The global isolation and safety valve market is expected to grow at a significant pace over the forecast period. One of the important factors contributing to market growth is the tremendous rise in the oil & gas sector especially in Asia-Pacific countries such as India and China. Also, the industry has been witnessing increasing number of mergers and acquisitions which is expected to impact industry growth positively over the forecast period. However, the low-profit margin for the companies could pose a challenge industry growth over the forecast period.
Rising trend for the use of customized isolation and safety valves in the market on account of as a lack of product differentiation has been leading to increasing competition among vendors. Thus, local as well as international vendors have been trying to differentiate every product through customized valves which are offered at reasonable prices to the customers. This trend will influence the growth of the industry significantly over the next seven years.
Feed water and main steam isolation valves are a significant part of nuclear power plants and the demand for them is anticipated to upsurge over the forecast period. There are two basic kinds of valves used in emergencies namely isolation valves and safety release valves.
The safety release valve is typically functioned in a closed position to protect it from bursting and over pressure. Isolation valves are the opposite of safety release valves and typically operate at 100 % open and have no controlling purpose. They open to let fed water or steam flow through, and the pressure loss is very low. In the case of an emergency, such as a heating pipe rupture in a steam generator, this valve is required to be closed.
There are other kinds of valves in nuclear power plants including medium-operation valves, globe valves, and gate and check valves. The global isolation and safety valve market is segmented by application into municipal, chemical and oil & gas. Oil & gas industry is anticipated to show high growth over forecast period owing to increasing investment for oil exploration particularly in the Middle East and Asia coupled with rising efforts for shale gas exploration in North America. The power industry is also likely to witness significant growth over the next seven years on account of increasing demand across the nuclear energy sector. Isolation and safety valves can also be classified into manual, motor, pneumatic, hydraulic, and solenoid valve.
Growth in the global isolation and safety valve market is largely dependent on investments in manufacturing facilities. Sustained by innovation in isolation and safety valve systems, the market is anticipated to witness strong growth over the forecast period. Numerous factors, including rising demand for water and power, rapid growth of process industries, and pollution control regulations, are supposed to propel the growth of the global industry, and this trend is expected to continue over the forecast period.
Rising construction of nuclear power plants in various regions is projected to fuel the product demand used in nuclear power plants over the forecast period. The necessity to upgrade and overhaul prevailing nuclear power plants, to safeguard their compliance with new safety standards as an aftershock of Fukushima nuclear disaster, is anticipated to fuel product sales over the next seven years. Isolation and safety valves used in petroleum refining industry have been significantly increasing on account of capacity expansions to fulfill rising demand for motor vehicle fuel.
Geographically the global market for isolation and safety valve is segmented into North America, Asia-Pacific, Middle East and Asia, Europe, and Latin America. North America is projected to hold the majority market share in the global market over the forecast period owing to the already established high-end technology. The Middle East and Africa are expected to witness high growth attributing to growing investment in oil & gas exploration.
Increasing industrial development in the Middle East region coupled with increasing raw goods suppliers to refined products supplier is also expected to contribute considerably to the regional market growth over the forecast period. Moreover, growing demand for isolation and safety valves in wastewater & water application, as well as the petrochemical industry in the region will drive industry growth over the next seven years. Additionally, growing demand from mining, chemical, and municipal industries is expected to fuel the product demand in the Asia Pacific over the forecast period. Europe and Asia Pacific are anticipated to show healthy feed water, and nuclear main steam isolation valves demand over the forecast period.
Key market players present in the global industry include Weir Group PLC, Flowserve Corporation, Tyco International Ltd., and Crane Co. while other prominent vendors include Velan Inc. and Curtiss-Wright Corporation. Market participants stress on product development to accommodate rapidly changing technologies in various end-use applications such as chemicals and oil & gas. Leading companies are also likely to adopt mergers & acquisitions to link existing gaps in their product offerings.
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The recent COVID-19 pandemic that has been ravaging numerous countries across the globe has adversely affected the overall sensor, control, and automation industry. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor.