The Global Check Valve Market valued at USD 3,093.5 million in 2020 and is projected to register a CAGR of 5.7% to reach USD 4,824.3 million by 2028 in the COVID-19 period.
Check valves are mechanical devices that allow liquids and gases to flow only in one direction, preventing flow reversal. They have two openings in the body, one for fluid to enter and one for fluid to exit. The valve opens as fluid flows in the desired direction, but backflow closes it. The mechanics of a check valve are easy, and they work automatically to prevent fluid from running in the wrong direction.
FIGURE 1: GLOBAL CHECK VALVE MARKET
Increased demand from end-use industries, such as water and wastewater treatment, oil and gas, and energy and power, are expected to drive the check valve market. The growing use of industrial automation boosts the smart check valve use, which is expected to drive market growth over the forecast period.
The demand for check valves is being driven by an increase in the number of power generation plants around the world and the growing energy and power needs of emerging economies. Chemical processing, feed water, cooling water, and steam turbine control systems are areas where these valves are used in nuclear power plants. The production and refinery platforms' high-pressure, high-temperature, and adverse corrosion conditions have resulted in a rise in demand for check valves. These platforms are used mostly in onshore and offshore oil and gas operations. Most of the essential mechanisms in the oil and gas industry also use these valves. They control not only the flow, but also the volume, direction, rate, and pressure of the fluids.
Check valves are widely used to meet growing automation needs in process industries such as oil and gas, water and wastewater, food and beverage, energy and electricity, petrochemicals, and pharmaceuticals. They contribute significantly to the end-use industry's safety, profitability, and productivity in a variety of production processes. Furthermore, the use of check valves in industrial sectors has been steadily growing due to the benefits they provide in terms of pressure and temperature regulation in all upstream, midstream, and downstream operations.
The check valve market is segmented on the basis of material type, valve type, application, end-use industry, and region.
FIGURE 2: GLOBAL CHECK VALVE MARKET SEGMENTATION
Global Check Valve Market, by Material Type
Based on material type, the market is divided into stainless steel, alloy-based, cast iron, cryogenic, and others. The stainless steel segment is expected to hold largest market share during the forecast period.
Increased demand for high-quality industrial valves in the food and beverage, chemical, pharmaceutical, and metal, and mining industries to mitigate the risk of contamination is driving the demand for steel check valves at present. The growing concern about sanitation is expected to boost the stainless steel check valves market in water and wastewater treatment plants, as long-lasting stainless steel valves can withstand harsh temperatures, chemicals, and pressures, and hard water conditions, due to their corrosion resistance properties.
Global Check Valve Market, by Valve Type
Based on valve type, the market is bifurcated into rotary valves and linear valves. The linear valves segment is estimated to account for the largest share in the global check valve market.
Linear check valves are divided into swing check valves, silent globe valves, piston (lift) check valves, and others (tilting disk check valves and wafer check valves). The rotary valve segment is further divided into butterfly check valves (dual plate check valves) and ball check valves.
Swing check valves are widely recommended for water and wastewater system applications because of their simple structure, low-pressure drop through the valve, and field serviceability. A silent globe check valve consists of a movable disk-type part and a stationary ring seat in a typically spherical body for regulating flow in a pipeline. For applications that need regular throttling and frequent operation, silent globe valves are used. The market is expected to dominated by linear valves due to the rising demand from end-use industries, such as oil and gas, chemicals, and energy and power in developing economies.
Global Check Valve Market, by Application
Based on application, the market is divided into on-off/isolation, and control. The on-off/isolation segment is estimated to hold the largest market share over the forecast period. On-off/isolation valves are one of the most basic and indispensable components of today's modern technological society. These are one of the oldest products, with a history of hundreds of years.
The valve industry has various segments ranging from distribution of water to nuclear power, upstream and downstream oil and gas. Each of these end-user industries uses various basic types of valves, such as ball, butterfly, gate, globe, plug, diaphragm, check, and safety. Check valves are widely used in on-off/isolation applications to protect various equipment from reverse flow, such as flowmeters, strainers, and other devices.
Global Check Valve Market, by End-Use Industry
Based on end-use industry, the market is segmented into oil and gas, LNG, water and wastewater treatment, energy and power, food and beverage, chemicals, building and construction, pulp and paper, pharmaceuticals and healthcare, agriculture, metals and mining, and others. The oil and gas, LNG segment is expected to hold the largest market share in the global check valve market. This growth can be attributed to rising energy demand and increasing drilling activities in the Gulf Cooperation Council (GCC) countries.
The upstream oil and gas industry is the largest user of check valves, which are used to outfit millions of wellheads as well as segment and control flow across millions of miles of gathered pipelines. These valves are also used in cross-country trunk pipelines that transport crude oil and gas to refineries and refined products such as gasoline, diesel, and natural gas to end-user markets.
