North America Industrial Valve Market Research Report 2023

North America Industrial Valve Market Synopsis

North America Industrial Valve Market Size Was Valued at USD 17,234.80 Million in 2022, and is Projected to Reach USD 29,834.72 Billion by 2030, Growing at a CAGR of 7.1% From 2023-2030.

Industrial valves are pivotal devices within various sectors, managing fluid flow by regulating, directing, or controlling liquids, gases, or slurries. They act as gatekeepers, either permitting or limiting substance movement, ensuring the smooth operation of systems. Their significance spans industries such as oil and gas, chemical manufacturing, power generation, water management, and more, contributing to operational efficiency and safety.

• The global surge in industrialization, particularly in emerging economies, fuels a heightened demand for valves to support diverse sectors. As industries expand, reliable valves become increasingly crucial to manage fluid, gas, and slurry flow effectively.
• Valve technology continually evolves, witnessing advancements in design, materials, and manufacturing processes, fostering market growth. Innovations yield valves capable of withstanding higher pressures, operating in challenging conditions, and offering superior efficiency and durability. These cutting-edge solutions meet modern industrial needs, catering to diverse operational requirements.
• With their ability to handle various fluids and enable precise control, industrial valves are indispensable in ensuring operational functionality and safety across a broad spectrum of industries. Their adaptability and technological enhancements play a pivotal role in meeting the evolving demands of industrial processes worldwide.

Top Key Players:

Emerson Electric Co., Flowserve Corporation, Curtiss-Wright Corporation, Parker-Hannifin Corporation, Crane Co., Circor International, Inc., Velan Inc., Imi Plc, Itt Inc., Honeywell International Inc., Mueller Water Products, Kitz Corporation, Powell Valves, Williams Valve Corporation, Dwyer Instruments, Inc.

North America Industrial Valve Market Trend Analysis

Demand from Oil Drilling and Gas Extraction

• The demand stemming from oil drilling and gas extraction serves as a pivotal driver propelling the expansion of the industrial valve market in North America. As the region continues to be a prominent hub for oil and gas exploration and extraction activities, the need for high-performance industrial valves intensifies.
• In the oil and gas sector, industrial valves play a critical role in regulating, controlling, and managing fluid flow within drilling operations, refining processes, pipeline networks, and extraction facilities. The surge in exploration initiatives, especially in shale gas and unconventional oil reserves, amplifies the requirement for robust valves capable of withstanding challenging operating conditions.
• The growing emphasis on efficiency, safety, and environmental compliance in oil and gas operations further fuels the demand for technologically advanced valves. These valves not only facilitate the efficient extraction and transportation of oil and gas but also adhere to stringent industry standards and regulations.
• Moreover, the continuous expansion of pipeline networks, coupled with ongoing developments in drilling technologies, underscores the necessity for reliable valves that can ensure seamless operations while enduring high pressures, corrosive environments, and varying temperatures.
• The symbiotic relationship between the burgeoning oil and gas sector and the demand for sophisticated industrial valves continues to be a significant catalyst in driving growth within the North American industrial valve market.
• The steady growth in North America's oil production, reaching 25.3 million barrels per day in 2022 from 23.5 million barrels per day in 2020, and a slight increase from the 24 million barrels per day in 2021, has significantly influenced the region's industrial valve market. This upward trend in oil output underscores the increased demand for industrial valves within the oil and gas sector.
• As production capacities expand and technological advancements drive efficiency, the need for reliable valves to regulate, control, and manage fluid flow becomes paramount. The surge in oil production directly correlates with a heightened requirement for industrial valves across extraction, refining, and distribution processes. This sustained growth not only reflects the industry's robustness but also amplifies the necessity for cutting-edge valve solutions that can withstand higher pressures, ensure safety, and enhance operational efficiency within North America's oil-centric industries.

