Artificial Intelligence
$85.7 Bn Industrial Valves Market, 2025 – Impact of COVID-19 on the Valve Ecosystem and Adjacent Markets
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Dublin, Aug. 18, 2020 (GLOBE NEWSWIRE) — The “Industrial Valves Market With COVID-19 & Oil Price Crisis Impact Analysis By Function (On-off/Isolation, Control), Material, Type, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment), and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global industrial valves market was valued at USD 74.2 billion in 2019 and is projected to reach USD 85.7 billion by 2025. It is expected to grow at a CAGR of 12.3% during the forecast period.
Control valves to witness a higher CAGR during the forecast period
Rapid developments in electronics have resulted in the introduction of advanced control systems and state-of-the-art actuator/valve combinations that are now installed in new plants. Through connected networks, monitoring of valve conditions, and predicting impending valve deterioration is possible.
This, in turn, reduces the unplanned/accidental shutdown of plants and leads to the rising adoption of control valves. Various critical /severe service applications make use of control valves where manual operation is either not safe or requires more effort and time. Hence, the market for control valves is expected to grow at a higher CAGR during the forecast period. Based on the size, valves sized up to 1 and 1 to 6 to account for the largest share during 2020-2025
Valves sized up to 1 and 1 to 6 together account for a larger share of the overall industrial valves market in 2019. A similar trend is likely to be observed during the forecast period. This growth can be attributed to the rising adoption of these valves in various critical and severe service applications in multiple industries, such as oil & gas, energy & power, water & wastewater treatment, chemicals, food & beverages, and pulp & paper.
Energy & power end-use industry to witness the highest CAGR during the forecast period
Energy & power end-use industry is expected to witness the highest CAGR during the forecast period. In the energy & power industry, there is a strong need to develop infrastructure to balance the future demand for energy. This trend is creating an opportunity for manufacturers to design and develop their products as per the requirements and standards of the industry. Valves, specifically with digital capabilities, are in demand for safety applications and critical operations.
APAC to record the highest growth rate in industrial valves market during the forecast period North America is likely to be the highest growing market for industrial valves market in the coming years North America is a key market for industrial valves as the region is home to a few of the largest multinational corporations, such as Emerson (US), Cameron-Schlumberger (US), Flowserve Corporation (US), Crane Co. (US).
The increasing R&D activities in the region pertaining to the use of actuators in the valves for automation and the rising demand for safety applications are among the crucial factors driving the market in North America. R&D at industry levels is broadening the application areas of industrial valves in different industries, such as energy & power and chemicals, in the US. Control valves are used in the oil & gas, energy & power, and water & wastewater treatment industries to control media flow through a system, as well as to start, stop, or throttle the flow and ensure safe and efficient process automation.
Research Coverage
The report defines, describes, and forecasts the industrial valves market based on function, type, material, size, end-users, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the industrial valves market.
It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments carried out by the key players to grow in the market. The industrial valves market comprises major players such as Emerson (US), Cameron – Schlumberger (US), Flowserve (US), IMI Plc. (UK), Metso (Europe), Spirax Sarco (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (UK), and BRAY International (US). The study includes an in-depth competitive analysis of these key players in the industrial valves market, with their company profiles, recent developments, and key market strategies. Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary 4 Premium Insights 5 Market Overview 6 Industry Trends 7 Industrial Valves Market, by Function 8 Industrial Valves Market, by Material 9 Industrial Valves Market, by Type 10 Industrial Valve Market, by Size 11 Industrial Valves Market, by End-User Industry 12 Geographic Analysis 13 Competitive Landscape 14 Company Profiles For more information about this report visit https://www.researchandmarkets.com/r/mkcwpm
