Report : Middle East & Africa 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, Piston RAM Valves, Gate Valves, and Control Valves), and Industry (Oil & Gas and Chemicals & Petrochemical)
At 3.4% CAGR, the Middle East & Africa Industrial Valve Market is speculated to be worth US$ 2,776.10 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa industrial valve market was valued at US$ 2,349.78 million in 2023 and is expected to reach US$ 2,776.10 million by 2028, registering a CAGR of 3.4% from 2023 to 2028. Growing use of valves in oil and gas industry and increasing use of ball valves and butterfly valves are the critical factors attributed to the Middle East & Africa industrial valve market expansion.
Rising advancements in microprocessor processing capabilities and high-speed connectivity technologies have paved the way for the wide-scale deployment of the Internet of Things (IoT). With the growing emphasis on digitalization and automation, manufacturers to achieve higher efficiency across production processes are increasing their demand for smart valves. For instance, Belimo Energy Valve, a product of BELIMO Holding AG, offers easy access to valuable data and various control functions of the valve, including measure flow; monitor current energy consumption; and control valve -position, ¬ flow¬, or the thermal power with the help of Modbus, MP-Bus, BACnet, or IoT connectivity. In addition, smart valves can monitor their health and predict any forthcoming adversities in their operations. An ideal smart valve includes an integrated battery backup, a small solar panel, Wi-Fi connectivity, and a dedicated remote-control feature. In water supply applications, authorized users receive an SMS when the valve cuts the water supply. Thus, continuous progress in smart city projects across the Middle East & Africa is anticipated to create demand for smart industrial valves for monitoring and controlling utility lines, which is expected to fuel the industrial valve market growth during the forecast period. This is expected to drive the Middle East & Africa industrial valve market during the forecast period.
On the contrary, long service life and risk of corrosion hurdles the growth of Middle East & Africa industrial valve market.
Based on material type, the Middle East & Africa industrial valve market is categorized into cast iron, steel, cryogenic, alloy-based, and others. The steel segment held 38.3% market share in 2023, amassing US$ 900.59 million. It is projected to garner US$ 1,104.08 million by 2028 to expand at 4.2% CAGR during 2023–2028.
Based on valve type, the Middle East & Africa industrial valve market is categorized into ball valves, butterfly valves, diaphragm valves, safety valves, piston ram valves, gate valves, and control valves. The ball valves segment held 26.2% market share in 2023, amassing US$ 616.80 million. It is projected to garner US$ 725.68 million by 2028 to expand at 3.3% CAGR during 2023–2028.
Based on industry, the Middle East & Africa industrial valve market is bifurcated into oil & gas and chemicals & petrochemical. The oil & gas segment held 55.4% market share in 2023, amassing US$ 1,300.63 million. It is projected to garner US$ 1,469.01 million by 2028 to expand at 2.5% CAGR during 2023–2028.
Based on country, the Middle East & Africa industrial valve market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 31.6% share of Middle East & Africa industrial valve market in 2023. It was assessed at US$ 743.16 million in 2023 and is likely to hit US$ 891.24 million by 2028, exhibiting a CAGR of 3.7% during the forecast period.
Key players dominating the Middle East & Africa industrial valve market are Velan Inc.; Crane Co.; Circor International Inc.; Flowserve Corp; Emerson Electric Co.; KITZ Corporation; Neway Valve (Suzhou) Co., Ltd; Spirax Sarco Engineering Plc; Schlumberger Ltd; and Weir Group PLC among others.
- In Dec 2021, Crane unveils FK-TrieX full port triple offset isolation valves for severe service.
- In Oct 2021, Emerson Electric Co. introduced a new ASCO Series 062 Rocker Isolation Valve.
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