North America Industrial Valve Market was valued at US$ 11,679.61 Million in 2021 and is projected to reach US$ 17,529.97 Million by 2028 with a CAGR of 6.0% from 2021 to 2028.
Crude oil is the backbone of the modern-day industrial economy. It acts as an important base raw material for deriving various chemicals. With the increasing rate of industrialization and urbanization, the demand for oil and gas has surged substantially. Countries across the region are expected to present huge demand for crude oil during the forecast period due to the continuous growth in their manufacturing sectors, supported by favorable economic conditions and government policies. Equinor, a petroleum refining company, has announced to invest US$ 8.8 billion by end of 2021 for driving the progress of Wisting petroleum discovery in the Arctic Barents Sea, the northernmost oilfield. Petróleo Brasileiro S.A. has also announced to invest US$ 68 billion from 2021 to 2026 for managing production at the offshore fields in the subsea pre-salt area. Further, a significant number of oil and gas refineries have aged and require maintenance operations. Natural gas emits less carbon than coal does. Therefore, with the growing emphasis on curtailing carbon emission, governments are favoring gas-powered power plants over coal-powered power plants, which propels the demand for natural gas. The growing production of oil and gas boosts the North America industrial valve market growth.
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Top Key Players Listed in the North America Industrial Valve Market 2021 – 2028 Report Are:
- CIRCOR International, Inc.
- Crane Co.
- Emerson Electric Co.
- Flowserve Corporation
- IMI Critical Engineering
- KITZ Corporation
- Neway Valve (Suzhou) Co., Ltd
- Schlumberger Limited
- Spirax-Sarco Engineering plc
- Velan Inc.
In this report, the market has been segmented on the basis of:
North America Industrial Valve Market – by Material Type
- Cast Iron
North America Industrial Valve Market – by Valve Type
- Ball Valves
- Butterfly Valves
- Diaphragm Valves
- Safety Valves
- Piston RAM Valves
North America Industrial Valve Market – by Industries
- Oil and Gas
- Water Treatment
- Power and Energy
- Chemicals and Petrochemical
- Food and Beverage
- Healthcare and Pharmaceutical
North America Industrial Valve Market – by Country
The North America Industrial Valve Market 2021 – 2028 Competitive Viewpoint:
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