Global Isolation Valves Market Size 2024, Forecast To 2033
6 Mar, 2024
The isolation valves market size has shown robust growth, increasing from $3.57 billion in 2023 to $3.77 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period is driven by industrial expansion and infrastructure development, market diversification across industries, demand for maintenance and replacement, environmental concerns and efficiency, and globalization and market expansion. Forecasts suggest continued strong growth in the next few years, reaching $4.72 billion in 2028, with a CAGR of 5.8%. This growth is attributed to industry-specific demand growth, rise in infrastructure projects, increasing demand for maintenance and replacement, market penetration in emerging economies, and expansion of environmental regulations. Major trends in the forecast period include a focus on operational efficiency and cost reduction, automation and smart valve solutions, technological advancements in valve design, environmental sustainability demands, and industry-specific applications and customization.
Global Isolation Valves Market Key Driver
The growth of the oil and gas industry is expected to propel the growth of the isolation valve market going forward. The oil and gas industry refers to the global process of exploring, mining, processing, transporting, and distributing petroleum and natural gas products to supply energy to diverse sectors such as transportation, manufacturing, and power generation. Isolation valves are a key element in the oil and gas industry, as they are used to isolate specific parts of a pipeline or process system to facilitate maintenance, repair, and safety procedures, as well as to control the flow of fluids or gases, prevent backflow, and regulate pressure. For instance, in September 2022, according to Statistics Canada Highlights, a Canada-based intergovernmental organization, Canada's total gross revenue in the oil and gas extraction industry increased by 85.7% from $93.7 billion in 2020 to $174.0 billion in 2021. Therefore, the growth of the oil and gas industry is driving the growth of the isolation valve market going forward. The market size in 2023 suggests a promising trajectory, with anticipated expansion by 2024 and 2028.
Get A Free Sample Of The Global Isolation Valves Market ReportGlobal Isolation Valves Market Segments
The isolation valves market covered in this report is segmented –
1) By Type: Ball Valves, Butterfly Valves, Knife Gate Valves, Plug Valves, Other Types
2) By Operation Type: Automated Valve, Manual Valve
3) By Sales Type: Original Equipment (OE), Aftermarket
4) By End-Use Industry: Oil And Gas , Power Generation, Chemical And Petrochemical, Water And Wastewater, Other End-Use Industries
By Geography:The regions covered in the isolation valves market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the isolation valve market in 2023. The regions covered in the isolation valves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Isolation Valves Industry Players
Emerson Electric Co, Orion Valves, KITZ Corporation, Spirax-Sarco Engineering PLC., Frank's International NV, The Weir Group PLC., Flowserve Corporation, Velan Inc., Crane Co, Trillium Flow Technologies, MKS Instruments Inc., Schlumberger Limited., Forbes Marshall, Baker Hughes Company, Colton Industries, Della Foglia Srl, American Expedition Vehicles, Weir Group PLC., Cameron International Corporation, Imperial Metal Industries Limited, Biocare Medical LLC, F Hoffmann-La Roche Ltd, Genemed Biotechnologies Inc., Thermo Fisher Scientific Inc., Biogenex Laboratories, Zytomed System GmbH, Bio-Techne Corporation, Bio SB Inc., Qiagen NV, PerkinElmer Inc., Abbott Laboratories, Merck KGaA
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Isolation Valves Market Overview
Isolation valves are a type of valve that shuts off the flow of fluid or gas in a system. They are utilized for pressure gauge isolation, pressure transmitter isolation, orifice plate pressure tapings, and various measurement devices.
Isolation Valves Global Market Report 2023 provides data on the global isolation valves market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The isolation valves market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.