Market Size of Global Valves Industry in Power Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.74 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Power Sector in Valves Market Analysis
The Global Valves Market in Power Industry is expected to grow at a CAGR of 6.74% over the forecast period (2022-2027). Valves appear to be a small part of the enormity of a power station. The power plant depends on its function despite how little it may be. In essence, a single power plant contains a lot of valves. Each of these plays a significant role. Most valves' design principles have not altered, but the materials and manufacturing processes have significantly advanced. In light of this, valves can now function more sophisticatedly and effectively.
- Power consumption is increasing due to climate change and the need to develop better, renewable, and less damaging resources to create electricity. Due to this, manufacturers of industrial valves for the power plant sector look for process machinery that can improve the effectiveness of electricity production.
- Further, the growing strategic developments such as acquisitions, collaborations, and so on are set to bolster the growth rate. For instance, in April 2022, Vexve Armatury Group acquired Armatury Group GmbH, a distributor of ARMATURY Group valves in the Austrian and German markets for the power, gas, and metallurgy sectors. Through the acquisition, Vexve Armatury Group's position is strengthened, particularly in the DACH region (Germany, Austria, Switzerland).
- COVID-19 has created supply chain disruptions and has significantly impacted energy production during the lockdowns. However, the impact has been short-term.
- Along with additional expenses, valve replacement adds up. Equipment needs to be taken apart and then put back together. The personnel and materials required to manage valve inventory control have a cost. Additionally, there can be a fee for the environmental damage caused by the disposal of old valves. All of this is on top of the additional costs for customers caused by employee overtime and the revenue lost due to the facility having to shut down, even momentarily. This acts as a restraint on the market.
Power Sector in Valves Industry Segmentation
Valves are mechanical devices that controls the flow and pressure within a system or process. Global Valves in Power Industry Market is Segmented by Type (Ball, Butterfly, Gate, Globe, Check, Plug, Control), and Geography.
| By Type | |
| Ball | |
| Butterfly | |
| Gate/Globe/Check | |
| Plug | |
| Control | |
| Other Types |
| Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Rest of the World |
Global Valves Market in Power Industry Size Summary
The Global Valves Market in the Power Industry is poised for significant growth, driven by the increasing demand for efficient and advanced valve systems in power generation facilities. Valves, though seemingly minor components, are crucial for the operational efficiency of power plants. The industry is witnessing advancements in materials and manufacturing processes, enabling valves to operate more effectively. The push for renewable energy sources and the need for improved electricity production processes are propelling manufacturers to innovate and enhance valve technologies. Strategic developments such as acquisitions and collaborations are further bolstering market growth, with companies expanding their reach and capabilities in key regions like the DACH area and North America. Despite the short-term disruptions caused by COVID-19, the market is expected to recover and continue its upward trajectory.
The market landscape is characterized by a diverse range of valve applications across different power generation methods, including nuclear, wind, and solar energy. Each type of power generation requires specific valve solutions to manage varying temperature and pressure conditions. The nuclear power sector, in particular, relies heavily on control valves to maintain efficiency, with significant government support aiding the development of new reactors. North America holds a substantial market share due to its numerous operational nuclear reactors, while Asia-Pacific is experiencing rapid growth driven by increasing power demand. The market is highly competitive, with major players engaging in strategic mergers and acquisitions to enhance their product offerings and market presence. Innovations in valve technology, such as the development of advanced control valves and butterfly valves, are also contributing to the market's expansion.
Global Valves Market in Power Industry Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Industry Attractiveness - Porters Five Force Analysis
-
1.2.1 Bargaining Power of Suppliers
-
1.2.2 Bargaining Power of Buyers/Consumers
-
1.2.3 Threat of New Entrants
-
1.2.4 Threat of Substitute Products
-
1.2.5 Intensity of Competitive Rivalry
-
-
1.3 Value Chain / Supply Chain Analysis
-
1.4 Assessment of the Impact of COVID -19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Type
-
2.1.1 Ball
-
2.1.2 Butterfly
-
2.1.3 Gate/Globe/Check
-
2.1.4 Plug
-
2.1.5 Control
-
2.1.6 Other Types
-
-
2.2 Geography
-
2.2.1 North America
-
2.2.2 Europe
-
2.2.3 Asia Pacific
-
2.2.4 Rest of the World
-
-
Global Valves Market in Power Industry Market Size FAQs
What is the current Global Valves Market in Power Industry size?
The Global Valves Market in Power Industry is projected to register a CAGR of 6.74% during the forecast period (2024-2029)
Who are the key players in Global Valves Market in Power Industry?
Emerson Electric Co., Schlumberger Limited, Alfa Laval Corporate AB, Flowserve Corporation and Baker Hughes are the major companies operating in the Global Valves Market in Power Industry.