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
3.1 Industrial Valves Market: Realistic Scenario
3.2 Industrial Valves Market: Optimistic Scenario
3.3 Industrial Valves Market: Pessimistic Scenario
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Valves from Healthcare and Pharmaceuticals Industries due to Outbreak of COVID-19 Pandemic
5.2.1.2 Growing Focus on Development of Smart Cities Globally
5.2.1.3 Rising Need for Connected Networks to Maintain and Monitor Industrial Equipment
5.2.1.4 Surging Requirement for Establishing New Nuclear Power Plants and Revamping Existing Ones
5.2.2 Restraints
5.2.2.1 Lack of Standardized Norms and Governing Policies
5.2.3 Opportunities
5.2.3.1 Implementation of Valves in Water & Wastewater Treatment Plants to Handle Sanitation-Related Issues With Rapid Spread of COVID-19
5.2.3.2 Utilization of IIoT and Industry 4.0 in Industrial Plants
5.2.3.3 Application of 3D Printing Technology in Manufacturing Valves
5.2.3.4 Need for Replacement of Outdated Valves and Adoption of Smart Valves
5.2.3.5 Focus of Industry Players on Offering Improved Customer Services
5.2.4 Challenges
5.2.4.1 Adverse Impact of COVID-19 Pandemic on Key End-User Industries such as Oil & Gas and Energy & Power
5.2.4.2 Slowdown in Oil & Gas Sector due to Oil Price Crisis
5.2.4.3 Rise in Collaboration Activities Among Industry Players
5.2.4.4 Unplanned Downtime due to Malfunctioning or Failure of Valves
6.1 Introduction
6.2 Value Chain Analysis
6.3 Impact of COVID-19 on Valve Ecosystem and Extended Ecosystem (Adjacent Markets)
6.3.1 Raw Material and Component Suppliers
6.3.2 OEM Manufacturers
6.3.3 System Integrators
6.3.4 Sales Consultants and Distributors
6.4 Consumer Buying Process
6.4.1 Online Valve Purchase Trend to Disrupt Traditional Consumer Buying Process of Valve Industry
6.5 Industry Trends
6.5.1 Digitization AN+D125D Integration of Advanced Technologies such as Artificial Intelligence into Industrial Valves
6.5.2 Impact of IoT on Industrial Valves Market
7.1 Introduction
7.2 On-Off/Isolation Valves
7.3 Control Valves
7.4 The Author’s View Point (Impact of COVID-19 & Oil Price Crisis)
8.1 Introduction
8.2 Steel
8.3 Cast Iron
8.4 Alloy Based
8.5 Cryogenic
8.6 Others
9.1 Introduction
9.2 Ball Valves
9.3 Butterfly Valves
9.4 Check Valves
9.5 Diaphragm Valves
9.6 Gate Valves
9.7 Globe Valves
9.8 Plug Valves
9.9 Safety Valves
9.10 The Author’s Viewpoint (Impact of COVID-19 & Oil Price Crisis)
10.1 Introduction
10.2 Up to 1
10.3 1-6
10.4 6-25
10.5 25-50
10.6 50 and Larger
11.1 Introduction
11.2 Oil & Gas
11.3 Water & Wastewater Treatment
11.4 Energy & Power
11.5 Pharmaceuticals
11.6 Food & Beverages
11.7 Chemicals
11.8 Building & Construction
11.9 Pulp & Paper
11.10 Metals & Mining
11.11 Agriculture
11.12 Others
12.1 Introduction
12.2 North America
12.3 Europe
12.4 Asia-Pacific (APAC)
12.5 Rest of the World (RoW)
13.1 Overview
13.2 Market Player Ranking Analysis
13.3 Competitive Scenario
13.3.1 Acquisitions and Agreements
13.3.2 Key Product Developments/Launches and Expansions
13.4 Competitive Leadership Mapping
13.4.1 Visionary Leaders
13.4.2 Innovators
13.4.3 Dynamic Differentiators
13.4.4 Emerging Companies
13.5 Strength of Product Portfolio
13.6 Business Strategy Excellence
14.1 Introduction
14.2 Key Players
14.2.1 Emerson
14.2.2 Cameron – Schlumberger
14.2.3 Flowserve Corporation
14.2.4 IMI plc
14.2.5 Metso Corporation (Future Neles Corporation)
14.2.6 Spirax Sarco
14.2.7 Crane Co.
14.2.8 Kitz Corporation
14.2.9 Trillium Flow Technologies (Weir Flow Control)
14.2.10 Bray International
14.3 Right to Win
14.4 Other Important Players
14.4.1 Neway Valve Co.
14.4.2 Velan Inc.
14.4.3 Samson Controls
14.4.4 AVK Holding A/S
14.4.5 Avcon Controls
14.4.6 Forbes Marshall
14.4.7 Swagelok
14.4.8 Ham-Let
14.4.9 Dwyer Instruments
14.4.10 Apollo ValvesCONTACT: ResearchAndMarkets.com
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[email protected]
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Artificial Intelligence
Wavenet Takes Centre Stage at DTW – Ignite 2024 in Copenhagen
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SINGAPORE, July 2, 2024 /PRNewswire/ — Wavenet, a pioneering technology company renowned for its advancements in artificial intelligence (AI) and digital transformation, showcased its innovative prowess at the DTW – Ignite 2024 event. This prestigious gathering of global telecom industry leaders highlighted the pivotal role of AI and emerging trends reshaping the telecommunications landscape.
