At a Compound Annual Growth Rate (CAGR) of 3.96% at the forecast period, the market for industrial valves reached about 67.49 billion USD back in 2017. It is expected to even go higher to around 85 billion in 2023. The market is most likely to experience growth in the years to come due to the increasing needs for valves by various industries.
Oil and gas industries are among those that have high demands for industrial valves. Some of the reasons for this are:
- Enhanced energy demand,
- More production-related facilities,
- Safety and environmental regulations for the energy sector to be stronger,
- Development of smart cities across the globe, and
- Predictive maintenance methods from manufacturing companies.
Some of the major players in the industrial valve market have already begun providing solutions and valves that are IoT-enabled. In 2017, several major companies have brought IoT (Internet of Things) to their products and services of industrial valves. They are working hard to push this innovation to the industrial valve market.
By 2020 to 2022, tier-II players will also use these technologies so they can keep up and provide their clients with reliable industrial valves.
Industrial Valves Market Dynamics
Increasing Demand for Predictive Maintenance Methods
Process and manufacturing industries must prioritize reducing production costs to receive better ROI (return of investment). To improve the overall quality of their products, as well as ensure safety during the entire production process, these manufacturing companies must:
- Streamline industry processes,
- Identify present and potential problems, and
- Determine alternatives for better production processes.
All of these approaches are critical to all manufacturing industries. However, running these facilities continue to be a challenge for many. As a result, predictive maintenance methods are being practiced for better control and monitoring of ongoing industrial processes. Through predictive maintenance, these events have been commonly observed:
- Early detection of unsatisfactory processes, and
- Lower expenses for these disturbances.
Therefore, predictive maintenance methods provide safety and less operating costs.
Insufficient Government Policies and Standardized Certifications
. Different locations have different policies and certifications when it comes to manufacturing valves. Because of this, there are different needs and specifications for industrial valves.
Moreover, this is also due to the different industries that employ valves, such as power and energy, oil and gas, water and wastewater treatment, pharmaceuticals, food and beverage, and so much more.
However, this also affects the capabilities of manufacturing industries as they need to make similar products but with different certifications and policies. Therefore, this makes it even more challenging for manufacturers to reach favorable production costs. To handle this problem, many industries have invested in building facilities in different portions of the world.
Industrial Valves Applications In Various Industries
Power and Energy Industries
Huge power plants are made up of various valves to control steam and water flow. In these plants, different types of valves are employed in numerous units or systems, such as fuel storage, gas pipelines, heat exchangers, flash tanks, feedwater systems, and injection units among others.
In power and energy industries, industrial valves are used to start and obstruct flow, control flow direction, regulate pressure, relieve pipe pressure, and to increase or decrease media flow. The common applications in these industries include cooling water, feedwater, steam turbine systems, pollution control, and chemical treatment.
Oil and Gas Industries
The processes involved in oil and gas industries are perfect examples of the severe conditions industrial valves handle. In upstream lines, industrial valves control flows of natural gas and crude oil from high-pressure injection systems. In these lines, valves are also employed in gas liquefaction and treatment, as well as storage for oil and gas.
In general, ball valves and gate valves are selected for their corrosion resistance and ability to achieve a tight shut-off. Cryogenic applications require valves that are made from durable materials that can withstand extremely low temperatures.
Midstream lines are generally for loading and unloading storage tanks and terminals for oil and gas. In these sections, ball valves are heavily employed in gas pipelines. Gate valves are typically used as well for pipelines handling refined products.
Downstream lines usually involve severe conditions of process flows. Considering this, industrial valves used in these areas require high-pressure designs, metallurgies, and metal seating to handle such conditions.
Water and Wastewater Treatment
In water and wastewater treatment industries, valves with specific functions are used for several applications. These include the following, but not limited to:
- Sludge thickening systems
- Water storage
- Control units
- Filtration systems
- Equalization basin systems
- Disinfection systems
- Neutralization systems
The demand for wastewater treatment facilities and clean water will continually grow even though there are struggles among industries. The struggles stem from expensive costs for operations and maintenance, which are also caused by chemical treatments and other special treatments getting more expensive.
Moreover, water and wastewater industries should also adjust well to the continually-changing environmental policies. They must also adhere to the current and coming federal regulations.
Pulp and Paper Industries
Over the years, pulp and paper industries have evolved to meet demands and perform processes efficiently. As a result, many industries now employ modern heavy machinery. Valves play important roles in such pieces of equipment. By using valves, industrial processes now are more productive and reliable.
When choosing valves for certain applications, main considerations are observed:
- Process conditions, such as temperature range, pressure ratings, scale tendency, chemical compatibility, and consistency.
- Installation and maintenance, such as accessibility and dimensions for such procedures.
- The function of the valve, such as control, isolation, and diverting or mixing.
- Valve operation, such as frequency of operation, seat leakage, leak-free packing, cycle duty, fluid velocity, and accuracy.
In a mill setting, safety is crucial and valve selection holds an important role. It is essential to have the right valve with the required temperature capacity, pressure rating, and chemical resistance. Other safety factors that need to be considered include:
- Fugitive emission restrictions,
- Ease of actuation,
- Double block-and-bleed requirements, and
- Chances of packing leaks that could lead to accidents.
Food and Beverage Industries
The food and beverage sector is an increasing industry that holds a bright future. With the progressing of this field, industries are coming up with solutions and processes to meet demands and increase profit margin.
Industrial valves also play an important role in these systems, particularly for the safety of the entire facility and the integrity of products. There are two major types of valves used in food and beverage processing units.
The first type is the one that comes into contact with the materials used to make food and beverage. The second type is used to handle utility services, such as water, steam, etc. Both types have specific regulations that need to follow. However, the first type is more strict as it involves contact with the product materials.
Based on the report for Instrumentation Valves and Fittings Market, the demand and production of valves will continue to increase in the coming years. This will lead to valves manufacturers stepping up their game by providing more efficient, reliable, and safer valves.
If you are on this page, then it’s most likely you are interested in valves. Are you on the lookout for high-quality ones? If so, then it’s best that you start looking at Tubomart. They offer a variety of valves made from durable materials to handle different conditions!