Report : North America Gate Valve Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Valve Type (Flexible Wedge, Solid Wedge, and Split Wedge or Parallel Disks Valve), Valve Size (2" to 12", 14" to 36", and 42" and Above), and Application (Oil and Gas, Water and Wastewater Treatment, Chemical, and Others)
At 3.6% CAGR, the North America Gate Valve Market is speculated to be worth US$ 2,279.46 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America gate valve market was valued at US$ 1,715.14 million in 2021 and is expected to reach US$ 2,279.46 million by 2028, registering an annual growth rate of 3.6% from 2021 to 2028. Increasing demand in oil & gas sector and growth in industrialization are the critical factors attributed to the market expansion.
In the oil & gas sector, gate valves have widespread applications in upstream, middle, and downstream operations. These valves employ a gate mechanism to open or close a pipeline completely. These valves provide an apt solution for the regulation and maintenance of flow rates. Thus, with the flourishing oil & gas sector across the region, the gate valves market is likely to keep up its pace during the forecast period. During the next two decades, the energy demand is expected to increase by 50%. This projected surge in demand is mainly attributed to the expanding population and rising living standards in emerging countries. Petroleum remains a key source of energy despite the burgeoning popularity of new and renewable energy sources. New refineries are being planned at several locations across the region. As a result, the flourishing oil and gas sector is a major contributor to the gate valves market proliferation across the region.
On the contrary, concerns regarding raw materials used in gate valve manufacturing hurdles the growth of North America gate valve market.
Based on valve type, the North America gate valve market is segmented into flexible wedge, solid wedge, and split wedge or parallel disks valve. The solid wedge segment held 49.0% market share in 2021, amassing US$ 840.99 million. It is projected to garner US$ 1,080.71 million by 2028 to expand at 3.2% CAGR during 2021–2028.
Based on valve size, the North America gate valve market is segmented into 2" to 12", 14" to 36", and 42" and above. The 14" to 36"segment held 57.7% market share in 2021, amassing US$ 988.83 million. It is projected to garner US$ 1,305.80 million by 2028 to expand at 3.5% CAGR during 2021–2028.
Based on application, the North America gate valve market is segmented into oil and gas, water and wastewater treatment, chemical, and others. The oil and gas segment held 43.9% market share in 2021, amassing US$ 752.99 million. It is projected to garner US$ 997.88 million by 2028 to expand at 3.6% CAGR during 2021–2028.
Based on country, the North America gate valve market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 58.4% market share in 2021. It was assessed at US$ 1,002.03 million in 2021 and is likely to hit US$ 1,310.69 million by 2028, exhibiting a CAGR of 3.4% during the forecast period.
Key players dominating the North America gate valve market are Bray International; DEZURIK, INC; Emerson Electric Co.; ITT Inc.; Mueller Co. LLC; Orbinox; Sistag AG; STAFSJö VALVES AB; and The Weir Group PLC among others.
- In 2021, DeZURIK has released a new cast stainless steel AIS-compliant knife gate valve. The AIS-compliant knife gate valve is based on DeZURIK's popular KGC-BD design, which is a robust seated, bi-directional knife gate valve made of cast stainless steel. The AIS-compliant variant is available in 3-24" sizes and complies with all American Iron and Steel Act requirements.
- In 2021, The Weir Group has completed the acquisition of Carriere Industrial Supply Limited (CIS), a leading manufacturer and distributor of highly designed wear components as well as a mining aftermarket service provider in Canada.
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