5 Valve Industry Trends To Look Out For
At Everlasting Valve Company, we are dedicated to keeping up with valve industry trends, predictions, and changes. We have been in the valve business for more than a century. And we are always working hard to provide the toughest industrial valves to our clients in every kind of industry.
We recommend that others keep up with valve industry trends too. Knowing what valve industry trends exist can help your business proactively move into the future. Now, in a time where many things are unknown, looking toward the future, market growth, technological change, and implications related to Covid-19 can make all the difference for success.
Valve Industry Trends: Forward Momentum
Reports show the valve industry trend is upward growth. Using that study, from 2020 to 2025, the compound annual growth rate is expected to be five percent. This is owing largely to growing demand from power and chemical industries.
With oil and gas activities happening around the world, the demand for valves is stable. One market prediction estimates the global valve market size to reach $85.7 billion by 2025.
There is opportunity for the valve market both in developed and developing markets.
Growth In Asia-Pacific
In Asia-Pacific, the industrial valve market is strong and growing. This region has a significant market share of valves. The region emerged as the largest market for industrial valves in 2018 with a market value of $38.65 billion. In 2018, China was the world’s largest valve producing nation accounting for 20 percent of global shipments.
The growth in this region is mostly due to a push for urbanization and rising populations, which means oil and gas, power, and chemical industries must respond in kind. As transportation and infrastructure continue to grow, so does the demand for valves.
Another key market share in this region is valves intended for water and wastewater. Again, as populations increase and urban areas are built, there is a need for drinking water and to control wastewater. Valves play key roles in water treatment, impacting the market share.
Smart Valves And Digital Tech
Manufacturing plants are joining the digital transformation trend. With smart valves, companies can carefully monitor, analyze, and manage valve and related equipment based on actual conditions. This takes the guesswork out of critical valves, ensuring that every process and every valve is doing what it should.
This may also show promise for valve maintenance. A smart valve could report on its own health, advising of potential issues or valve failure before it actually happens. Because preventative maintenance is so important to keeping plants online, this trend is sure to be popular.
Because many companies are switching to these smart valves, this is also impacting the growth of the market in developed regions. For those who want to keep legacy valves, smart actuators are another option.
COVID-19 Valve Industry Impacts
The impact of COVID-19 on all industries, including the valve industry, cannot be ignored.
There is a demand for valves from healthcare and pharmaceutical sectors to help handle the outbreak. Industrial valves are key in many areas of manufacturing and producing medical devices, equipment, and pharmaceuticals.
There may also be greater demand for valves used in water and wastewater treatment to help sanitize during and after the outbreak. At the same time, there may be a slump in the market thanks to the economic crisis COVID-19 caused, particularly in oil and gas. In the power sector, commercial and industrial use is down, in turn impacting the demand for valves.
It is difficult if not impossible to determine exactly how COVID-19 will impact valve industry trends in the long term. All that can be known for certain is industries must adapt. The valve industry is no exception.
Everlasting Valves: A Trend That Will Never Go Out of Style
We developed our first valve in 1906 and have not stopped innovating since. We have always been at the forefront of valve technology, creating a design that ensures our valves are as tough and durable as possible. As technology and markets change and grow, you can rest assured that we will still be a company with whom you should partner.
We have always striven to be a company that is unlike any other valve manufacturer. We do not want our clients to struggle to work our valves into their plant environments. Rather, we see each client as a partner, working to understand their circumstances, challenges, and goals. The result is a valve that perfectly suits all three, improving productivity, reducing downtime, and mitigating maintenance.