Industrial Valves Market by Material type (Cast iron, Steel, Alloy based, Others), by Valve type (Ball valves, Butterfly valves, Gate valves, Globe valves, Plug valves, Check valves, Diaphragm valves), by Application (Oil and Power, Water and wastewater, Chemical, Food and beverage, Others) and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Industrial Valves Market size was estimated at USD 81.2 billion in 2023 and is projected to reach USD 110.50 billion in 2030 at a CAGR of 4.5% during the forecast period 2023-2030.
Industrial Valves are objects that can be either natural or man-made, which have the ability to direct, regulate, or control the flow of fluids such as gases, liquids, slurries, or fluidized solids. Although technically classified as fittings, valves are commonly recognized as a distinct category. When a valve is open, fluid flows from an area of higher pressure to an area of lower pressure. The term "valve" is derived from the Latin word "valva", which refers to the movable part of a door, and comes from the word "volvere" meaning "to turn or roll". This etymology is significant for the industrial valves market since many valves operate by rotating or turning. As a result, valves are an essential component of numerous industrial processes and applications.
valves are essential components that play a crucial role in regulating the flow of fluids and gases in various industrial applications. These devices have a complex structure, comprising the main body, a stem, and a seat. To ensure optimal performance and avoid any wastage of the liquid that flows through the valve, these components are often made of different materials, such as polymers, rubber, and metals. Valves can be categorized based on their operating mechanisms, with the most common types being globe valves, butterfly valves, ball valves, gate valves, plug valves, pinch valves, diaphragm valves, and check valves. Each of these types has its unique features and applications, making them suitable for different industrial settings.
The industrial valves industry has witnessed a significant decline in the production and sales of its products due to the COVID-19 pandemic. This has resulted from the prolonged lockdown measures that were implemented in major countries, including the U.S., Italy, and the UK, among others. As a result, the industrial valves market share has been affected, leading to a decline in its growth from 2019 to 2020. However, there is hope for recovery, as many industries are now resuming their regular manufacturing processes, which is expected to fuel the market's recovery in the second half of 2022.
Artificial intelligence (AI) refers to any algorithm that can process data and learn, leading to improved system performance over time as the algorithm becomes more tested and trained. Within the context of water distribution networks, AI can be integrated into a variety of applications, including predicting flow at one location based on past events, forecasting future scenarios to handle contingencies, and selecting optimal solutions to specific problems or bottlenecks.
AI-based decision-making algorithms involve optimization techniques that seek to identify the most effective combination of factors that either maximize or minimize a numerical objective function. In the case of contingency planning and protocol implementation, AI can aid in optimizing responses based on predetermined or real-time assessments of risk, such as shutting down valves to limit the impact of a pipe burst. It is becoming increasingly important to integrate AI into the decision-making algorithms and optimization techniques used by many water utilities. By utilizing AI-induced operational analysis, real-time and optimized control of specific parts of the water distribution network, such as pressure or flow control valves and pumping stations, can be achieved. This helps to reduce energy consumption and efficiently monitor the quality of the water. The integration of AI into water distribution networks has the potential to revolutionize the industry, as it allows for more efficient and effective operation of the system. As such, it is important for water utilities to explore the use of AI in their operations in order to remain competitive and provide the best possible service to their customers.
Asia Pacific to Dominate the Market