The valves are the crucial industrial parts used to control the fluids and gases. The global valve market is expected to grow with significant CAGR in the forecast period owing to rise in demand for the oil and gas, mining, water treatment, and other industrial and residential applications. The valves are available in different designs, sizes and specifications based on different applications. The various types of valves present in the market include globe valve, butterfly valve, globe valve, flange type diaphragm valve, needle valve, and ball valve. Valves find its application in both industrial sectors such as oil & gas, chemicals, pharmaceutical, power generation, manufacturing, waste water treatment, food and beverages as well as civil sectors including household applications, commercial building applications, and municipality applications.
The global plug valve market is majorly driven by the waste and water treatment applications. Waste water and water treatment in the recent times has crucial importance in the global scenario owing to acute shortage of water in many parts of the world. Moreover, stringent government regulations and various initiatives were taken to overcome water shortage problem favor the growth of global plug valve market. Moreover, the increase in demand for the petroleum and natural gas industries, power industry, and need to have workplace safety also contribute severely to the growth of plug valve market. Moreover, the operational safety, low energy consumption of the plug valve, high-performance process, cost effectiveness in the working process, and reduction in the friction and easy maintenance propels the market demand for the global plug valve market. However, the factors such as declining growth in the oil and gas industry, need of actuators in NPS 4 and other larger valves, a requirement of greater force, and a high cost of plug valve as compared to that of ball valves hampers the plug valve market growth.
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Global Plug Valve market: segmentation
Global plug valve market has been segmented into product type, material type, and application.
Based on the product type, the global plug valve market is segmented into following:
Base on the material type, the global plug valve market is segmented into following:
Based on the application, the global plug valve market is segmented into following
- Petroleum and Natural Gas
- Chemical Industry
- Water and Waste Treatment
- Power Industry
- HVAC Industry
The global plug valve market in its application segment is majorly driven by the water and waste management. The stringent environmental laws along with growing need for the global wastewater treatment supported by various government initiatives and critical condition favor the global market for plug valve. The triggered need in the oil and gas industry also has the prominent market share in the significant growth of the global market for plug valve. It is thus expected to have significant CAGR during the forecast period.
Based on the geographical division, the global market for plug valve is segmented into seven regions namely North America, Eastern Europe, Latin America, Western Europe, Japan, Middle East and Africa and Asia Pacific excluding Japan. The Global demand generation of the plug valve market is dominated by the North America. Owing to considerable demand from various chemical, power, and wastewater treatment industries supported by the significant number of market players in the region facilitate the demand for the global plug valve market. The Europe considering its Eastern and Western region also has the prominent contribution in the growth of the global plug valve market. Asia Pacific excluding Japan is expected to be the prominent market in the forecasted period owing to increasing investment in the industrial development of the region, the critical need for the efficient and effective waste water treatment, and demand for various such applications propels the growth of plug valve market in the region. The regulations and initiatives taken by the regional government support the growth of global plug valve market during the forecast period
Some of the prominent players of the global plug valve market includes Flowserve Corporation, Crane Co., Brdr. Christensen ApS, Emerson, The Weir Group PLC, AZ-Armaturen GmbH, 3Z Corporation. The increasing energy needs in the oil and gas industries, automation in the process, and stringent emission regulations enforced by the government triggers the global demand for the global plug valve market during the forecast period.