Global Globe Valve Market

Globe Valve Market Analysis

The Global Globe Valve Market is expected to register a CAGR of 3.7% during the forecast period.

• Increasing adoption of diagnostic techniques in industrial valves to track process variables, such as upstream and downstream pressure position, temperature, and flow rate, is expected to drive growth in the market size during the forecast period.
• The increase in pipeline equipment and the development of unconventional oil and gas applications in the downstream sector are expected to generate significant growth in the globe valve market. In addition, the growing popularity of automation in process manufacturing has contributed to the growing demand for globe valves worldwide.
• In the current scenario, sales of expansion globe valve could skyrocket as the number of commercial and residential spaces, such as hotels, offices, airports, educational institutions, hospitals, etc., are increasing. As HVAC systems are more deployed in the commercial environment, this leverages the globe valve market in the power & energy industries.
• Valve manufacturers must comply with specific standards and regulations. Different regions have different certifications and policies related to valves. Diversity hinders the growth of the valve market. It makes it difficult for valve manufacturers to achieve ideal installation costs, as industry players must modify the same product according to local guidelines. To solve this problem, they have to invest their resources to build production facilities worldwide, which requires additional capital.
• The COVID-19 pandemic reduced cross-industry production, resulting in raw material shortages, decreasing exports, and supply chain disruptions. These are the main factors behind the decline in production. Most of the revenue generated in the valve driver market comes from commercial, residential, and industrial end-users.

Globe Valve Market Trends

Oil & Gas Industry to Lead the Market

• Demand for flow and pressure control devices such as oil and gas valves is growing rapidly across the oil and gas sector to regulate, control, and control the flow of liquids and gases. With increasing global demand for diesel, gasoline, natural gas, and other energy sources, governments in some countries are emphasizing increased oil and gas production.
• For instance, according to IIDL Securities, in February 2021, the Prime Minister of India announced that the Government of India plans to invest INR 7.5 trillion in the oil and gas industry in the next five years. Moreover, the government is planning to invest USD 2.86 billion in upstream oil and gas production to double natural gas production to 60 bcm and drill more than 120 exploration wells by 2022. These initiatives from the government will propel the market in the region.
• According to DomBor Valve, the popularity of globe valves in the petrochemical industry can be traced to how much throttling is required, and the opening size can be reduced. The valve is designed to reduce pressure by having an angled crown that makes contact with the piston at the base. As the liquid passes through the raised cavity, it loses momentum. Therefore, globe valves are ideal for piping systems that require pressure control in the oil & gas industry.
• Factors such as increased demand for more efficient valves and increased oil and gas exploration and production activity are set to drive the growth of the globe valves market in the oil and gas industry during the forecast period. Increasing regulatory compliance requirements for safety and CO2 emissions provide great opportunities for market participants.
• Further, according to a survey conducted by Everlasting Valve Company in November 2020, the oil and gas industry utilizes valves in a variety of ways. In the so-called upstream, valves control the flow of particles. In the middle flow, the valve protects the equipment by controlling the flow of gas or oil. Downstream, for example, valves help refine crude oil.

Asia-Pacific to witness significant growth

• Asia Pacific region is witnessing significant growth in the globe valve market with increased urbanization and constant industrial developments. Growing government support for establishing new industries and political conditions make the countries such as India favorable for industrial expansion. This is driving international companies to consider this market for investments.
• Increasing demand for electricity is also expected to influence the market's growth over the coming years. Thus, Oil & Gas, Chemicals, and power sectors are expected to be key revenue-generating streams for the market.
• According to research conducted by The Effects of Urbanization on Energy Consumption and Greenhouse Gas Emissions in ASEAN Countries, energy need in the region is expected to nearly double by 2035 as ASEAN countries continue to pursue economic goals.
• The ASEAN government is also supporting urbanization. As a result, the proportion of people living in urban areas is projected to increase from 47% today to 56% in 2030 and 67% in 2050. These factors drive the globe valve market in the region.
• Companies in the region are also focusing on innovating new products as part of the expansion. For instance, L & T Valve is one of the largest international valve manufacturers with a majority stake in the market. L & T valves have been trusted by the industry for over 50 years, providing innovative products and solutions that improve the safety, reliability, and performance of flow control systems worldwide.

Globe Valve Industry Overview

The market is moderately fragmented, with the presence of major players such as Alfa Laval, Circor International Inc., Danfoss AS, Emerson Electric Co., Flowserve Corporation, and more. The companies are focused on innovating new products based on the demand for various industries. Also, companies are participating in collaborations and investments to further drive the market during the forecast period.

• May 2022 - Flowserve Corporation announced that it has been awarded an agreement to provide control and ball valves to OMV's chemical recycling demonstration plant in the city of Schwechat, Austria, located around 16 km southeast of Vienna.
• August 2021 - Danfoss AS, provider of a very wide range of high-performance valves, has officially completed the USD 3.3 billion acquisition of Eaton's hydraulics business. With this move, the Danfoss Group will grow to one-third and establish itself as one of the world's leading mobile and industrial hydraulics suppliers.

Globe Valve Market Leaders

Globe Valve Market News

• February 2022 - Emerson Electric Co. revealed the opening of its new manufacturing facility in Tamil Nadu, India. The 145,000-square-foot facility will manufacture industry-leading products of the company's Automation Solutions business, providing industrial customers in India and across Asia with technologies to improve productivity, safety, and environmental sustainability.