Report : Europe Industrial Valve Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material Type (Cast Iron, Steel, Cryogenic, Alloy-Based, and Others), Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, and Piston RAM Valves), and Industries (Oil and Gas, Water Treatment, Power and Energy, Chemicals and Petrochemical, Food and Beverage, Healthcare and Pharmaceutical, and Others)
Ball Valves Segment to Dominate Europe Industrial Valve Market During 2021–2028
According to a new market research study on “Europe Industrial Valve Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Material Type, Valve Type, and Industries” is expected to reach US$ 14,420.99 million by 2028 from US$ 10,234.88 million in 2021. The market is estimated to grow at a CAGR of 5.0% from 2021 to 2028. The report provides trends prevailing in the Europe industrial valve market along with the drivers and restraints pertaining to the market growth. Accelerating use of ball valves and butterfly valves and rising use of valve in oil and gas industry are the major factor driving the growth of the Europe industrial valve market. However, long service life and risk of corrosion hinders the growth of Europe industrial valve market.
In case of COVID-19, Europe is highly affected specially the UK. Several countries in the region witnessed an economic hit and a decline in business activities across the oil & gas sector due to lowering oil prices in the first quarter of 2020. Many European countries have implemented drastic measures on imports and exports and the shipment of goods by partially closing their borders. These measures declined the demand for energy in various industry verticals, which, in turn, hindered the growth of the industrial valves market in Europe. Russia is a leading natural gas-producing country in the global market, which has been severely affected by the pandemic, forcing the country to impose a nationwide lockdown. That has heavily disrupted the country's oil & gas supply chain and reduced the demand for oil & gas-related products. COVID-19 has compelled manufacturers to streamline production processes to tackle unexpected disruption and resolve uncertain challenges like physical distancing. As many countries begin to reopen industries, the demand for energy and the E&P (exploration and production) of oil & gas activities is rising, which is supporting the growth of the industrial valve market. Considering the increase in vaccination drives, the demand for industrial valves is expected to recover by the end of 2022, with companies investing in making operations more efficient and productive.
The Europe industrial valve market has been segmented into material type, valve type, industries, and country. Based on material type, the market has been segmented into cast iron, steel, cryogenic, alloy-based, and others. The steel segment dominated the market in 2020 and alloy-based segment is expected to be fastest growing during forecast period. Based on valve type, the market has been segmented into ball valves, butterfly valves, diaphragm valves, safety valves, and piston RAM valves. The ball valves segment dominated the market in 2020 and safety valves segment is expected to be fastest growing during forecast period. Based on industries, the market has been segmented into oil and gas, water treatment, power and energy, chemicals and petrochemical, food and beverage, healthcare and pharmaceutical, and others. The others segment dominated the market in 2020 and healthcare and pharmaceutical segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into the UK, Germany, France, Italy, Russia, and rest of Europe.
CIRCOR International, Inc.; Crane Co.; Emerson Electric Co.; Flowserve Corporation; IMI Critical Engineering; KITZ Corporation; Neway Valve (Suzhou) Co., Ltd; Schlumberger Limited; Spirax-Sarco Engineering plc; and Velan Inc. are among the leading companies in the Europe industrial valve market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Crane’s new FK-TrieX full port triple offset isolation valves offer reliability, safety, and efficient operation for various severe service applications. The FK-TrieX features superior fugitive emissions control, enhanced reliability with a unique bi-directional bubble-tight shutoff and minimizes the total cost of ownership.
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