Industrial Valves Market Trends

Growth Drivers

• Growing Demand for Establishing New Power Plants – Industrial valves are utilized to diagnose issues and raise the power plant's overall performance efficiency. As valves are employed in safety-related applications in nuclear power plants, the demand for valves is anticipated to rise with the construction of new nuclear facilities and the renovation of existing ones. This is done to safeguard turbines and boilers from vibration or corrosion. According to the International Energy Agency, nuclear power generates around 10% of the world's electricity, with advanced economies producing almost 20% of the world's electricity.
• Increasing Demand for AI-integrated Valves – New IoT solutions are being introduced by businesses to aid industries in remotely monitoring their assets. For instance, in January 2021, Flowserve Corporation, a major supplier of flow control goods and services for the worldwide infrastructure markets, unveiled a ground-breaking IoT service to assist manufacturing facilities in remotely monitoring their assets and significantly lowering equipment failures.
• Rising Demand for Fuel – As fuel demand rises, numerous nations are starting new oil and gas exploration projects. This is expected to increase demand for cutting-edge valve technology. The oil and gas exploration and production sector currently makes up around 3.8% of the global economy.

Challenges

• Functional Problems – A plant will shut down or have unplanned downtime if its valves malfunction. Customer connections may be strained as a result of late deliveries or subpar goods.
• Larger Capital Expenditure
• Absence of uniform policies