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Industrial Valves Market and its Key Opportunities and Challenges

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Industrial Valves Market and its Key Opportunities and Challenges

November 14
19:14 2019
The industrial valves market was valued at USD 67.49 billion in 2017 and is expected reach USD 85.19 billion by 2023, at a CAGR of 3.96% as per a report by MarketsandMarkets.

The industrial valves market was valued at USD 67.49 billion in 2017 and is expected reach USD 85.19 billion by 2023, at a CAGR of 3.96% as per a report by MarketsandMarkets. 

How integration of IIoT technology in industrial valves throwing up newer opportunities?

Different kinds of valves are used across several industries in many applications. The failure of these valves could lead to disruption in the process. A traditional schedule-based maintenance method fails to alert end users about impending valve failures. This often leads to technicians introducing problems while inspecting valves, resulting in even more costly unplanned downtime that could have been avoided. However, recent developments in data science, communications, and computing power have enabled companies to begin leveraging the Industrial Internet of Things (IIoT) technology to reduce valve-related unplanned downtime. The IIoT enables valve experts at corporate engineering or company expertise centers to remotely monitor the health of the valves in a plant to drive better valve performance over the lifespan of those valves.

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Valves equipped with sensors and connected through IIOT can help industry players to reduce maintenance and shutdown costs by consciously monitoring the functioning of valves. For instance, Emerson (US) offers IIoT technologies to valve users to improve operating performance and reduce unplanned downtime.

Why high cost of fabrication remains a major challenge?

The use of industrial valves varies with the application; also, the material required to manufacture valves varies according to the application. There is a requirement of different manufacturing materials in industrial valves, and it highly depends on the end-use application. Industrial valves manufactured for oil and gas applications are usually made of metals, while the same type of industrial valves for pharmaceutical applications comprise rubber as a main constituent material. Also, manufacturing techniques used for the fabrication of valves, i.e., forging and casting methods, require several finishing processes to remove defects of burrs on the surfaces of the valves. Because of this, the cost of removing large amounts of metal by machining in larger forged valve components also needs to be taken into consideration. This adds to the overall cost of the valves.

Therefore, the variation in the performance requirement poses a challenge for industrial valve manufacturers, which results in high fabrication cost of valves, a key challenge for the growth of the industrial valve market.

 

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