The world is currently facing an economic crisis as a result of the COVID-19 pandemic. The oil and gas industry has been severely affected by this pandemic, with oil prices falling below zero dollars per barrel. Furthermore, the entire sector continued to see project cancellations and delays for new pipelines, refineries, and petrochemical plants due to this COVID-19 pandemic situation.
Global Check Valve Market, by Region
Based on regions, the global check valve market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
The Asia Pacific region accounted for the largest share of around 37.2% of the global check valve market in 2020. APAC is expected to dominate the market during the forecast period. Many leading players in the check valve market are operating in the Asia Pacific region. Increasing R&D activities related to the use of automated valves and rising demand for safety applications are two key factors driving the regional market growth.
China is the largest market for check valves. Increased R&D activity and increased use of check valves in various end-use industries are accelerating the regional market growth. These industries include oil and gas, energy and power, and water and wastewater treatment, that use check valves to control media flow through the system to initiate, stop, or throttle the flow and ensure a safe and efficient process automation. This factor contributes to the market's expansion in the APAC region.
FIGURE 3: GLOBAL CHECK VALVE MARKET (USD MILLION), MARKET OVERVIEW, 2017–2028
Recent Developments in the Global Check Valve Market
- In December 2018, Emerson Electric Co., acquired Advanced Engineering Valves, one of the leading manufacturers of valve technology that allows more efficient operation of LNG customers. The transaction would allow Emerson to offer the world's widest valve portfolio to its customers, to enhance process performance and reliability.
- In September 2017, SAMSON acquired SED Flow Control GmbH, a specialized valve company based in Bad Rappenau, Germany. With this acquisition, SAMSON is adding valves to its product line for the biotechnology and pharmaceutical industries, and the food and beverage markets to drive its digitized process automation based on intelligent, networked valve technology in all of these markets.
- In April, 2017, Emerson Electric Co., completed the acquisition of the Valves & Controls business from Pentair plc for USD 3.15 billion. This acquisition broadened its global automation footprint and strengthen its leadership role in key served markets such as chemical, power, refining, mining, and oil and gas.
- In April 2016, a definitive merger agreement was completed by Schlumberger Limited and Cameron, in which the companies combined a stock and cash deal. The deal blends two complementary portfolios of technology into a 'pore-to-pipeline' offering of goods and services to the worldwide oil and gas industry. This is expected to boost the demand for the company’s check valves in the future.
The key leading players in the global check valve market include Emerson Electric Co., Flowserve Corporation, Crane Co., Schlumberger N.V., Metso Corporation, Velan Inc, ABB Ltd, The Weir Group Plc, Eaton Corporation Inc., Alfa Laval AB, Honeywell International Inc., and Robert Bosch.
What Does this Report Provide?
A detailed understanding of the global check valve market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential market impact during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, restraints, and opportunities for the global check valve market have also been covered in the report.
This report further includes the market shares of the leading companies operating in the global check valve market, along with their production capacities and the growth strategies adopted by them. An in-depth pricing analysis, patent analysis, and distribution channel analysis have also been covered in the report. Apart from these, how COVID-19 pandemic has affected the has been analyzed in this study, both in terms of qualitative and quantitative analysis.
By Material Type
- Stainless Steel
- Alloy Based
- Cast Iron
By Valve Type
- Rotary Valves
- Butterfly Check Valve (Dual Plate Check Valves)
- Ball Check Valve
- Linear Valves
- Swing Check Valve
- Silent Globe Valve
- Piston (Lift) Check Valves
- Others (Tilting Disk Check Valves and Wafer Check Valves)
By End-Use Industry
- Oil and Gas, LNG
- Water and Wastewater Treatment
- Energy and Power
- Food and Beverage
- Building and Construction
- Pulp and Paper
- Pharmaceuticals and Healthcare
- Metals and Mining
North America Check Valve Market
- North America, by Country
- North America, by Material Type
- North America, by Valve Type
- North America, by Application
- North America, by End-Use Industry
Europe Check Valve Market
- The U.K.
- Rest of Europe
- Europe, by Material Type
- Europe, by Valve Type
- Europe, by Application
- Europe, by End-Use Industry
Asia Pacific Check Valve Market
- South Korea
- Rest of Asia-Pacific
- Asia Pacific, by Material Type
- Asia Pacific, by Valve Type
- Asia Pacific, by Application
- Asia Pacific, by End-Use Industry
Middle East and Africa Check Valve Market
- Middle East and Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Middle East and Africa, by Material Type
- Middle East and Africa, by Valve Type
- Middle East and Africa, by Application
- Middle East and Africa, by End-Use Industry
South America Check Valve Market
- South America, by Country
- Rest of South America
- South America, by Material Type
- South America, by Valve Type
- South America, by Application
- South America, by End-Use Industry
Reasons to Buy This Report:
- Market size estimation of the global check valve market on a regional and global basis
- Unique research usage for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
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