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(IT-NEWSWIRE.COM, June 18, 2020 ) The report "Industrial Valves Market by Size, Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Material Type (Cast Iron, Steel, Cryogenic, Alloy Based), Industry (Oil & Gas, Water & Wastewater, Energy & Power), and Geography - Global Forecast to 2023", is anticipated to grow at a CAGR of 3.9% from 2018 to 2023, to reach USD 85.1 billion by 2023. The growing demand for industrial valves from oil & gas production facilities and smart city development initiatives undertaken across geographies are some of the major factors fueling the growth of this market.
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Driver: Smart city development initiative across the world
With a rapidly growing population and urbanization, industrial infrastructure is developing at a substantial rate. This increasing industrial expansion is expected to provide immense opportunities for investments and organic/inorganic growth to the players in the industrial valve market. Some of the notable investments that reinforce the positive outlook in Middle Eastern and APAC regions include joint venture projects between Saudi Arabian Oil Company (Saudi Arabia) and Dow Chemical Company (US), Saudi Arabian Oil Company (Saudi Arabia) and Sumitomo Chemical (Japan), and SABIC (Saudi Arabia) and ExxonMobil Chemical Company (US).
Furthermore, the Government of India’s initiative toward developing smart cities as an urban renewal and retrofitting program is providing a great opportunity for developing industrial infrastructure. With this initiative, the government is aiming to provide essential services to citizens by integrating information and communication technology and IoT technology in a secure way. The total cost of this project is around USD 19,805.6 million. This, in turn, is likely to drive the demand for industrial valves.
Restraint: Lack of standardized certifications and government policies
Industrial valve manufacturers need to adhere to several norms and regulations. Certain regions have different certifications and policies with respect to valve manufacturing. This factor creates heterogeneity in demand due to wide applicability of valves in industries such as oil & gas, food & beverages, pharmaceuticals, energy & power, water & wastewater treatment, construction, chemicals, and pulp & paper. Such heterogeneity acts as a restraining factor as industry players have to amend the same product based on regional policies. Thus, it makes it difficult for the industry players to achieve an ideal cost of fabrication. To resolve this issue, industry players have to invest their resources to set up manufacturing facilities across the world, which requires additional investment.
Opportunity: Integration of IIoT technology in industrial valves
Different kinds of valves are used across several industries in many applications. The failure of these valves could lead to disruption in the process. A traditional schedule-based maintenance method fails to alert end users about impending valve failures. This often leads to technicians introducing problems while inspecting valves, resulting in even more costly unplanned downtime that could have been avoided. However, recent developments in data science, communications, and computing power have enabled companies to begin leveraging the Industrial Internet of Things (IIoT) technology to reduce valve-related unplanned downtime. The IIoT enables valve experts at corporate engineering or company expertise centers to remotely monitor the health of the valves in a plant to drive better valve performance over the lifespan of those valves.
Valves equipped with sensors and connected through IIOT can help industry players to reduce maintenance and shutdown costs by consciously monitoring the functioning of valves. For instance, Emerson (US) offers IIoT technologies to valve users to improve operating performance and reduce unplanned downtime.
Challenge: Minimization of lead times
Product availability and its lead time are the most influencing factors for purchasing valves. Average lead time of valves is 18 weeks, which can vary with respect to valve type, valve material, and its application.
Generally, industrial valves are divided into 3 categories: commodity valves, advanced products, and specialty/customized products. Lead time plays a vital role in advanced and specialty/customized products. Industry players strive to quote a minimum lead time in their proposals to win the order. Successful order fulfillment with promised lead time depends on various factors such as supply–demand analysis, raw material procurement capacity, engineering capacity, and component stocking capacity of a manufacturer. Although the average lead time of industrial valves is 18 weeks, there are a few Chinese valve manufacturers who are using lead time as their differentiating strategy. These Chinese manufacturers are offering advanced and specialty/customized valves in around 10 weeks.
Industry players are trying to overcome the challenge of minimizing their lead time by using a number of lean and agile approaches. It is advisable that industry players should maintain a sound relationship with entities present in the value chain of their business. This approach can help industry players to gather the required inventory for valves easily at the lowest turn-around time; by this approach, industry players can tackle this challenging pain point of the valve industry.
Asia Pacific Anticipated to Be the Leading Revenue Contributor to the Industrial Valves Market
APAC is projected to be the leading market for industrial valves during the forecast period. There is an increase in power generation, which is a direct result of the rapidly growing population and industrialization. The growth of energy & power, oil & gas, construction, chemicals, and pharmaceuticals industries and the increasing demand for new and improved wastewater treatment systems are some of the major factors fueling the growth of the industrial valves market in this region.
Some of the key manufacturers of industrial valves are Wier group (UK), Flowserve Corporation (US), Emerson Electric Corporation (US), IMI Plc (UK), and Cameron –Schlumberger (US).
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