Thermal Shut Off Valves

Thermal Shut Off Valves Market Outlook

The global thermal shut off valves market is estimated to reach USD 5.2 billion by 2035, growing at a CAGR of 6.8% from 2025 to 2035. The increase in demand for efficient safety and control systems in various industries, coupled with the progressive adoption of advanced technologies in manufacturing processes, has significantly contributed to this growth. Additionally, the rising focus on industrial safety regulations and the need for energy-efficient systems are driving the thermal shut off valves market forward. Furthermore, the expansion of the oil and gas sector and the growing emphasis on renewable energy sources are propelling innovations in thermal management systems, leading to greater market opportunities.

Growth Factor of the Market

One of the primary growth factors for the thermal shut off valves market is the continuous expansion of industries such as oil and gas, chemical, and power generation, where safety and efficiency are paramount. The global shift towards automation and smart systems in industrial settings also fuels the demand for advanced thermal shut off valves, as they play a critical role in preventing overheating and other safety hazards. Furthermore, the increasing investments in infrastructure development and modernization, particularly in emerging economies, contribute to the rising demand for thermal management solutions. Innovations in valve technologies, such as the integration of IoT for real-time monitoring and control, are also expected to drive market growth, as users seek more reliable and responsive solutions. Additionally, the growing awareness of environmental sustainability and the regulatory pressures surrounding emissions and waste management are encouraging industries to adopt more efficient thermal safety systems.

Key Highlights of the Market

• The thermal shut off valves market is projected to grow at a CAGR of 6.8% from 2025 to 2035.
• The oil and gas segment is expected to hold a significant market share due to rising exploration and production activities.
• Electric thermal shut off valves are anticipated to lead the product type segment owing to their efficiency and ease of control.
• North America is projected to dominate the market, accounting for over 35% of the total share.
• The shift towards renewable energy applications is expected to create new opportunities for thermal shut off valve manufacturers.

By Product Type

Electric Thermal Shut Off Valves:

Electric thermal shut off valves represent a significant segment within the thermal shut off valves market, primarily attributed to their high efficiency and ability to provide precise control over flow processes. These valves utilize electric actuators to operate, ensuring rapid response times and enhanced safety measures in various applications. Their applications are particularly prevalent in industries where automation is essential, such as HVAC systems, oil and gas, and chemical processing. As industries increasingly prioritize energy efficiency and safety compliance, the demand for electric thermal shut off valves is expected to rise, driven by their ability to integrate seamlessly with modern control systems and their adaptability to varying operational requirements.

Pneumatic Thermal Shut Off Valves:

Pneumatic thermal shut off valves are characterized by their reliable performance and rapid actuation capabilities, making them a favored choice in many industrial applications. These valves operate using compressed air or gas, providing the advantage of quick response and high operating speeds. Such features make pneumatic valves particularly suitable for high-pressure environments, such as those found in the oil and gas industry. The increasing implementation of automation in processing plants further boosts the demand for pneumatic thermal shut off valves, as they can be easily integrated into control systems, allowing for remote operation and monitoring. Their robust design and efficiency in controlling thermal processes solidify their position in the thermal shut off valves market.

Manual Thermal Shut Off Valves:

Manual thermal shut off valves are designed for applications where operator intervention is required to manage flow and temperature control. While they may not offer the same speed and automation as their electric or pneumatic counterparts, manual valves are appreciated for their simplicity, reliability, and low maintenance requirements. These valves are commonly used in smaller systems or in applications where precision control is not as critical. As industries continue to evolve, manual thermal shut off valves maintain a steady presence, particularly in niche applications where user control is preferred. Their cost-effectiveness and ease of installation make them a practical choice for various configurations, sustaining their demand in the market.

Hydraulic Thermal Shut Off Valves:

Hydraulic thermal shut off valves are essential components in systems where fluid pressure is regulated through hydraulic power. Their design allows them to handle high-pressure applications effectively, thus making them ideal for industries such as power generation and large-scale manufacturing. These valves can be used to control flow in hydraulic systems, providing a robust solution for managing thermal conditions. The rising need for efficient hydraulic systems in various sectors is driving the demand for hydraulic thermal shut off valves. As industries strive for improved performance and safety in fluid handling, the role of hydraulic valves continues to gain prominence in the thermal shut off valves market.

