Global Globe Valve Market Size (2024 - 2029)

Globe Valve Market Analysis

The globe valve market is expected to grow at a CAGR of 3.7% during the forecast period. Globe valves are mechanical or electromechanical devices designed to control, detour, and regulate fluid pressure and flow by opening and closing fluid passages. These valves are mainly used in capital-intensive industries because they require many valves during the installation phase.

• 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 Industry Segmentation

Globe valves are largely used to stop, start and adjust the flow. When designing a valve, manufacturers consider the range of flow control, pressure drop, and duty cycle to prevent premature failure and ensure satisfactory operation. The market is segmented based on various end-user industries such as oil & gas, chemical, power & energy, and more. The studied market briefs about the COVID-19 impact on the market and also the key trends across the regions.