Increasing demand for hydraulic valves in the oil & gas industry is due to rising focus on effective process optimization and control, says Fact.MR in its recent market study.
ROCKVILLE, Md., May 29, 2024 /PRNewswire/ -- The global hydraulic valve market size is calculated at a value of US$ 5.89 billion in 2024 and is forecasted to advance at a CAGR of 3.8% from 2024 to 2034, as revealed in the recently updated industry report by Fact.MR, a market research and competitive intelligence provider.
In recent years, there has been a noteworthy increase in the demand for high-quality hydraulic valves for use in surface as well as underground mining. In addition, these valves are also required at mine sites and pump stations for fire protection systems.
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Unchecked damages in older hydraulic valves can result in leakages, thus resulting in environmental pollution, corrosion, and loss of material. It is necessary to replace old valves in industrial and commercial applications, including energy & power, oil & gas, wastewater and water treatment, etc. As such, an increase in the demand for hydraulic valves with high-strength will be seen over the coming years.
Key Takeaway from Market Study
- The global market for hydraulic valves is approximated to reach a value of US$ 8.56 billion by the end of 2034.
- North America is evaluated to hold 38.3% share of the global market by 2034-end.
- Sales of hydraulic valves in South Korea are calculated to rise at a CAGR of 4.6% from 2024 to 2034.
- Worldwide demand for hydraulic valves of 50 to 200 L/min flow rate is projected to increase at 4% CAGR and reach a market value of US$ 2.77 billion by the end of 2034.
- Automated hydraulic valves are forecasted to account for a market share of 68.1% by 2034.
"Increasing demand for precise process control, innovation in valve technology, and increased industrial automation are contributing to the rising sales of hydraulic valves for improved reliability and operational efficiency," says a Fact.MR analyst.
Enhanced Stability and Efficiency of Automated Hydraulic Valves
Global demand for automated hydraulic valves is forecasted to increase at 3.8% CAGR and reach a market value of US$ 5.83 billion by the end of 2034. In recent years, more emphasis has been given to automated operations due to their high performance ratio. In addition, their easy implementation in electronics is also stimulating demand. Affordability and low maintenance of automated hydraulic valves are responsible for their increased use. Moreover, automated valves are more effective and stable in comparison to manual systems, and therefore, are becoming more popular among end users.
Key Market Players
Emerson Electric, Bermad Water Technologies, Woodward Textron, Bosch Rexroth, Versa Products, Sun Hydraulics, Continental Hydraulics, Pedro Roquet, Curtiss-Wright, Kawasaki Heavy Industries, Parker Hannifin, Oilgear, Daikin Industries, Haskel, and Eaton are some of the leading companies manufacturing hydraulic valves.
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Competitive Landscape
The market is fragmented with the involvement of global and regional companies in industrial valve manufacturing. Key players in the hydraulic valve market are focusing on targeting various end-use industries, including power plants, chemicals, oil & gas, etc. Moreover, active involvement of these market players in the supply of quality products, new product development, and effective management of supply chain systems are bolstering market expansion.
For instance:
- In February 2022, Emerson expanded its footprint in India with the opening of a facility for integrated manufacturing in Mahindra World City, Chennai. This manufacturing center will produce industrial products for fluid control and pneumatic products, including hydraulic valves
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the hydraulic valve market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on type (directional control valves, flow control valves, formula 1, pressure control values), flow rate (below 50 L/min, 50 to 200 L/min, 201 to 500 L/min, 501 to 1,000 L/min, above 1,000 L/min), operation (automated, manual), and end-use industry (agricultural machinery, automotive, construction machinery, material handling, metal & mining, oil & gas, power generation), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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