(IT-NEWSWIRE.COM, February 23, 2021 ) The report "Industrial Valves Market With COVID-19 & Oil Price Crisis Impact Analysis By Function (On-off/Isolation, Control), Material, Type, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment), and Region - Global Forecast to 2025", size was valued at USD 48.1 billion in 2020 and is projected to reach USD 85.7 billion by 2025. It is expected to grow at a CAGR of 12.3% during the forecast period. Increasing demand for valves from the pharmaceuticals industry due to the outbreak of the COVID-19 pandemic, growing focus on the development of smart cities globally, rising need for connected networks to maintain and monitor industrial equipment, and surging requirement for establishing new nuclear power plants and revamping existing ones are the key driving factors for the industrial valves market.
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Globe valves to account for the largest share of the industrial valves market
Globe valves are among the most popular valves used to control the flow in a pipeline, and they regulate by the position of a movable disk in relation to the stationary ring seat. The major advantage of the globe valve is that it does not leak as much as other valves. Owing to various benefits such as better full-closing characteristics, shorter opening and closing time, positive shut-off, these valves are adopted across various industries. They can also be used as stop check valves.
Oil & gas accounted for the largest share of the industrial valves market in 2019
The oil & gas industry accounted for the largest share of the industrial valves market in 2019 owing to the growing transportation sector, increasing energy demand, and rising drilling activities in the Gulf Cooperation Council (GCC) countries. However, at present, the world is facing an economic crisis due to the outbreak of the COVID-19 pandemic. The onset of this epidemic has affected the oil & gas industry badly, with oil prices slashing like never before. Similarly, on the one side, major oil-producing companies are running out of space to store extracted oil. On the other side, the oil demand has declined drastically, which has created a huge demand-supply gap. Oil & gas is one of the key industries for industrial valves, but the pandemic has adversely affected the industrial valves market in 2020 to a greater extent.
North America to account for the largest share of the industrial valves market by 2025
North America is a large consumer and a producer of natural gas, and the market in this region is dominated by the US supply and demand dynamics. The US was the world’s largest producer and consumer of natural gas in 2019. This factor, along with the shale gas boom in North America, contributed to the significant growth of the oil & gas industry in the region until 2019. However, right from the beginning of 2020, the entire world has been strongly hit by the COVID-19 pandemic, a health and an economic crisis. The US is among the most affected countries in the world. The COVID-19 pandemic has plummeted the oil demand drastically. The Energy Information Administration (EIA) reported that the global oil demand was 11.4 million b/d, lower in March 2020 than the annual average in 2019. It further forecasts the demand to be 17.1 million b/d, lower in April 2020. For the year, the EIA estimates that the demand will be 95.5 million b/d (5.2% lower than that in 2019). This is anticipated to be the largest drop since the EIA began keeping records. This drop in demand is likely to have an adverse impact on the growth of the industrial valves market in 2020.
A few of the key players in the industrial valves market are Emerson (US), Cameron – Schlumberger (US), Flowserve (US), IMI Plc. (UK), Metso (Europe), Spirax Sarco (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (UK), and BRAY International (US).
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