According to the latest research report titled “Industrial Valve Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to grow from US$ 78.18 billion in 2021 and is projected to reach US$ 125.59 billion by 2028; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028.
Ball valves have a simple construction that features a ball mounted within a pipe. The ball valves are majorly known for their high durability, damage resistance, and low service requirements. They can be repaired easily without the need for intense workmanship. Furthermore, these valves do not require any lubrication while offering a bubble-tight seal with low torque. Ball valves are also affordable and easy to use. Moreover, they can handle and regulate high volume, pressure, and flow at elevated temperatures, which makes them suitable for operations involving various gasses and liquids. Thus, these factors are propelling the adoption of ball valves in industries such as oil & gas, power generation, chemicals and petrochemicals, and healthcare.
Gate valves are similar to ball valves and are used extensively across industries. The demand for gate valves is continuously high among the end users owing to which the segment holds a substantial market share in the industrial valve market. There are two different types of gate valves such as parallel and wedge-shaped gate valves. These valves are used in industries such as oil & gas, manufacturing, automotive, pharmaceuticals, and thermal powers, among others. The growth in manufacturing sector, oil & gas industry, pharmaceutical industry is among the key parameters responsible for the growth of the gate valves segment in the industrial valves market.
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France is the largest importing country of natural gas in Europe. As per the BP Statistical Review of World Energy 2020, the country has imported 22.9 billion cubic tons of natural gas. Marine shipbuilding, chemicals, and food and beverages are among the major sectors in the country. The chemicals industry is also considered one of the major consumers of industrial valves due to their vast application in chemical plants during heat transfer, evaporating cooling, distillation, and mass and mechanical separation processes. Hence, with the proliferation of the abovementioned industry, the industrial valve market is also growing in France.
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