Middle East Industrial Valves Market is Expected to Grow with a High CAGR In the Forecast Period
Rising
awareness of wastewater treatment and the adoption of Smart Valves Control
System are expected to witness growth in Middle East Industrial Valves Market
in the forecast period, 2024-2028.
According
to TechSci Research report, “Middle East Industrial Valves Market - By
Country, Competition, Forecast & Opportunities, 2028”, Middle East industrial
valves market is predicted to increase during the projection period, owing to
rising demand from oil and gas, power, and chemical industry. The growing
demand for valves made from advanced materials, such as stainless steel, alloy
steel, and plastic is another key trend in the industrial valves market. These
materials offer better corrosion resistance and high temperature resistance
(HTR), and high-pressure resistance (HPR) methods for fluid handling. However,
due to rising government restrictions for using coal as a fossil fuel, there
has been a declining trend in using coal in the energy mix. These factors are
driving the market growth in the forecast period.
The
Middle East Industrial Valves Market is divided into Valve Type, Material Type,
Application, Product and Country. Based on Product, the market is divided into
Quarter turn Valve, Multi turn Valve, and Others. In 2022, multi-turn valves
held approximately 50% market share, dominating the middle east industrial
valves market. Multi-turn valves are recognised for their straightforward
construction, pressure classes, and designs, as well as their adaptability with
a range of sizes. An additional factor driving up the demand for multi-turn
valves in the middle east industrial valve market is the ability to open and
close them by turning a wheel more than 360 degrees. One of the benefits of a
multi-turn valve is its ability to be manipulated and positioned in highly
precise locations. Since it provides precise and stable placement within
concrete constraints, a multi-turn valve could be an advantageous fixture to
install for activities where a limited amount of control over liquid volume is
needed.
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Based
on Material Type, the market is divided into Cast Iron, Steel, Cryogenic, Alloy
Based, and Others. Based on the Material Type, in 2022, steel dominated the
market with a share of approximately 40%. The expansion of industrial infrastructure
is the primary factor driving a rise in demand for industrial steel valves. For
controlling gas flow systems and water flow systems, industrial regions employ
steel valves. Industrial steel valves are a product that is often used in
several industries. Steel is ideal to produce industrial valves because it has
several qualities, including great durability, corrosion resistance, and
affordability. Extremities in temperature and pressure can also be withstood by
steel valves. Even if each technology and piece of equipment can meet a unique
requirement, the use of industrial steel valves is reasonably widespread across
a variety of industries, including chemical, petroleum, metallurgy, urban
building, and many more. In the anticipated time frame, end users' demand for
steel valves is anticipated to rise.
Based
on Valve Type, the market is divided into Globe Valves, Ball Valves, Butterfly
Valves, Wedge Gate Valves, Knife Gate Valves, Check Valves, Diaphragm Valves,
Pinch Valves, Float Valves, Air Valves, Automatic Control Valves, Resilient
Seal Gate Valves, and Others. Globe valves commanded the largest market share
of 20% in the middle east industrial valves market, in 2022. Since industrial
valves let fluid move during a process, they are the most often used industrial
valves. The adaptability of globe valves is a key driver of the market growth
for industrial valves. The cooling water, fuel oil, feedwater, chemical feed,
condenser air extraction, and drain systems are the most typical applications for
Globe valves. The flow needs to be managed by substantial applications in
cooling water systems. Globe valves require less upkeep because the discs
and seats are simple to fix or replace. Hence, globe valves are appropriate for
applications that require routine valve maintenance.
Based
on Application, the market is divided into Oil & Gas, Refinery, Chemical,
Water, Wastewater Effluent, Power Generation, Agriculture, Mining, and Others.
Based on country, market is segmented into Saudi Arabia, UAE, Qatar, Kuwait,
Bahrain, and Rest of Middle East. The Saudi Arabian oil and gas midstream
market is anticipated to experience increased demand during the forecast
period, as a result of factors like rising oil and gas production, the
government's push for pipeline investment, and rising oil and gas consumption.
However, a strategy to artificially lower production to raise the price of oil
has reduced the required capacity of the pipeline and slowed market expansion.
For instance, Saudi Aramco, a government-owned oil and gas business, reported a
44.4% decline in net profit in 2020.
Key
market players in the Middle East Industrial Valves Market include:
- 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
- Velan
Inc.
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“The
Middle East market for industrial valves is expected to expand during the
anticipated period. The pipeline infrastructure expenditures in downstream
applications for the oil and gas industry will likely contribute to an increase
in middle east industrial valve installation. Additionally, it is projected
that increased R&D expenditures in the pharmaceutical industry and rising
production levels for medical equipment will enhance the demand for industrial
valves. Industrial valves are also used by a number of other industries, such
as petrochemical facilities, paper mills, power plants, textile and food
producers, refineries, and so on,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
Middle
East Industrial Valves Market
By Valve Type (Globe Valves, Ball Valves, Butterfly Valves, Wedge Gate
Valves, Knife Gate Valves, Check Valves, Diaphragm Valves, Pinch Valves, Float
Valves, Air Valves, Automatic Control Valves, Resilient Seal Gate Valves,
Others), By Material Type (Cast Iron, Steel, Cryogenic, Alloy Based, Others),
By Application (Oil & Gas, Refinery, Chemical, Water, Wastewater Effluent,
Power Generation, Agriculture, Mining, Others), By Product (Quarter turn Valve,
Multi turn Valve, Others), By Country, Competition, Forecast and Opportunities,
2028, has evaluated the future growth potential of Middle East
Industrial Valves Market and provides statistics and information on market
structure, size, share, and future growth. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities present in the Middle
East industrial valves market.
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