Market Trends of Industrial Valves Industry
Increasing Demand from the Power Industry
- In the power industry, valves are used for various applications, such as boiler startups, feed pump recirculation, steam conditioning, and turbine bypass.
- For instance, valves in the condensate system control and regulate the additional flow required for a fluid recirculation condensate pump. Furthermore, valves control the deaerator level for the feedwater heater.
- In the power industry's feedwater system, valves are used for boiler feed pump recirculation. The valve plays a key role in this scenario, as it should be operated in on-off and modulating service.
- Additionally, in mainstream systems, the valves are used for superheaters, turbine bypass, superheater bypass, etc. A modulating valve is used for controlling pressure.
- The global electricity demand is estimated to grow by 75% by 2030. Although renewable energy is proliferating, the scale of electricity produced by it is not enough to satiate the rapidly growing demand.
- According to the World Energy Outlook- International Energy Agency forecast, more than 2,457 gigawatts (GW) of power capacity is expected to be installed worldwide over the next 25 years.
- For instance, according to the Union Power and New & Renewable Energy Minister of India, the country will likely achieve its 500GW renewable energy target before the 2030 deadline. As of 2023, India had 424 GW of power generation capacity, which included around 180 GW from non-fossil fuels and another 88 GW in the works.
- Hence, the globally growing demand for power will significantly increase the power industry's demand for industrial valves during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominates the global market share. With growing oil and gas industrial activities and the increasing need for water treatment in countries such as China, India, and Japan, the usage of industrial valves is increasing in the region.
- The Asia-Pacific region is the leading contributor to the world's specialty chemicals economy, holding a significant revenue share of nearly 36%.
- Southeast Asia started a total of 54 oil and gas projects across six countries for the timeline 2021 to 2025. Together, they would represent about 223,000 barrels per day of global crude production and about 8.1 billion cubic feet per day of global gas production in 2025.
- Wastewater treatment plants are also being increasingly produced following massive industrialization in countries such as China, India, and the ASEAN region. For instance, according to the Department for Promotion of Industry and Internal Trade of India, the annual growth rate for industrial production in India registered a growth rate of over 11% in the financial year 2022.
- Moreover, in 2024, the government of Delhi, India, worked towards building Asia’s largest wastewater treatment plant, with a sewage water treatment capacity of about 564 million liters per day (MLD).
- The factors mentioned above, coupled with government support, are expected to contribute to the increasing demand for industrial valves consumption in the region during the forecast period.
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