The automation sector in the United States is experiencing a surge in demand for automatic industrial valves, leading to significant market growth. Projections suggest that the US market for automatic industrial valves is set to grow at a steady Compound Annual Growth Rate (CAGR) of 3.40% from 2024 to 2034.
In Newark, Del., on March 20, 2024, it is anticipated that there will be a notable shift in the industrial valve market, with an estimated market value of US$ 81.55 billion in 2024. The key driver behind this market expansion is the increasing utilization of industrial valves to regulate material flow across various sectors.
Future Market Insights forecasts that the industrial valve market will witness a modest CAGR of 4.2% between 2024 and 2034, reaching US$ 123.05 billion. The growth in the industrial valve industry is attributed to factors such as the rising demand from the healthcare and pharmaceutical sectors, the emergence of smart cities, and the development of connected networks.
These valves are extensively used in industries like water and wastewater, oil and power, food and beverages, and chemicals to control and regulate fluids. They are primarily made from high-functioning metal alloys such as carbon steel, cast iron, and stainless steel.
The global expansion of industrial infrastructure presents a significant opportunity for valve manufacturers. With the increasing demand for industrial valves, manufacturers are focusing on incorporating smart technologies in valves for automation and remote monitoring. Smart industrial valves are equipped with sensors and advanced technologies that enable seamless communication with other systems and devices in the industrial process.
The integration of smart technologies in valves enhances industrial processes by enabling real-time monitoring and control, reducing downtime and maintenance costs, increasing productivity and profitability, and improving safety by early detection of potential hazards or malfunctions.
The market for industrial valves is further propelled by infrastructure-related developments, private sector participation in infrastructure projects, and the enhancement of industrial equipment performance and lubricant lifespan. Additionally, the adoption of IoT and Industry 4.0 in industrial valves, along with the expansion of refineries and petrochemical plants, contribute to the market’s growth.
In conclusion, the industrial valve industry is witnessing significant growth driven by diverse sectors such as healthcare, smart cities, and connected networks. The adoption of smart technologies in valves offers lucrative opportunities for manufacturers to enhance their competitiveness and market position, ultimately contributing to the industry’s expansion and development.