Yahoo Finance Global Valve Market to Reach $8.8B, Pushed by Power and Water Industries
NEW YORK, Feb. 01, 2023 (GLOBE NEWSWIRE) -- A new IndexBox report on the global market for pressure-reducing, control, check, and safety valves provides some interesting insights.
Market Overview
The global valve market is forecast to expand from $7.8B in 2022 to $8.8B in 2030, rising at a CAGR of 1.5% during the forecast period. The surging demand from power, oil, gas, chemical, water, and other end-use industries drives the market growth. The power sector is expected to hold the largest share of the market during the coming decade, the IndexBox report states.
Valves are used to regulate and maintain system pressure. Based on type, the market is divided into direct-acting, pilot-operated, and solenoid-operated products.
View a sample report and free data online
Direct-acting valves are the most common type. They work by using a diaphragm or piston to open and close the valve in response to changes in upstream pressure.
Pilot-operated ones have a smaller pilot valve to control the larger main valve. This type is often used in high-pressure systems where a direct-acting valve would not be able to withstand high pressures. Pilot-operated valves are expected to witness the highest growth during the forecast period.
Solenoid-operated valves use an electric current to open and close the valve. These products are often used in automated systems where it is important to have precise control over the flow of fluid.
Based on material, the market is classified into stainless steel, cast iron, brass and bronze, plastic and polymer, and others (titanium alloy and Hastelloy). Stainless steel valves are expected to hold the largest share of the market due to their superior corrosion resistance properties.
Europe is expected to be the fastest-growing market due to increasing investments in energy-efficient systems, followed by Asia Pacific with accelerating industrialization and urbanization in China, India, Japan, and South Korea. The rising cost of energy and the need to reduce greenhouse gas emissions stimulate the demand for energy-efficient valves.
Market Challenges
There are several vital restraints that are affecting the market. Firstly, the high cost of valves and associated installation costs are major barriers for many potential buyers. Secondly, the complex nature of valve products can make it difficult for customers to select the right product for their needs. Finally, valves require regular maintenance and servicing, which can be costly and time-consuming.
Benefits of Pressure-Reducing Valves
Improved system performance. By reducing the pressure of a fluid as it passes, pressure-reducing valves can improve the performance of a system by ensuring that it is operating at optimal pressure.
Reduced wear and tear on components. By reducing the pressure of a fluid, valves can also reduce wear and tear on components within a system. This can extend the life of the parts and decrease maintenance costs.
Increased safety. Pressure-reducing valves can help to increase safety in a system by preventing overpressurization and protecting against potential hazards such as explosions.
Renovation Program in Europe
One of the main goals of the EU’s energy policy is to improve the energy performance of buildings. The European Union has set ambitious targets to be met by 2030: all new and existing buildings must achieve significant energy savings. The EU has implemented various policies and programs, such as the renovation one. It provides financial support for people who want to make their homes more energy-efficient. This program is available in all 28 EU countries. It is a joint effort between the European Commission and national governments. Over 1 million homes have been renovated under the program, and it is estimated that this saves households around €1 billion per year on their energy bills.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Emerson Electric Co., Alfa Laval AB (publ), Flowserve Corporation, IMI plc., Kitz Corporation (KITZ Corp.), Velan Inc., Crane Co., ARI Armaturen GmbH & Co. KG., Newson Gale Ltd., Spirax Sarco Limited (Spirax Sarco Engineering plc.), Valsteam ADCA Valves S/A, and AVK Holding A/S.
Sources
CONTACT: Contact Information Mekhrona Dzhuraeva Editor media@indexbox.io
