The McIlvaine Co has recently published a report that indicates the demand for industrial valves will expand from its present level of just under USD 50 billion/yr to over USD 100 billion/yr by 2030. The energy needs of developing nations will be the main driver of this increase in demand since energy already accounts for over 40% of valve demand. Nuclear power generation requires especially large expenditures for valves as they are among the most expensive and critical components in the plant, and world nuclear capacity is expected to grow by more than 130,000 MW by 2031. Additionally, the price of valves in these critical areas can range from USD 20,000 for a small globe valve to over USD 1 million for a 38in steam isolation valve. Coal-fired power is also projected by McIlvaine to increase, resulting in a larger market for valves, but that will be increased even more by the fact that pollution control equipment and CO2 capture systems must be installed on these systems. Gas and oil production and refining are also expected to grow, and the utilization of less desirable fuel stock will require upgrading and increases in the number and kinds of valves for this sector. Even renewable energy, such as that created by solar-steam power plants, uses many valves.
