One of the harder hit process equipment sectors due to COVID is the severe service valve sector, according to Valve World. More specifically, they state that given current circumstances, projections will be difficult and will need to be updated frequently as the situation continues to evolve.

The severe service valve market is dominated by the refining, oil & gas extraction, chemical and power sectors. Into 2022, it is expected that oil & gas related marketshare will drop slightly with a slight increase in food and pharmaceutical usage. Refining on the other hand will dip in to 2021 but will rebound by the next year to current levels.

Automation and Digitalisation

On the brighter side, an rise in automation and digitalisation investment will increase the need for valves to provide this level of automation. Existing installs of manual valves will be automated, too.

In summary, by 2022 with 2019 used as a baseline, it is expected that the entire valve industry will have grown by 2% when compared to 2019 values. Having said that, 2021 estimates see the entire valve industry dropping to about 88% of 2019 results first.

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