The valves market is segmented by application (mineral fuels, iron and ferro-alloys, non-ferrous metals, precious metals, and industrial minerals), type (multi-turn valves, quarter turn valves, and control valves), and geography (Apac, Europe, north America, Middle East and Africa, and South America). Deep sea mining is the major valves market trend which will positively influence the market value.
The valves market share will value over USD 1,336.86 million by 2027
It is estimated to expand at a CAGR of 3.88% from 2022 to 2027
The valves market size will witness a YOY growth rate of 3.58% in 2023
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Petroleum and natural gas have been extracted for years from deepsea and offshore wells, but now, the same seabed holds substantial promise for mineral mining. In deep-sea mining, robots are used to extract minerals. Damen Shipyards has equipped its robots with dredge valves that are very specific to their applications in the sea and can work in accordance with the prevailing conditions.
Mining industry players are making substantial investments in automating their mining processes. The mining industry players are increasingly adopting automated control valves in their processes. It is expected that the growth in the smart mining industry will increase the deployment of valves during the forecast period.
Some of the major valves market vendors are:
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The fluctuation in raw material pricing are the major hindrance for market players
The valves market structure is fragmented in nature.
61% of valves market growth will develop from APAC.
The market growth by the minerals fuel segment will be significant during 2023-2027.