Description
Industrial Valves Market size was valued at USD 72.3 billion in 2021 and expected to reach USD 94.62 billion by 2028, at a CAGR of 4.2% during the forecast period 2022-2028. The market is surging at notable CAGR over the next seven years owing to surge in the number of end user industries such as oil and gas, power and energy, building and construction, pharmaceuticals, and chemicals across the globe. Moreover, market players are focus on the R&D activities for the development of technologically advanced products such as lightweight and smart valves, modernization and expansion of production capacity by end users, rapid urbanization coupled with government initiations for the smart city development, and increase in investments for the water and waste water projects are anticipated to propel the revenue of market over the forecast timeframe. However, volatility in raw material prices, decrease in oil and gas exploration, lack of standard regulations, and high cost of advanced products are hamper the growth of market. This report studies global industrial valves market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global industrial valves market report includes competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global industrial valves market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities).
Key Developments:
In April 2017, IMI launched the AB6350 valve for small Combined Heat and Power plants such as incineration, biomass, and other small co-generation power plants.