In 2020, the worldwide industrial Valves market was worth USD 48.1 billion, and by 2025, it is expected to be worth USD 85.7 billion. During the forecast period, it is expected to increase at a CAGR of 12.3 percent. The rising demand for valves from the pharmaceuticals industry as a result of the COVID-19 pandemic, a growing focus on the development of smart cities around the world, a growing need for connected networks to maintain and monitor industrial equipment, and a growing requirement for constructing new nuclear power plants and revamping existing ones are all driving factors for the industrial valves market.
The world is experiencing an economic catastrophe as a result of the COVID-19 pandemic. The epidemic has had a significant impact on the oil and gas business, with oil prices plummeting to levels never seen before. Major oil producers are running out of storage capacity for extracted crude, and demand is dwindling. As a result, there is a significant supply-demand disparity. One of the most important industries that uses valves is oil and gas. Valve end-users include the water and wastewater treatment, as well as the energy and power industries. These industries are also seeing a drop in demand as a result of the global epidemic.
Due to the closure of international borders, non-operational distribution channels, and other government rules requiring preventative measures for public health and safety, overseas trade is restricted. However, due to an increase in people's desire for a healthier and safer lifestyle, it is projected that there would be a greater emphasis on hygiene and sanitation. From 2021 to 2025, an increase in demand from the energy & power sector is expected to boost the industrial valves market for the energy & power end-use industry.
Because of the coronavirus's rapid spread, the healthcare and pharmaceutical industries are in the forefront of the fight against COVID-19. The manufacture of all important medical gadgets necessary to cure COVID patients is increasing. Several significant industry companies have seized the chance to combat the fatal coronavirus epidemic by using industrial valves in the fabrication of various types of medical equipment.
Emerson valves, for example, can handle pressure relief, keep steriliser equipment and materials clean, and support blood analyzers and other critical haematology equipment. High-pressure and high-purity valves from the company are also used to give oxygen to pop-up and remote hospitals, as well as triage centres.
Emerson also produces a line of small instrument-level valves for analytical and medical equipment, and the business is seeing an increase in demand from oxygen treatment device vendors for the first time. In addition, modern hospital beds now contain pneumatically activated air bladders that are designed to improve patient comfort. Valves for these air beds are made by Emerson.
With the increased need for hospital beds, Emerson's valves have been widely embraced by hospital bed makers. The ASCO series from the company includes a variety of related or similar valves, as well as valves with various characteristics, such as pinch valves, that are used in medical equipment. ASCO solenoid valves, which are used in hospital beds, are also available from the company.
In addition, corporations are progressively spending in research and development for autonomous components used in the pharmaceutical industry, such as solenoid valves. Pharmaceutical businesses are also looking to build complex fluid handling systems like automatic sanitizer dispensers and liquid soap dispensers, which necessitates the use of valves. As a result, the industrial valves market is expected to grow in response to rising healthcare device production and increased R&D investments in the pharmaceutical industry.
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