The Shift Towards Renewable Energy Sources

• The transition towards renewable energy sources represents a significant opportunity driving growth within the North American industrial valve market. As the region increasingly prioritizes sustainability and aims to reduce reliance on traditional fossil fuels, the expansion of renewable energy infrastructure creates a substantial demand for industrial valves.
• Renewable energy sectors such as wind, solar, and hydroelectric power necessitate valves for various applications. Wind farms require valves for hydraulic systems, turbine control, and gearbox lubrication. Similarly, solar power plants utilize valves in heat transfer fluids, steam generation, and cooling systems. In hydroelectric facilities, valves play a crucial role in managing water flow, turbine operations, and regulating reservoir levels.
• Furthermore, the development of energy storage systems, a critical component in renewable energy integration and grid stabilization, offers opportunities for valve implementation in storage tanks and control systems.
• The specific requirements of renewable energy installations demand valves capable of handling varying pressures, temperatures, and environmentally sustainable fluids. As the renewable energy sector continues to expand and innovate, the need for specialized valves that improve operational efficiency, ensure safety, and align with sustainable practices presents a promising opportunity for growth within the North American industrial valve market.

North America Industrial Valve Market Segment Analysis:

North America Industrial Valve Market Segmented on the basis of type, material, size, application, and function.

By Type, Ball Valve segment is expected to dominate the market during the forecast period

• The Ball Valve segment is anticipated to assert dominance in the industrial valve market during the forecast period in North America. This expected dominance stems from the versatile characteristics and widespread applications of ball valves across industries. Renowned for their reliability, tight shut-off capability, and ease of operation, ball valves cater to diverse fluid control needs in oil and gas, chemical processing, water and wastewater treatment, and other sectors.
• Their ability to handle high pressures, temperatures, and corrosive fluids makes them a preferred choice. Additionally, advancements in design have led to improved efficiency and durability, further enhancing their appeal across various industries. The ball valve's simple yet effective design and suitability for both on/off and throttling applications contribute significantly to their market dominance projection. As industries seek robust, efficient, and adaptable valve solutions, the ball valve segment is poised to maintain its leading position in the North American industrial valve market.

By Application, Oil & Gas segment held the largest market share of 42.3% in 2022

• In the North American industrial valve market, the Oil & Gas segment has emerged as the largest market share holder concerning application. This dominance is attributed to the substantial reliance on industrial valves within the oil and gas sector for diverse operations. Valves play a critical role in oil drilling, refining processes, transportation via pipelines, and storage facilities.
• The complexity and demanding nature of oil and gas operations necessitate a wide array of valves capable of withstanding high pressures, extreme temperatures, and corrosive environments. Valves deployed in these applications are crucial for regulating flow, ensuring safety, and maintaining operational efficiency.
• Moreover, the continuous exploration of shale gas reserves and the development of unconventional resources further amplify the demand for specialized valves within the oil and gas industry. As this sector consistently seeks efficient, durable, and technologically advanced valve solutions to address diverse operational needs, the Oil & Gas segment retains its prominent position in driving the North America industrial valve market.

North America Industrial Valve Market Regional Insights:

United States is Expected to Dominate the Market Over the Forecast period

• The United States is anticipated to maintain its dominance in the North American industrial valve market throughout the forecast period. This projected leadership is primarily driven by several factors contributing to the country's market supremacy. The U.S. industrial valve market benefits from a robust industrial infrastructure across various sectors, including oil and gas, chemical manufacturing, power generation, water treatment, and more.
• The nation's sustained focus on technological advancements, coupled with substantial investments in infrastructure development and modernization initiatives, further solidifies its position. Additionally, the shale gas revolution in the U.S. has significantly bolstered the demand for industrial valves in the oil and gas sector.
• The country's stringent regulatory standards that emphasize safety, environmental compliance, and quality control also contribute to its prominence in adopting and utilizing advanced valve technologies. With a diverse industrial landscape and a strong commitment to innovation and compliance, the United States is poised to continue leading and shaping the trajectory of the North American industrial valve market.

North America Industrial Valve Market Top Key Players:

• Emerson Electric Co.
• Flowserve Corporation
• Curtiss-Wright Corporation
• Parker-Hannifin Corporation
• Crane Co.
• Circor International, Inc.
• Velan Inc.
• Imi Plc
• Itt Inc.
• Honeywell International Inc.
• Mueller Water Products
• Kitz Corporation
• Powell Valves
• Williams Valve Corporation
• Dwyer Instruments, Inc.

Key Industry Developments in the North America Industrial Valve Market:

• In October 2023, LINDAL Group has invested in new Bag-on-valve manufacturing lines in Europe and North America, substantially increasing capacity to meet growing customer demand, NORTH AMERICAly.
• In February 2023, Flowserve to Acquire Velan in an All-cash Transaction Valued at Approximately $245 million (C$329 million).

 North America Industrial Valve Market Scope: