Middle
East Industrial Valves market is anticipated to grow at a steady pace in the
forecast period 2024-2028. The market is strong and is anticipated to continue
expanding in the future due to increased industrialization, manufacturing
costs, and rising energy demand in the Middle East region. Consequently, oil
refineries are expanding because of rising oil consumption. Therefore,
with the growth in oil refineries' investments, comes the requirement for
valves that are capable of withstanding high pressures while also minimizing
operational cost wastage.
Additionally,
a lack of water in the Kingdom causes a surge in water treatment operations,
further fueling the industrial valve industry. With relation to this, over
USD 66 billion in long-term capital investments have been pledged for water and
sanitation projects in the region over the next ten years, and the
government's goal is to achieve 100% wastewater reuse from towns with 5,000 or more
residents by 2025. Hence, this movement of less water wastage & growing
government awareness towards wastewater reuse are factors propelling the market
growth in the forecast period.
Adoption
Of Smart Valves with Intelligent Control Systems Fueling the Market Growth
The
downstream sector of industrial valves is anticipated to grow significantly due
to rising pipeline installations and expansion in unconventional oil & gas
applications. Automation's growing importance in the process sector is leading
to the increasing demand for automated control valves. The Industrial Valves
market is primarily driven by the rising need for linked networks to maintain
and monitor industrial equipment and the growing requirements to build new
nuclear power plants and renovate current systems.
Smart
valves with smart control systems are anticipated to grow increasingly, and
in-turn, is anticipated to fast-track future development. Over the next ten
years, the demand is expected to be driven by an increase in diagnostics and
advanced devices in industrial valves for monitoring process factors such as
upstream & downstream pressure stem position, temperature, and flow rate.
The growth of smart valves for subsea oil and gas has improved the flexibility
and dependability of the systems, which is likely to strongly influence market
growth.
The
demand for wastewater valves has increased significantly due to the penetration
of industrialization and the rising use of automation in the manufacturing and
processing sectors. For instance, the additional flow needed for a fluid
recirculation condensate pump is controlled and regulated by valves in the
condensate system. In addition, valves are employed to regulate the feed water
heater's deaerator level. Due to rising awareness of wastewater treatment, the
industrial valve market is expected to grow in the forecast period.
Wide-Scale
Implementation of The Internet of Things (IOT) Achieving High Efficiency in
Industrial Valves
The
wide-scale implementation of the Internet of Things (IoT), among other modern
technologies, has been made possible through ongoing improvements in
microprocessor processing power and high-speed communication technologies. The
value chain among manufacturers for achieving high efficiency, players are
using IoT detection technology, due to which the industrial valve market is
expanding in the forecast period. For instance, the Belimo Energy Valve, a
product of BELIMO Holding AG, enables simple access to useful data and control
of the valves, including the ability to measure flow, monitor current energy
consumption, and control valve position, flow, or thermal power with the aid of
Modbus, MP-Bus, BACnet, or IoT connectivity. Additionally, smart valves can
check their health and foresee any impending difficulties with their
operations. A perfect smart valve comes equipped with a built-in battery
backup, a small solar panel, Wi-Fi, and a specialized remote-control
capability. When the valve cuts off the water flow, the application for water
supply sends an SMS to the authorized users. Thus, the region's continuing
smart city projects are expected to increase demand for smart industrial valves
for monitoring and managing utility lines, propelling the expansion of the
Middle East industrial valve market during the projected period.
Increasing
Demand from Industrial Applications
To
transfer oil and gas from their source to the location where they are to be
used or turned into final goods, pipelines stand to be one of the most crucial
arrangements in many industries, including oil and gas, refineries, and power
generation. Any fluid flow through a system can be controlled using
valves, which are widely employed in industrial applications. To maintain a
safe and effective working environment, industries employ valves to start, throttle,
or stop the fluid flow. They are utilized in several everyday mechanical
devices, including gasoline-powered automobile engines, heating, ventilation,
and air conditioning (HVAC) systems, and other applications. Additionally, the
region is well known for its oil production and export, which has a large
economic and labor-use impact on the entire region.
Niche
Applications of Valves Driving the Market Growth
Industrial
valves are also used in the marine sector. Now-a-days, the marine sector is
growing in the middle east region, owing to which the demand of industrial
valves will grow rapidly in the future. Different types of materials are used
in valves of the marine sector. Among the many benefits, valves are used to
control the loading and store a ship's power supply, to deliver water for fire
purposes, to manage and process wastewater, and to store any liquid cargo.
