Major companies in the metal valves market include Crane; Mueller Water Products; The AVK Group; Emerson Electric Co and Parker Hannifin. The global metal valves market is expected to grow from $229.
New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal Valves Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009807/?utm_source=GNW
08 billion in 2020 to $261.57 billion in 2021 at a compound annual growth rate (CAGR) of 14.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $343.33 billion in 2025 at a CAGR of 7%.
The metal valves market consists of sales of metal valves by entities (organizations, sole traders or partnerships) that produce industrial valves, fluid power valves and hose fittings, plumbing fixture fittings and trim, and/or other metal valves and pipe fittings. The metal valves market is segmented into industrial valves; fluid power valve and hose fitting; plumbing fixture fitting and trim; and other metal valve and pipe fitting.
Asia Pacific was the largest region in the global metal valves market, accounting for 38% of the market in 2020. Western Europe was the second largest region accounting for 27% of the global metal valves market. South America was the smallest region in the global metal valves market.
Many metal valve manufacturing companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reduce potential breakdowns. For instance, according to a report by Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, thus indicating rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to KPMG report, 16% executives of global metals companies have already invested in robotics for metal manufacturing, 31% executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest on robotics in the near future. Additionally, the report states, 63% of the executives of metal manufacturing companies are considering investing in automation. Examples of companies offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman.
The metal valve manufacturing industry is being restrained by the rise in power tariffs. Globally, there are movements to increase the use of alternative sources of electric power such as solar, wind, and nuclear power. Initiatives by non-governmental organizations (NGOs), multilateral organizations and many governments to increase the production and use of alternative sources of power and other economic factors cause a rise in overall power tariffs affecting different industries. Rise in the power tariffs increases the production costs, affecting the metal valve manufacturing market.
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) is expected to drive innovation in metal valve manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs and higher margins. For instance, according to a global survey by The Economist Intelligence Unit in 2018, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on company’s growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to expand production and increase product portfolio, thus driving the growth of the metal valve manufacturing market.
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