The global market for industrial valves is forecast to reach $107.3 billion by 2025, according to a new report.

Forecasting promising growth and development over the 2020-2025 period, Reportlinker.com’s report "Global Industrial Valves Industry" noted that the industrial market is driven by steady demand from petrochemical, power generation, and water & wastewater industries; new product development replacing traditional products; and major impetus provided by the developing economies.

However, another report by Reports Globe, after taking into account the impact of Covid-19 on market growth, estimates that the industrial valves market will yield $89.1 billion by the year 2027, growing at a compound annual growth (CAGR) of 11.9 per cent over the forecast period 2020-2027.

The sector, it said, garnered a revenue of $47.3 billion in the year 2019, globally.

Industrial valves are ubiquitous and indispensable and play a key role in ensuring smooth industrial production which is worth over a trillion dollars worldwide. Valves are electro-mechanical devices that regulate liquid or gas flow through pipes, tubes and equipment containers.

All processing plants, refineries, petrochemical plants and power generation facilities, have hundreds of control valves to manage media flow and eliminate hazardous fluctuations in pressures.

A malfunctioning valve can result in explosive blow-out of toxic flammable gases triggering fire accidents; breakdown of industrial machinery due to either uncontrolled flow of media or blocked flow; and dangerous co-mingling of gases in dual gas production scenarios. Most commonly utilised valves include aerosol valves; air logic valves; balancing valves; ball valves; blind valves; butterfly valves; cartridge valves; casing valves; check valves; Christmas tree valves; cock valves etc.

Stringent emission control regulations are driving replacement demand as companies seek to prevent the financial burden caused by leaks and fugitive emissions through valves. The risk remains especially high in the oil and gas end-use sector, where valve repairs and valve failure can cost companies thousands of dollars in losses each day. Ongoing valve maintenance in the recovering oil and gas sector is therefore poised to push up replacement demand in the market, Reportlinker.com said in its report.

The market also stands to benefit from growing research and development (R&D) and innovations in valve control mechanisms; development of reliable and durable valves; and development of new valve designs that enhances integrity and overthrows drawbacks associated with traditional standard valve designs. Other interesting trends in the market include growing value of custom valve designs tailored to meet the unique requirements of specific end-use applications; growing research and development activity around innovative changes in fundamental valve designs to overcome known drawbacks of traditional valves in process industries; capacity expansions in petroleum refining plants; reviving interest in nuclear power and the ensuing demand for high performance nuclear valves; increased focus on plant automation and the ensuing demand for quarter-turn valves.

Product development efforts are focused squarely on eliminating dead band which is associated with process variability and caused by flaws in control valve assemblies. Butterfly valves represent a major market segment, noted the report.

Asia-Pacific including China is a major market led by rapid industrialisation and a parallel increase in industrial and manufacturing activity; growing investments in plant and production equipment upgrade and replacements; and healthy Capex spends on automation and the resulting demand for smart valves.