during the projected timeframe.
The competitive landscape of global industrial valves market is defined by companies such as Forbes Marshall, Crane Co., Schlumberger Limited, IMI plc, Flowserve Corporation, VELAN GmbH, Emerson Electric Corp., Metso Oyj, Spirax-Sarco Engineering plc, and Baker Hughes Company among others.