The Industrial Valves Market Size is anticipated to expand at a CAGR of 4.4% from USD 73 billion in 2021 to USD 90.5 billion by 2026.
Use of IIoT and Industry 4.0 in industrial valves
Valves are critical components of various industrial equipment. The failure of valves could lead to disruptions in plant processes. Traditional, schedule-based maintenance methods fail to alert manufacturing companies about impending valve failures. Due to this, technicians often inform about faults while inspecting valves, which, in turn, results in unplanned downtime that could have been avoided by the implementation of Industrial Internet of Things (IIoT). However, recent developments in data science, communications, and computing power have enabled companies to leverage IIoT technology for reducing unplanned downtime due to valve failures.
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Key Players
A few of the key players in the Industrial Valves Market are Emerson Electric Co. (US), Schlumberger (US), Flowserve Corporation (US), IMI plc (US), Neles Corporation (Finland), Spirax Sarco Limited (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (US), Bray international (US) , and CIRCOR International, Inc. (US).
Emerson is a top producer of industrial valves and a supplier of solutions and products for process management, including valves, transmitters, analyzers, regulators, and automation systems. Additionally, the business offers vertically-specific engineering, consulting, and maintenance services to a variety of industries, including chemicals, food & beverage, onsite utilities, industrial energy, life sciences & medical, metals & mining, oil & gas, pulp & paper, and water & wastewater treatment. Through its monitoring and maintenance technologies, it offers clients total lifecycle management for valve assets. To maintain its position as a leader in the industrial valves market, the company is utilising additive manufacturing technology to develop cutting-edge valve designs and solutions. The company's primary organic growth strategy is product development.
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The worldwide energy sector is served by Schlumberger (Cameron), which offers technology and services. The Valves & Measurement product line provides valve products and measurement systems principally used to regulate, direct, and measure the flow of oil and gas. It serves some portions of the upstream, midstream, and downstream industries. In April 2016, Cameron International Corporation (US) was purchased by Schlumberger Limited. With the acquisition, Cameron's wellhead and surface equipment and processing technology was combined with Schlumberger's reservoir and well expertise, enabling the company to provide pore-to-pipeline goods and services to the worldwide oil and gas industry. The company's continued emphasis on R&D is supported by its technology centre, which fosters innovation in the quickly developing fields of automation and technology.
Industrial flow management equipment is designed, produced, and distributed by Flowserve Corporation, which also provides associated services. The Flow Serve Pump Division and the Flow Control Division are the company's two main segments (FCD). The business's Flow Control Division (FCD) provides automation and valves solutions, such as isolation and control valves, actuation, controls, and related machinery, as well as energy management products including steam traps, boiler controls, condensate and energy recovery systems. Oil and gas, chemicals, water and wastewater treatment, water management, power generation, mining, pharmaceuticals, pulp and paper, and food and beverage industries are among the sectors served by Flowserve. The company offers complete flow control systems and services, and its product line for the chemical, oil & gas, water management, and power generation industries includes valves, pumps, seals, automation, and aftermarket services.
News Covered:
https://www.globenewswire.com/news-release/2023/02/03/2601315/0/en/Industrial-Valves-Market-Size-Share-Growth-Drivers-and-Analysis.html
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