Valves play a vital role in controlling and regulating fluid flow across various end-use industries such as oil & gas, chemicals, water & wastewater, power generation, and others. Valves find extensive application in power plants to control steam, water, air, and chemical flows during power generation cycles. Rising power demand globally has fueled construction of new power plants and up-gradation of aging infrastructure, thereby driving demand for valves.
Market key trends:
One of the key trends fuelling growth in the valves market is increasing investments towards upgrading aging infrastructure and capacity expansion of existing power generation facilities globally. Power consumption is growing steadily with rapid industrialization and urbanization in emerging economies like India, China, and countries in Southeast Asia. This is prompting governments and utilities to invest heavily in modernizing old power plants and setting up new generation units. For instance, the Indian government has set an ambitious target of installing 175 GW of renewable energy by 2022 along with capacity addition in conventional power. Such infrastructure investments will require large quantities of various types of valves for steam, water, and emission control applications, driving market revenue over the coming years.
Segment Analysis
The global valves market is dominated by control valves which accounted for over 35% of the total market share in 2024. Control valves find wide application in industries such as oil & gas, power, chemicals etc for regulating flow and automatically maintaining fluid pressure within set limits. The ability of control valves to precisely regulate flow rates and ensure product quality and safety has made it indispensable across several process industries.
Key Takeaways
The Global Valves Market Size is expected to witness high growth over the forecast period of 2024 to 2031 driven by rapid industrialization across developing regions of Asia Pacific and Middle East & Africa. The global valves market is estimated to be valued at US$ 83 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031.
The Asia Pacific region dominated the global valves market in 2024 with over 35% share and is expected to witness the fastest growth during the forecast period. Rising industrial activity along with establishment of manufacturing plants of global players is driving the demands for valves from process industries such as oil & gas, chemicals, power etc in countries such as China, India and others.
Key players
Key players operating in the valves market are Tyson Foods, Inc., JBS S.A., Pilgrim's Pride Corporation, Wens Foodstuff Group Co. Ltd., BRF S.A., Perdue Farms, Sanderson Farms, Baiada Poultry, Bates Turkey Farm, and Amrit Group. Tyson Foods, Inc. specializes in meat processing and marketing of chicken, beef and pork is one of the leading players in the global valves market.
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