Report : Asia Pacific Gate Valve Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Valve Type (Flexible Wedge, Solid Wedge, and Split Wedge or Parallel Disk Valve), Valve Size (2" to 12", 14" to 36", and 42" and Above), and Application (Oil and Gas, Water and Wastewater Treatment, Chemical, and Others)
At 5.3% CAGR, the APAC Gate Valve Market is projected to be worth US$ 5,409.67 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC gate valve market was valued at US$ 3,570.74 million in 2021 and is expected to reach US$ 5,409.67 million by 2028, registering an annual growth rate of 5.3% from 2021 to 2028. Increasing number of power generation and wastewater treatment facilities and popularity of automation are the critical factors attributed to the market expansion.
Appropriate developments in utilities and infrastructure are essential for the long-term economic growth of any country. The gate valves market across the region grabs promising opportunities from the continuously growing power sector in the region. Various countries are raising their investments in electricity generation. According to a report by Deloitte, India's total installed capacity of power plants was 399,497 megawatts (MW) in 2021. Further, the Ministry of Power of the country has set a target of generating 1,356 billion units of power in the fiscal year 2022. Valves play important functions of opening and closing inlets and outlets and managing cooling circuits, among others, in power plants. Hence, as the number of power stations and power-producing capacity expands in the region, the demand for gate valves is expected to flourish in the coming years. The need for wastewater treatment facilities has risen across the region due to the elevating concerns about untreated sewage. The best water treatment technologies and valves are used to build state-of-the-art treatment facilities. In water treatment plants, gate valves prevent water from flowing when the pumps are turned off. On the other hand, main air gate valves are mounted on the pump at high points on force to prevent the formation of vacuum pockets. Hence, the growing number of water treatment facilities is likely to create significant opportunities for the gate valve vendors.
On the contrary, concerns regarding raw materials used in gate valve manufacturing hurdles the growth of APAC gate valve market.
Based on valve type, the APAC gate valve market is segmented into flexible wedge, solid wedge, and split wedge or parallel disks valve. The solid wedge segment held 45.6% market share in 2021, amassing US$ 1,627.60 million. It is projected to garner US$ 2,387.54 million by 2028 to expand at 4.9% CAGR during 2021–2028.
Based on valve size, the APAC gate valve market is segmented into 2" to 12", 14" to 36", and 42" and above. The 14" to 36"segment held 53.0% market share in 2021, amassing US$ 1,893.84 million. It is projected to garner US$ 2,829.77 million by 2028 to expand at 5.1% CAGR during 2021–2028.
Based on application, the APAC gate valve market is segmented into oil and gas, water and wastewater treatment, chemical, and others. The oil and gas segment held 43.0% market share in 2021, amassing US$ 1,535.87 million. It is projected to garner US$ 2,313.08 million by 2028 to expand at 5.3% CAGR during 2021–2028.
Based on country, the APAC gate valve market has been categorized into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that China captured 37.2% market share in 2021. It was assessed at US$ 1,327.41 million in 2021 and is likely to hit US$ 2,174.69 million by 2028, exhibiting a CAGR of 6.3% during the forecast period.
Key players dominating the APAC gate valve market are Bray International; DEZURIK, INC; Emerson Electric Co.; ITT Inc.; Mueller Co. LLC; Orbinox; Sistag AG; STAFSJö VALVES AB; The Weir Group PLC; and Zhejiang Linuo Fluid Control Technology Co., Ltd among others.
- In 2021, ITT Inc. announced it has acquired privately-held Habonim for $140 million in an all-cash transaction.
- In 2021, ORBINOX has introduced a novel bi-directional high-pressure knife gate valve for industrial and water treatment applications. Its design focuses on providing the ideal option for water treatment applications as well as general industrial operations that require high pressure performance and durability.
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