Industrial Valve Market will be Reach at a Highest CAGR by 2028

Industrial Valve Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type (Cast Iron, Steel, Cryogenic, Alloy-Based, Others); Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, Piston RAM Valves, Gate Valves, Control Valves); Industry (Oil and Gas, Water Treatment, Power and Energy, Chemicals and Petrochemical, Food and Beverage, Healthcare and Pharmaceutical, Others)  The industrial valve market is expected to reach US$ 125.59 billion by 2028 from US$ 78.18 billion in 2021; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028. The overall market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America. APAC constitutes a large population and high per capita income, along with vast industrialization and increasing urbanization. Further, highly industrialized countries such as China, India, Japan, and South Korea are increasingly emphasizing the development of wastewater treatment facilities to tackle the issue of environment conservation. The region is also the largest consumer of crude oil and gas, which is another factor boosting the adoption of industrial valves. 

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The industrial valve market is segmented on the basis of material type, valve type, and industry. Based on material type, the market is segmented into cast iron, steel, cryogenic, alloy-based and others. Based on valve type, the industrial valve market is segmented into ball valve, butterfly valve, diaphragm valve, safety valve, and piston ram valve. On the basis of industry, the industrial valve market is segmented into oil & gas, water treatment, power & energy, chemical & petrochemical, food & beverage, healthcare & pharmaceutical, and others.

Petroleum has been a major industry in the US since 1859, when oil was discovered in the Oil Creek area of Titusville, Pennsylvania. The exploration, production, processing, transportation, and marketing of natural gas and petroleum products are all part of the oil & gas sector. In 2018, the US surpassed Russia and Saudi Arabia to become the world's top crude oil producer, generating 15% of global crude oilAccording to the US Energy Information Administration, the US produced 12.29 million barrels of crude oil per day in 2019. This number was predicted to reach 11.28 million in...

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