Valves can be manually and automatically operated. The strong need for efficient workplace safety has increased as many industrial processes produce flammable gases and fluids. The need for efficient work place safety is expected to fuel the demand for valves globally. The Global Valves market is anticipated to grow at a CAGR of 7.0 % during the forecast period 2019 to 2027. The Global Valves market was valued at US$ 69.72 Bn in 2018.
Demand for valves in the oil & gas industry exists primarily due to their exhaustive applications throughout upstream, midstream, and downstream activities. Demand for oil and gas products is increasing at a significant rate; however, supply for the same is dwindling due to the global decrease in oil and gas reserves. The demand and supply gap has led various companies to invest their financial and technological resources in exploring new oil fields and improving oil and gas extraction efficiency. Governments of different countries are investing in oil and gas companies.
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Increased industrialization has given rise to stringent emission and effluent regulations for industries such as chemicals, oil & gas, pharmaceutical, and others. Several regulating authorities in different regions are beginning to adhere to stricter emissions standards. Fugitive emissions is a major area where valves play a vital role. Fugitive emissions are hazardous chemicals in physical form that can leak unanticipated.
This is attributed to the strategic investments of the companies in technology sector. The intent of M&A is to generate the new source of revenue from new customers and markets by improvising product and service innovation. Furthermore, one of the major reason in the growth of valves market is due to the rise in investments in oil & gas markets. For example: The U.S exports of the refined products, Liquefied Natural Gas and crude oil saw a significant surge as the crude oil export ban was lifted in January 2016. The region is experiencing heavy investments by the oil & gas companies in exploration activities.
The focus on industrial development is estimated to impact the global valves market positively. As a thumb rule, valves are often placed at a pipeline distance of less than 10% of the total length of the pipeline for efficient and easy control of gas in the oil & gas and related industries.
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Threat of new entrance is low for global valve market. Reason behind this phenomena is High initial capital investment, Preference to experienced players, and Low scope for small level players to penetrate in fragmented market.
Companies focusing on automation of their manufacturing plants is majorly seen globally. Complicated processes involved in industries such as oil & gas and pulp & paper are controlled automatically with the usage of robots and other advanced technologies. These processes are generally termed as plant automation or process automation. Introduction of technology in industries globally has made industrial activities highly flexible and effective. The aim of industries to enhance productivity, reduce cost of production, and improve work place safety are some reasons that are projected to foster the increase of plant automation. Valves have been an integral part of process automation system in industries, as they determine the efficiency of the plant. Valves in industries such as manufacturing, oil & gas, water and wastewater treatment, pulp & paper, chemicals, automobile, and food & beverage have witnessed rapid increase in adoption with introduction of process automation. Crucial performance areas for valves on automated plants include complex piping systems, fluctuating temperature pipes, and process pressure control.
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Some of the major players operating in this market are
- Honeywell International, Inc.
- Emerson Electric Co.
- Bürkert Fluid Control Systems.
Other significant players engaged in Valves market in Global include
- Industrial Scientific AVK Holding A/S
- Rotork Plc
- General Electric Company
- Goodwin International Ltd
- Schlumberger Limited
- Flowserve Corporation
- KITZ Corporation.
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