Valves are used in non-industrial contexts as well. These might be valves seen
in home appliances like a faucet or outside hose or medical devices like a
heart valve. This latest dependence on valves in marines and residential
sectors is the factor propelling the market growth in the forecast period.
Saudi
Arabia Growing oil & gas Industry
Saudi
Arabia, one of the top net exporters of petroleum, is responsible for over 17%
of the world's proven oil reserves. The second-largest proven oil reserves in
the world are in Saudi Arabia. One of the largest integrated energy and
chemical businesses in the world, Saudi Aramco, operates in two main sectors:
upstream and downstream. In 2020, Aramco produced 12.4 mm bpd of hydrocarbons
on average, including 9.2 mm bpd of crude oil. In contrast, Aramco produced
11.6 mm bpd of hydrocarbons on average in the first half of 2021, out of which
8.6 mm bpd came from the production of crude oil. Saudi Arabia was producing
10.3 mm bpd of crude oil, in 2022. Owing to this, the market of Middle East
industrial valves market is expected to grow in the future.
Recent
Development
- The
UAE has an Industry 4.0 plan that intends to increase manufacturing by
30%, increase productivity and the development of innovative products, and
add Dh25 billion (USD 6.8 billion) to the country's economy by 2031.
- The
largest economy in the Arab world, Saudi Arabia, is now building the USD
500 billion megacity known as Neom, which will be powered by smart
technologies. Both nations are making significant investments in
technology businesses and services to advance and complete their goals.
- According
to the Organization of Arab Petroleum Exporting Countries (OAPEC), there
are currently 64 operating refineries in the Arab world, with a combined
refining capacity of 7.83 million barrels per day. Many of these
refineries are situated in the GCC nations.
- Arab
refineries have a capacity of 8% of the world's current 87.2 million
barrels per day (bpd) total refining capacity, despite controlling more
than 40% of the world's proven recoverable oil resource.
- The
rising demand for refined goods is the driving force behind the new
projects, which will significantly expand the refining throughput of the
10 OAPEC nations. The energy information administration agency estimated
that these planned refinery additions will cost a total of USD 100
billion.
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Market
Segmentation
The
Middle East Industrial Valves Market is divided into Valve Type, Material Type,
Application, Product and Country. 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. Based on
Material Type, the market is divided into Cast Iron, Steel, Cryogenic, Alloy
Based, and Others. Based on Application, the market is divided into Oil &
Gas, Refinery, Chemical, Water, Wastewater Effluent, Power Generation,
Agriculture, Mining, and Others. Based on Product, the market is divided into
Quarter turn Valve, Multi turn Valve, and Others.
Market
Players
Major
market players in the Middle East Industrial Valves Market are 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.
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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018 –
2022
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Estimated Year
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2024
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Forecast Period
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2024
– 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028.
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Report coverage
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Revenue
forecast, company share, growth factors, and trends
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Segments covered
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Valve Type
Material Type
Application
Product
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Regional scope
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Saudi Arabia, UAE, Qatar, Kuwait, Bahrain and Rest of Middle
East
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Key companies profiled
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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.
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|
Customization scope
|
10% free report customization with purchase. Addition or alteration to
country, regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized
purchase options to meet your exact research needs. Explore purchase options
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Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
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Report
Scope:
In this report,
the Middle East Industrial Valves Market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
- 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
- Middle East Industrial Valves
Market, By Material type:
- Cast Iron
- Steel
- Cryogenic
- Alloy Based
- Others
- Middle East Industrial Valves
Market, By Application:
- Oil & Gas
- Refinery
- Chemical
- Water
- Wastewater Effluent
- Power Generation
- Agriculture
- Mining
- Others
- Middle East Industrial Valves
Market, By Product:
- Quarter turn Valve
- Multi turn Valve
- Others
- Middle East Industrial Valves
Market, by region:
- Saudi Arabia
- UAE
- Qatar
- Kuwait
- Bahrain
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Middle East Industrial Valves
Market.
Available
Customizations:
Middle East
Industrial Valves Market report with the given market data, Tech Sci Research
offers customizations according to a company's specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
Middle East
Industrial Valves Market is an upcoming report to be released soon. If you wish
an early delivery of this report or want to confirm the date of release, please
contact us at
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