Diverter Valve Market Forecasted to Achieve US$419.9 Million by 2033
In the dynamic world of industrial equipment, the Diverter Valves market continues to evolve, with significant developments and trends shaping its landscape in 2024.
The operation segment of the Diverter Valves market was dominated by Blow-Through Diverter Valves in 2023. This trend continued into 2024, as these valves proved their efficiency and reliability in various applications.
The European market held a dominant position, accounting for 36.6% of the global market share in 2024, valued at approximately USD 81.87 million. This dominance can be attributed to the region's robust industrial sector and stringent safety regulations.
Notable acquisitions in 2024 included ABB's acquisition of Real Tech, a company renowned for its innovative optical sensor technology, and ITT Inc.'s acquisition of Svanehøj Group A/S, a supplier of pumps and aftermarket services focused on cryogenic applications in the marine sector.
The Global Diverter Valves Market is projected to reach approximately USD 419.9 million by 2033, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2033. This growth is driven by the increasing demand for automation in industries and the prioritisation of energy-efficient solutions.
In the market's by-type segment, Hydraulic Diverter Valves held the largest share in 2023. Meanwhile, the material type leader was Cast Iron. However, the use of advanced materials, such as corrosion-resistant alloys and composites, is on the rise due to their superior performance in harsh conditions.
Key players in the Global Diverter Valves Market include Emerson Electric Co., Flowserve Corporation, Weir Group PLC, Cameron International Corporation, Rotork plc, GEA Group AG, Pentair plc, Mueller Water Products, Inc., IMI plc, ITT Inc., Alfa Laval AB, and Spirax-Sarco Engineering plc, among others.
Significant acquisitions in 2024 included Metso's acquisition of Jindex Pty Ltd, an Australian company known for its valves and process flow control solutions, and Idex Corp's acquisition of Mott Corporation for US$1 billion.
The Oil & Gas industry remained the largest end-user of Diverter Valves in 2023. However, the demand for diverter valves is also increasing in other sectors, such as water and wastewater treatment, due to the rise of automation in these industries.
Notable acquisitions in 2024 included Wilo UK's expansion of its pump servicing capabilities by acquiring Arfon Rewinds Limited, Workdry International's acquisition of Vanderkamp Group, a Netherlands-based temporary pumping solutions provider, and ChampionX Corporation's acquisition of Artificial Lift Performance Limited, a specialist in advanced analytics for optimizing oil and gas production.
Lastly, companies are prioritizing energy-efficient solutions in their operations, leading to the development and adoption of more efficient diverter valve designs. This focus on energy efficiency is expected to continue shaping the Diverter Valves market in the coming years.
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