1. The global valve market is growing steadily
In January 2024, a market research company released the latest global valve market report, pointing out that the global valve market will show a steady growth trend in 2024, and the market size is expected to reach US$62.5 billion, with an annual growth rate of 6%. The report shows that the growth in demand in the oil and gas industry is the main driving force for the expansion of the valve market, especially in the Middle East, Asia and North America. With the advancement of industrialization, the demand for valves continues to grow.
2. China's valve industry ushers in a new wave of technological innovation
In January 2024, China's valve manufacturing industry ushered in a new round of technological innovation, and many domestic companies launched intelligent valve series. These valve devices integrate Internet of Things technology, which can realize remote monitoring, data collection and automatic adjustment, greatly improving the level of industrial automation. A well-known valve company demonstrated its new generation of intelligent butterfly valves at an industry conference held in Beijing. It has a self-learning function and can automatically optimize operating parameters according to the actual working environment, and has a high market prospect.
3. Energy-saving and environmental protection standards promote valve product upgrades
With increasingly stringent environmental regulations, China issued new energy-saving and environmental protection standards in January 2024, requiring valve equipment used in industries such as petrochemicals, power and water treatment to meet higher energy efficiency requirements. This policy has prompted valve manufacturers to increase their research and development efforts and launch a number of energy-saving, low-friction and high-efficiency valve products. For example, some new ball valves and butterfly valves use innovative sealing materials and structural designs, which effectively reduce energy loss and improve system efficiency.
4. Global valve industry faces supply chain challenges
In January 2024, the supply chain of the valve industry still faces certain challenges. Due to rising raw material prices, increased transportation costs and trade restrictions in some countries, some valve manufacturers have encountered some difficulties in production and delivery. Although the global valve market is generally showing a growth trend, companies in the industry need to increase investment in technological innovation, production optimization and supply chain management to cope with these external challenges.
5. Growing demand for high-end valves
In January 2024, with the transformation and upgrading of the energy industry, the demand for high-end valves has gradually increased. Especially in offshore oil and gas production, high temperature and high pressure applications and ultra-low temperature technology, the market demand for high-end valve products has increased significantly. Major valve companies have launched high-performance valves suitable for extreme working conditions, such as ball valves and gate valves made of special alloy materials, to meet the growing market demand.
6. Valve Industry Association Releases Annual Industry Report
In January 2024, the International Valve Industry Association (IVMA) released its annual industry report. The report pointed out that the total output value of the global valve industry increased by 5% in 2023, and it is expected that the industry will continue to grow in 2024, especially in the fields of liquefied natural gas (LNG) and wind power. The report also emphasized the impact of trends such as environmental protection, intelligence, and sustainability on the future development of the valve industry, and suggested that companies increase investment in green environmental protection and intelligent manufacturing.
7. Valve enterprise mergers and acquisitions are accelerating
In January 2024, several valve companies announced merger and acquisition plans. Through mergers and acquisitions, companies hope to integrate resources, enhance R&D capabilities, and expand market share, especially in overseas markets. As market competition intensifies, companies hope to reduce production costs and improve their competitiveness in the international market through resource integration.
These news reflect the latest developments in the valve industry in terms of technological innovation, market demand, and policy environment in January 2024. The industry will continue to face challenges and opportunities in the coming months.