Global Industrial Valves Market Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027
Valves Market
Valve
manufacturers must follow the various valve certifications and policies of
various regions. This factor leads to a wide range of product specifications
because valves are widely used in a variety of industries. This variety,
however, is impeding the growth of the valves market because industry
participants are required to modify the same product in accordance with
regional policies, This makes it difficult for valve manufacturers to achieve
an ideal installation cost. To address this problem, they must invest resources
in establishing manufacturing facilities across regions, which will necessitate
additional capital investments.
The global Valve Market was accounted for US$ 72,862.8 Mn in terms of value in 2019 and is expected to grow at CAGR of 6.8% for the period 2019-2027.
In 2020, steel industrial valves had the largest market share. Steel industrial valves are currently being driven by rising demand for high-quality industrial valves to mitigate the threat of contamination in the food and beverage, chemicals, pharmaceutical, and metals and mining industries, and a similar trend is expected to be observed during the forecast period. Furthermore, rising sanitation concerns will drive the market for stainless steel valves in water and wastewater treatment plants, as longer-lasting stainless steel valves can withstand harsh temperatures, chemicals, and Because of their corrosion resistance, they can withstand high pressures and hard water conditions. Stainless steel outperforms other materials in terms of pressure rating and temperature tolerance, such as cast iron, ductile iron, brass, and copper.
Because
of the growing emphasis on precise positioning and automation of industrial
valves, automation in control valves has made significant advances. Control
valves employ a valve positioner, which converts electrical signals to
pneumatic signals to control the valve's actuator. As a result, automation in
the valve positioner provides greater efficiency, lower energy consumption, and
increased reliability, fueling the global growth of the industrial valves
market.
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