As a trailblazer with over two decades of expertise in digitising and transforming global telecom operations, Wavenet’s CEO, Suren Pinto, captivated the audience at the ‘AI at Scale’ forum. His presentation, titled ‘Copilot to Autopilot – A Telco’s AI Roadmap for Hyperconnected CX,’ detailed Wavenet’s cutting-edge Contact Center AI solutions that are revolutionising major telecom companies in Colombia, Cambodia, and Bolivia. Pinto underscored the transformative potential of intelligent and immersive customer experiences in a world driven by convenience and hyperconnectivity. He explained how integrating Copilot and Autopilot technologies is set to redefine telco roadmaps, ushering in a seamless and intuitive future for customer interactions. Additionally, Pinto demonstrated the future potential of customer experience (CX) with Apple Vision Pro-led demonstrations, showcasing the confluence of intelligent and immersive technology.
Reflecting on the event, Wavenet VP of Marketing and Communications, Peumi Rodrigo, expressed, “Returning to DTW in Copenhagen this year was a tremendous opportunity that solidified our positioning as a Bronze Partner. We received phenomenal feedback on our telecom solutions. Our state-of-the-art contact centre AI, zero-touch digital marketplace, and next-gen low-code/no-code development studio applications exemplify our commitment to revolutionising the telecom industry at an exponential pace. Our focus on intelligent and immersive customer experiences, combined with our array of value-added solutions and trusted by customers globally with continuous innovations, positions us to drive significant industry transformation.”
Wavenet’s innovative excellence was further recognised at DTW with the prestigious Open Innovation Catalyst Award for the ‘Gen AI Powered Toolkit for Network and Service Management.’ This groundbreaking initiative, in collaboration with key industry players such as Clarity Global, du, Mobily, Mobitel (Pvt) Ltd, PLDT, Smart Communications, Inc., Sri Lanka Telecom, Telekom Malaysia, Tech Mahindra, Nart Informatics – TechNarts, Telia, TurkNet, and Waylay, aims to revolutionise network resource management, ensuring peak performance and customer satisfaction through generative AI-based solutions.
With strategically located offices in Singapore, Colombia, Africa, Australia, Malaysia, Romania, and Sri Lanka, Wavenet is a global ISV dedicated to driving intelligent digital transformation across the telecommunications and digital enterprise sectors, influencing billions of users worldwide.
Contact:
Wavenet: [email protected]
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Artificial Intelligence
Gupshup collaborates with Philippines’ leading Neobank Tonik, offers Generative AI chatbot to bring innovation in digital banking
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SINGAPORE and MANILA, Philippines, July 2, 2024 /PRNewswire/ — Gupshup, the world’s leading Conversation Cloud today announced its partnership with Tonik Bank, the first digital-only neobank in the Philippines, to develop a state-of-the-art Generative AI chatbot for Tonik’s mobile app. The innovative solution aims to provide Tonik’s customers with instant and accurate answers to frequently asked questions, revolutionizing the way they interact with their bank.
The Generative AI chatbot, powered by Gupshup’s advanced natural language processing (NLP) and machine learning (ML) technologies, is designed to understand and respond to customer queries with human-like precision and empathy. By leveraging the latest advancements in AI, the chatbot can engage in contextual conversations, providing personalized and relevant information to each customer.
Tonik is the first digital bank in the Philippines to leverage Generative AI for customer service. By integrating the chatbot into their mobile app, Tonik Bank aims to provide their customers with instant access to information, reducing wait times and improving overall satisfaction.
“The integration of Gupshup’s ACE LLM into our operations has been truly transformative. We’ve witnessed significant value in its ability to automate routine tasks, elevate customer service, and boost our overall efficiency. This technology has the potential to revolutionize our operations, and we are excited to further explore its capabilities and implement it across our business,” said Sateesh Reddy, Deputy Chief Technology Officer of Tonik Bank.
Since the implementation of Gupshup’s technology, nine out of ten customer queries are now directed through Tonik’s in-app chat feature, where the AI autonomously resolves 75% of the queries without human intervention. This has not only amplified the efficiency of Tonik’s in-house customer care team by 4.3 times but also empowered them to dedicate more time to resolving intricate issues, ensuring that customers receive the personalized support they need.
