(EMAILWIRE.COM, January 21, 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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An industrial valve is a device that either automatically or manually regulates, controls, or restricts the flow of a liquid or gas running through the piping system. These valves function either through external actuation or as per its design. Ball valves, butterfly valves, check valves, and gate valves some of the types of these valves.

Ball Valves Projected to Lead Industrial Valves Market During the Forecast Period

Based on valve type, the industrial valves market is segmented into ball valves, globe valves, butterfly valves, gate valves, diaphragm valves, plug valves, check valves, and safety valves. Among all types, the ball valves segment is expected to lead the industrial valves market from 2018 to 2023. The adoption of these valves is anticipated to increase in oil & gas and water & wastewater treatment industries, due to their tight sealing with low torque feature.

Cryogenic Valves Expected to be the Fastest-growing Material Types of the Industrial Valves Market

The cryogenic valves segment is projected to grow at the highest rate during the forecast period. These valves differentiate from other standard valves due to their ability to be fully functional both in low temperatures and at high-pressure ratings. Hence, they are widely used by companies that work with Compressed Natural Gas (CNG) or Liquefied Natural Gas (LNG). Cryogenic valves are used to help transport and store cryogenic gasses safely and efficiently.

APAC to account for the largest market size during the forecast period.

APAC is expected to hold the largest market size in the industrial valves market during the forecast period, followed by the North American region. The highest market share of APAC is due to The population growth and rapid urbanization in developing economies, such as China and India, have prompted the speedy development in the region, which will boost the demand for industrial valves from several industries such as energy & power, water & wastewater treatment, construction, chemicals, pharmaceuticals, and oil & gas. North America is anticipated to be the second largest region in terms of market size in the Industrial Valve market owing to recent discoveries of shale gas sources and increased oil production in the region will boost the demand for industrial valves in the 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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