- Steam valves are used to control the flow and pressure of steam. The steam valve handles a fluid or gas, which includes steam, water, and other chemical substances to compensate for the load disturbance and keeps the regulated process variable. These valves are widely utilized in power generation, food & beverage, and chemicals and other product processing industries. Steam is also extensively utilized in industries for humidification, heating, and cleaning. Demand for steam valve is estimated to be high during the forecast period.
Key Drivers and Opportunities of the Global Steam Valve Market
- Rapid expansion of oil & gas and power industries is projected to be a key factor driving the steam valve market. The Middle East and Asia Pacific are projected to be a major markets for steam valve during the forecast period. Saudi Arabia, Kuwait, United Arab Emirates, Iran and other countries in Asia majorly depend on the oil & gas industry. Their aim to explore other alternatives of power generation is estimated to play a highly significant role in boosting the demand for steam valves in the near future.
- Prominent manufacturers operating in the steam valve industry have introduced Internet of Things enabled steam valves in the market. Companies such as Emerson and Metso are emphasizing on boosting the adoption of steam valves. Rise in promotional campaigns of steam valves through various online channels is also anticipated to offer considerable opportunities to the global steam valve market during the forecast period.
- Increase in government regulations and a rise in number of licensed and certified steam valves offered by manufacturers are projected to create an opportunity for the launch of quality products in the next few years.
- Prices of the raw materials are fluctuating due to the COVID-19 pandemic, which could affect the overall cost of the product with consistent volatility of prices. This, in turn, is expected to restrain the market during the forecast period.
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Asia Pacific to Hold Major Share of Global Steam Valve Market
- In terms of region, the global steam valve market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period owing to an increase in the demand from emerging countries across the region. Expansion of major industries such as oil & gas, steel, and power, and rising urbanization are major factors driving the market in the region.
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Key Players Operating in Global Steam Valve Market
- Armstrong International, Inc.
- Cameron International Corporation
- CIRCOR International, Inc.
- Emerson Electric Co.
- Flowserve Corporation
- Metso Corporation
- Pentair plc
- SAMSON Controls Inc.
- Spirax Sarco Limited
- Velan, Inc.
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