The North America Industrial Valves Market would witness market growth of 4.7% CAGR during the forecast period (2022-2028).
Control valve automation has developed substantially because of the increasing focus on precise automation and positioning industrial valves. A valve positioner transforms electrical signals to pneumatic signals to control the valve's knob in control valves. Therefore, automation in the valve positioner offers increased reliability, greater efficiency, and lower energy consumption, which propels the growth of the industrial valve market.
The rising automation in industrial processes, along with rapid industrialization, is one of the significant factors propelling the market's growth. Despite of this, the rising number of exploration activities in the oil & gas industry at offshore locations along with the increasing demand for energy are significant growth factors of the market. Furthermore, increasing petroleum refining plants and nuclear power stations, as well as growing pipeline installations and rapidly increasing demand for controlling and monitoring them from a centralized location, are impacting the market growth positively.
Canada is the fourth-largest producer of crude oil and the fifth-largest producer of natural gas globally, making it a leader in the oil and gas industry. The oil sands are home to 97% of Canada's known oil reserves. Since 2000, the amount of GHG emissions produced by an oil sands barrel of oil has decreased by 33%. The daily processing capacity of Canadian refineries is close to 2 million barrels of crude oil. The growing oil & gas industry would surge the usage of industrial valves, thereby supporting market growth.
The US market dominated the North America Industrial Valves Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $18068.1 Million by 2028. The Canada market is poised to grow at a CAGR of 7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 6.1% during (2022 - 2028).
Based on Type, the market is segmented into Globe Valves, Gate Valves, Plug Valves, Check Valves, Butterfly Valves, Ball Valves and Diaphragm Valves. Based on Material Type, the market is segmented into Steel, Cast Iron, Alloy Based, and Others. Based on Application, the market is segmented into Oil & Power, Chemical, Water & Wastewater, Food & Beverages and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Industrial Valves Market is Predict to reach $91.4 Billion by 2028, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Emerson Electric Co., Schlumberger N.V., IMI Plc., Crane Co., Flowserve Corporation, Metso Outotec Corporation, The Weir Group PLC, AVK Holding A/S, Avcon Controls Pvt. Ltd., and Forbes Marshall Pvt. Ltd.
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