The consumption of knife gate valve is expected to reach 549.8 thousand units by the end of 2024 from 464.5 thousand units in 2017. Further, the knife gate valve market is predicted to thrive at a CAGR of 3.0% over the forecast period i.e. 2019 to 2024. The drivers of growth will vary by region. Growth in developing areas such as China and India will result from rapid industrialization, investment in water infrastructure and rising electricity generation. In developed areas, continued growth in oil & gas industries will provide growth in the market. Oil producing nations such as those in the Middle East will see gains due to rising production. In the US, demand in the oil and gas market will benefit from infrastructure construction and increased production due to oil shale industry, as well as from the improved economy. Further, knife gate valves are relatively mature products, and design innovation and material developments do encourage the demand for knife gate valves. However, consumption of knife gate valves or any other industrial valves s are determined primarily by the performance of the industries that utilize these valves.
Growth Drivers – Knife Gate Valve Market
Rapid Industrialization is Augmenting the Demand for Industrial Valves
Knife gate valves find foremost application in oil & gas, mining, pulp & paper and chemical industries. As the industrialization is rising across all regions, especially in emerging economies such as India, Brazil, China and others, the demand for knife gate valve is expected to rise in upcoming years. Mining industry is one of the major end-user of Knife gate valve, and since the mining industry across the globe is flourishing owing to number of reasons, the knife gate valve market is likely to follow the same path as mining industry in future.
Rapid growth in industries such as water & wastewater treatment, oil & gas, chemical and petrochemical, where liquid handling is essential, the demand for valves is intensely high and this is a major driving factor behind rising consumption of knife gate valves across the globe. Ongoing government & municipal projects for water & wastewater treatment, rising expenditure on oil & gas exploration activities by countries such as U.S. & China are two of the many factors, which are projected to bolster the consumption rate of knife gate valve in upcoming years.
Growing Demand for Energy in Emerging Countries
The economic, industrial and urbanization growth have a direct impact on energy demand in leading industrialized and emerging economies including China, Argentina, United States of America, Saudi Arabia, China and others. Due to rise in demand for energy, industries such as oil & gas, powerplant, coal industry, renewable energy industry and others are growing significantly worldwide. Governments are spending tons of capital to increase the energy production in order to fulfil the energy demand of nations.
Industrial valves such as Knife gate valve’s consumption is estimated to grow significantly higher than its levels in previous years owing to rise in investment in energy sector across the globe. Countries such as China and U.S. are striving hard to boost oil & gas production in the country. At the same time, it is also expected that, consumption of knife gate valves in renewable energy industries such as hydro powerplants, and others will grow as the demand for renewable energy resources is rising worldwide.
Barriers – Knife Gate Valve Market
Presence of Local Manufacturers
Low quality product offered by local manufactures is one of the serious concerns to the manufacturers and end users of industrial valves. There are infinite number of small and big manufactures are active in this market and due to this standardization and certification creating issues are rising which may hamper the growth of market in future.
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Market Trends – Knife Gate Valve Market
Product Advancements & Improvements
Technological advancements & improvement in knife gate valves are one of the key trends, being followed by leading knife gate valve manufacturers. Additionally, manufacturers are continuously focusing to improve the functionality and product life of their knife gate valves in order to increase their brand reputation in the market.
The knife gate valve product type market is segmented into pneumatic knife gate valve, electric knife gate valve, handwheel knife gate valve, and other knife gate valve. In this segment, the handwheel knife gate valve segment will contribute a market share of 40.3% in 2018. In terms of value, the global knife gate valve market for handwheel segment was valued at USD 408.7 Million in 2018. Further, this segment is anticipated to flourish at a CAGR of 3.6% over the forecast period. The global knife gate valve market for handwheel segment is expected to achieve the absolute $ opportunity of USD 81.2 Million between 2019-2024.
In the application segment, the knife gate valve market is sub-segmented into pulp & paper, mining, food & beverage, power plants, chemical industries, wastewater treatment, steel industry, oil, gas & refining, and others. In this segment, the knife gate valve market for wastewater treatment segment is expected to expand at a CAGR of 3.6% in terms of value over the forecast period i.e. 2019-2024. The global knife gate valve market for wastewater treatment segment accounted for USD 222.7 Million in 2018 and is predicted to reach USD 273.8 Million by the end of 2024.
Geographically, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the knife gate valve market, Asia Pacific is projected to capture a large market share over the forecast period. Asia Pacific knife gate valve market is expected to reach USD 506.5 Million by the end of 2024 from USD 390.8 Million in 2018 and is expected to witness a CAGR of 4.5% over the forecast period. Factors such as rapid industrialization in most of Asian emerging economies are driving the demand for knife gate valve market in this region. The consumption of knife gate valve is projected witness a Y-O-Y growth of 5.1% in 2024 as compared to previous years. China is the major consumer industrial valve including knife gate valve among other Asian countries. Furthermore, numerous municipal projects and government initiatives for infrastructural development are also major driving factor in Asia Pacific knife gate valve market over the projected period.
The report also covers detailed competitive analysis of major market players of the global knife gate valve market, such as Weir, ITT Inc., Emerson Electric Company, Velan Inc., Jash Engineering Ltd., Mueller Water Products Inc., Process Systems, T-T Pumps, Econosto, Red Valve Company, Inc., FKB, KSB SE & Co KgaA and others prominent players. The knife gate valve market is witnessing a wide range of industry activities such as product launch, acquisition, agreement, and expansion across the globe. For instance, in May 2018, ITT Friction Technologies inaugurated its new state-of-the-art facility in Silao, Mexico. Further, this magnificent facility will be engaged in manufacturing of highly engineered brake pads.
By Product Type:
- Pneumatic Knife Gate Valve
- Electric Knife Gate Valve
- Handwheel Knife Gate Valve
- Other Knife Gate Valve
- Pulp & Paper
- Food & Beverage
- Power Plants
- Chemical Industries
- Wastewater Treatment
- Steel Industry
- Oil, Gas & Refining
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
The report profiles various major market players such as
- ITT Inc.
- Emerson Electric Company
- Velan Inc.
- Jash Engineering Ltd
- Mueller Water Products Inc.
- Process Systems
- T-T Pumps
- RED VALVE COMPANY, INC.
- KSB SE & Co KgaA
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides company’s positioning and market share in knife gate valve market.
Timeline Considered for Analysis:
- 2018: Base Year
- 2019: Estimated Year
- 2019 to 2024: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global knife gate valve market by the following segments:
- Product Type
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Knife Gate Valve Industry Report
- What is the overall market size in 2018? What will be the market growth during the forecast period i.e. 2019-2024?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?