The Generative AI chatbot solution is expected to generate significant cost savings for Tonik, with an estimated total of over USD 20 million over the next three years.
“Our partnership with Tonik Bank exemplifies the future of BFSI. As the sector evolves, Gen AI will be crucial to deliver seamless, personalized, and efficient customer experiences. Our chatbot solution is designed to do just that, empowering banks like Tonik to focus on what matters most – building strong relationships with their customers,” said Beerud Sheth, Co-founder and CEO of Gupshup.
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Artificial Intelligence
Seedtag Enters Australian Market with Acquisition of JustEggs
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The global contextual advertising company enters the Australian market with acquisition of JustEggs, expanding its footprint in the APAC region
SYDNEY, July 2, 2024 /PRNewswire/ — Seedtag, the global leader in contextual advertising, announced today that the company has acquired JustEggs, an Australian-owned creative intelligence business that drives measurable digital solutions for brands and advertisers. The acquisition is a strategic move to support business growth across the APAC region by introducing Seedtag’s proprietary contextual AI technology, Liz, to the Australian market.
Founded in 2013, JustEggs specialises in leveraging its innovative digital solutions to create engaging campaigns that offer true value for brands and advertisers. Starting in July, JustEggs will integrate Seedtag’s privacy-first targeting technologies into its offering to further enhance its advertising solutions, providing more targeted and effective campaigns for its clients through the power of contextual AI. To ensure a smooth integration of both technologies, Seedtag and JustEggs will work closely together while delivering a seamless experience to their partners. JustEggs’ CEO and Founder, Nik Kontoulas, will remain with the company, assuming the role of Managing Director ANZ.
The number of internet users in Australia is expected to exceed 23.3 million by 2025, achieving an impressive internet penetration rate of over 89% – according to Statista. For Seedtag, entering the Australian market was a natural step toward fulfilling its mission of becoming the contextual partner for brands, agencies, and publishers. Australia will now benefit from privacy-first advertising that reaches consumers through their real-time interests at scale. This launch follows Seedtag’s successful market entries in India and Peru in 2023 and Canada in 2024.
For over a decade, Seedtag has been developing its in-house contextual AI technology, Liz, to meet the ever evolving needs of the adtech industry. In 2024, Seedtag was awarded “Best Contextual Targeting Offering” at Digiday Media Awards. The acquisition of JustEggs increases Seedtag’s presence to a total of 17 markets.
“The acquisition of JustEggs is a clear example of Seedtag’s willingness to continue its international expansion into the APAC region,” said Albert Nieto, Co-CEO & Co-Founder of Seedtag. “We are very excited to partner with one of the best teams in our industry to bring contextual intelligence to new heights.”
“Teaming up with Seedtag thrusts us into a fresh era of digital advertising innovation for the ANZ market,” said Nik Kontoulas, founder of JustEggs. “With their proprietary tech and global reach, we’re geared up for success in a cookieless world and beyond. It’s an exciting journey ahead.”
“Australia is a very sophisticated, data and technology-led market, and we have much to contribute to this local digital advertising industry,” said Dal Gill, VP of New Markets at Seedtag. “Following our successful entry into India, this is the second market we have opened in the APAC region. I’m confident that our unique contextual advertising solutions will greatly benefit Australian brands and publishers in achieving their advertising goals while meeting the demand for privacy-first, scalable targeting.”
About Seedtag
Seedtag is the leading contextual advertising company that creates highly impactful and engaging digital ads within relevant premium content, powering targeting and returns for top publishers and the finest brands. The company’s contextual AI, Liz, allows brands to engage with consumers within their universe of interest on a cookie-free basis.
Seedtag was founded in Madrid in 2014 by two ex-googlers who wanted to get the most out of editorial images. Today, it is a global company with more than 600 employees and a significant international presence, with offices in Spain, France, Italy, UK, Benelux, Germany, Mexico, Brazil, Colombia, Argentina, Chile, UAE, Peru, Canada, US, India and Australia.
About JustEggs
Founded in 2013 JustEggs specialize in the convergence of creative, media and data, helping 100+ brands drive customer acquisition and retention.
The mission always remains to evolve the digital ad market with effective and measurable digital ad solutions that drive relevancy for consumers and real world results for retail marketers.
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