Diverter Valve Market Projections Show a Forecast of USD 419.9 Million by 2033
In the rapidly evolving world of industrial technology, the diverter valves market has been experiencing significant changes and growth. Here's a roundup of some key events and trends that shaped the market in 2024.
Flowserve Corporation made a strategic move by acquiring intellectual property and R&D related to cryogenic LNG submerged pump technology from NexGen Cryo. This acquisition is expected to strengthen Flowserve's position in the cryogenic applications sector.
Meanwhile, the demand for diverter valves is on the rise, driven by the increase in automation across various industries. The use of advanced materials, such as corrosion-resistant alloys and composites, is growing in diverter valves, aiming to enhance their durability and efficiency.
In the realm of market share, Hydraulic Diverter Valves held the largest share in the market's by-type segment in 2023, while Cast Iron was the leading material type. Interestingly, Blow-Through Diverter Valves dominated the operation segment.
The Oil & Gas industry continued to be the largest end-user of Diverter Valves in 2023. However, the market's geographical landscape saw Europe dominating, accounting for 36.6% of the global market share. Key European players in the diverter valve industry include Emerson, Samson AG, and IMI Precision Engineering.
Mergers and acquisitions were prevalent in 2024. DXP Enterprises, Inc. completed acquisitions of Burt Gurney & Associates (BGA) and MaxVac Inc., while Wilo UK expanded its pump servicing capabilities by acquiring Arfon Rewinds Limited. ITT Inc. finalized the acquisition of Svanehøj Group A/S, a supplier of pumps and aftermarket services focused on cryogenic applications in the marine sector. Workdry International acquired Vanderkamp Group, a Netherlands-based temporary pumping solutions provider.
Moreover, Idex Corp entered into an agreement to acquire Mott Corporation for US$1 billion, and Metso signed an agreement to acquire Jindex Pty Ltd, an Australian company known for its valves and process flow control solutions.
Looking ahead, the Global Diverter Valves Market is projected to reach USD 419.9 million by 2033, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2033. The focus on energy efficiency has led to an increasing preference for diverter valves with low pressure drops and minimal energy consumption.
ABB also made a strategic move by acquiring Real Tech, a Canadian company known for its innovative optical sensor technology. This acquisition is expected to further enhance ABB's product offerings in the diverter valves market.
The European Diverter Valves Market is expected to hold a dominant position, accounting for 36.6% of the global market share in 2024. With these trends and developments, the diverter valves market is set to witness further growth and innovation in the coming years.
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