Global Gate Valve Market report from Global Insight Services is the single authoritative source of intelligence on Gate Valve Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
The global gate valve market was valued at US$ 9.2 billion in 2021 and it is anticipated to grow up to US$ 14.5 billion by 2031, at a CAGR of 4.6% during the forecast period.
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A gate valve is a mechanical device that closes and opens or partly obstructs multiple entrances to control or regulate fluid flow (liquid or gas). Gate valves are commonly used in municipal applications to restrict the water flow for residential uses. These valves are also used in industries such as oil & gas and chemicals to accomplish critical functions related to fluids. Flexible wedge, solid wedge, split wedge, and parallel disc valves are among the type of gate valves employed in these industries. They can operate manually with the help of levers or other devices or automatically by using sensors and programming.
Market Drivers and Trends
In the oil & gas sector, gate valves have widespread applications in upstream, middle, and downstream operations. These valves employ a gate mechanism to open or close a pipeline completely. They provide an apt solution for the regulation and maintenance of flow rates. Thus, with the flourishing oil & gas sector worldwide, the gate valves market will likely keep up its pace during the forecast period.
According to research findings, the global energy demand is expected to increase by 50% over the next two decades. This projected surge in demand is mainly attributed to the expanding population worldwide and rising living standards in emerging countries. Despite the burgeoning popularity of new and renewable energy sources, petroleum remains a key energy source. New refineries are being planned at several locations across the world. Thus, the flourishing oil and gas sector contributes to the gate valve market proliferation.
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Global Gate Valve Market by Material Type
Based on material type, it is segmented into cast iron, steel, and alloys. The alloys segment is expected to dominate the market during the forecast period. Alloys have excellent machinability and corrosion resistance and are used for relatively small valves in low-pressure service. Due to the abovementioned factor, the alloys segment is expected to dominate the market during the forecast period.
Global Gate Valve Market by Application
Based on application, it is segmented into oil & gas, water & wastewater treatment, chemical, and others. The oil & gas segment is expected to be the largest segment in the gate valve market in 2021. For extraction and processing of crude and gas are mostly done using pipelines, valves are utilized to regulate the flow of oil and gas. Moreover, these resources are found in a limited geographic location and utilized across the globe. The distribution of these is done using pipelines. Thus, as industrialization is growing at a steady rate across the globe, the demand for oil and gas is also increasing. Several oil-producing countries are increasing oil production. Thus, the oil & gas segment will likely hold a major market share in 2021.
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Major Players in the Global Gate Valve Market
The key players studied in the global gate valve market are Econosto Oy (Finland), Emerson Electric Co. (US), ITT Inc. (US), Jash Engineering Ltd (India), Mueller Water Products, Inc. (US), Process Systems (Australia), RED VALVE COMPANY, INC. (US), The Weir Group PLC (UK), T-T Pumps (UK), and Velan Inc. (Canada).
COVID-19 Impact
In 2020, the COVID-19 pandemic resulted in economic challenges owing to subsequent lockdowns. In 2020, the manufacturing industry was severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. A swift decline in manufacturing revenues due to virtually nonexistent manufacturing demand and slow production capabilities had limited the expenditure on the production of gate valves worldwide. Thus, the COVID-19 pandemic negatively affected the global gate valve market in 2020.
However, in 2021, the manufacturing industry started recovering from the significant labor and supply chain challenges that triggered the production of gate valves.
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