Market Trends of North America Valves Industry
This section covers the major market trends shaping the North America Valves Market according to our research experts:
Water and Wastewater is Expected to Grow at Significant Rate
- Sustainability in water management is now more important than ever because of the present climate issue. Facilities for wastewater treatment are important components of these vital networks. Wastewater valves perform a lot of work and serve a crucial function in wastewater piping systems.
- A wastewater valve is a component that regulates the pressure and flow of fluids, such as liquids and gases. Different types of wastewater valves allow different volumes of fluid to pass through them. The various wastewater valves come in simple to complicated designs. Wastewater valves are managed by flow meters and temperature gauges.
- The growing adoption of automation is set to further bolster the demand for the valves during the forecast period. Further, the growing collaborations in the sector and the growing government investments in wastewater management are boosting the market growth rate.
- For instance, the U.S. Government of Agriculture (USDA) Deputy Under Secretary for Rural Development stated that the department is investing USD 281 million in 106 projects to upgrade water and wastewater infrastructure in rural areas in 36 states and Puerto Rico. The Water and Waste Disposal Loan and Grant program of the USDA provides money for the projects.
- Moreover, Since fiscal Year 2017, 192 projects have been chosen by the Water Infrastructure Finance and Innovation Act (WIFIA) to submit a loan application. Selected borrowers have claimed about USD 30 billion in total.
- Municipalities and First Nations communities rely heavily on their water and wastewater management systems. In December 2021, to strengthen drinking water and wastewater infrastructure in British Columbia, the Ministry of Intergovernmental Affairs, Infrastructure and Communities and the Ministry of Municipal Affairs jointly announced over CAD 19.2 million in funding for four projects. To increase water capacity, according to provincial regulations, boost surface water quality, and safeguard the environment, the projects will either renovate current wastewater treatment facilities or build new drinking water facilities.
- In February 2022, In Mind Cloud, a manufacturer-focused independent digital sales platform, announced a five-year strategic relationship with VAG, one of the leading multinational valve manufacturer. VAG's global go-to-market (GTM) sales activities for industrial valves used in the water and wastewater industry will continue to be driven by In Mind Cloud.
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United States is Expected to Register the Fastest Growth Rate
- The United States is the major shareholder of the market in 2021 and is analyzed to maintain its position throughout the forecast period owing to the presence of various manufacturing industries. The significant investments and expansions in oil and gas, food and beverage, chemical and petrochemical, and discrete industries are analyzed to bolster the demand for Valves.
- The dependence of the oil and gas industry on automation has grown in the last decade, and many rounds of industry layoffs were announced that left market players with less-skilled workers. This led to the increasing dependence of the United States oil and gas companies on automation to complete processes without any delay. In the last few years, the United States exports of crude and LNG (liquefied natural gas) and refined products continued to grow, which aligned with the new administration's motto of 'energy dominance for the United States.
- Crude oil is produced by almost 100 countries. In 2021, five countries accounted for around 51% of global crude oil production with the United States holding 14.5% of the share. Crude oil is produced in 32 states and coastal waters off the coast of the United States. Five states accounted for over 71% of total crude oil output in the United States in 2021. (Source: U.S. Energy Information Administration).
- Further, the significant investments in Canada's oil and gas, wastewater, and manufacturing sectors are bolstering the demand for the valves market. For instance, The Saskatchewan Government Relations Ministry and the Ministry of Intergovernmental Affairs, Infrastructure and Communities Canada announced more than CAD 35.9 million in federal-provincial funding for 24 new infrastructure projects around Saskatchewan. According to investments of over CAD4.3 million from the Government of Canada and around CAD3.6 million from the Government of Saskatchewan through the Green Infrastructure Stream, the wastewater treatment system in Melville will be enhanced.
- In April 2022, A USD12 billion offshore oil project proposed by Norway's Equinor ASA was approved by the Canadian government after an environmental evaluation revealed no substantial adverse implications.
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