Self-Actuated Thermal Shut Off Valves:

Self-actuated thermal shut off valves are designed to operate automatically based on the temperature of the medium being controlled. These valves respond to thermal changes without requiring external power, making them an energy-efficient choice for temperature regulation. Their applications span across industries where automatic and reliable temperature control is necessary, such as in chemical processing and energy generation. The growing emphasis on automation and self-regulating systems aligns with the increasing adoption of self-actuated thermal shut off valves. As industries prioritize safety and efficiency, the demand for these valves is likely to rise, positioning them as a vital segment in the overall thermal shut off valves market.

By Application

Oil & Gas:

The oil and gas sector is one of the largest consumers of thermal shut off valves, driven by the need for safety and efficiency in operations. These valves play a critical role in preventing over-temperature conditions in pipelines and processing units, thereby ensuring operational integrity and safety. With ongoing exploration and production activities in various regions, the demand for thermal management solutions is on the rise. Moreover, as companies focus on optimizing operations and adhering to strict environmental regulations, the use of advanced thermal shut off valves becomes increasingly important. The combination of high-pressure environments and the necessity for reliable safety measures solidifies the position of thermal shut off valves in the oil and gas industry.

Chemical:

In the chemical industry, thermal shut off valves are essential for controlling temperature during various processes, including reactions, storage, and transport. These valves help to mitigate the risks associated with chemical processes, where temperature fluctuations can lead to hazardous conditions. As the chemical sector continues to innovate and expand, the demand for reliable thermal management systems is projected to increase. The implementation of stringent safety standards and regulations drives the need for advanced thermal shut off valves, ensuring safe operations and compliance with environmental guidelines. Consequently, this sector is expected to remain a key driver in the thermal shut off valves market as manufacturers seek to enhance process safety and efficiency.

Power Generation:

Thermal shut off valves play an integral role in the power generation sector, particularly in thermal and nuclear power plants, where temperature control is crucial for operational efficiency and safety. These valves help regulate steam flow and temperature, ensuring stable power generation processes. The increasing demand for energy worldwide, coupled with the push for renewable energy sources, is leading to investments in modernizing existing power plants and developing new facilities. As a result, the need for reliable thermal shut off valves is expected to grow, as they are vital for maintaining safety and efficiency in energy production. This trend positions the power generation sector as a significant contributor to the thermal shut off valves market.

Water & Wastewater Treatment:

In the water and wastewater treatment industry, thermal shut off valves are utilized to manage temperature and flow rates in treatment processes. These valves are essential for preventing overheating and ensuring effective treatment of water resources. The growing global concern for water scarcity and the increasing focus on sustainable water management practices are driving investments in wastewater treatment facilities. Consequently, the need for efficient thermal management systems, including thermal shut off valves, is on the rise. As regulations around water quality become more stringent, the demand for reliable valves in this sector is expected to grow, reinforcing the role of thermal shut off valves in water and wastewater applications.

HVAC:

In heating, ventilation, and air conditioning (HVAC) systems, thermal shut off valves are critical for regulating temperature and ensuring energy efficiency. These valves contribute to maintaining indoor comfort by controlling the flow of heating or cooling mediums based on temperature settings. With the increasing focus on energy conservation and sustainable building practices, the demand for advanced HVAC systems, including thermal shut off valves, is expected to rise. As consumers become more aware of energy efficiency and environmental impact, HVAC manufacturers are likely to incorporate smart thermal management solutions into their systems. This trend underscores the importance of thermal shut off valves in the HVAC industry, promoting comfort and energy efficiency in residential and commercial spaces.

By Distribution Channel

Direct Sales:

Direct sales play a significant role in the distribution of thermal shut off valves, as manufacturers often engage directly with end-users to provide tailored solutions. This approach allows for more personalized customer service and the ability to understand specific client needs, ensuring that the right valve technologies are deployed in various applications. The direct sales model also enables manufacturers to maintain control over pricing and product quality while fostering long-term relationships with clients. Companies leveraging direct sales channels can respond quickly to market demands and provide ongoing support and maintenance, further enhancing customer satisfaction. This trend is particularly important in industries where safety and reliability are paramount, such as oil and gas and chemical processing.

Indirect Sales:

Indirect sales channels are essential for expanding the reach of thermal shut off valves across different markets and regions. This includes partnerships with distributors, wholesalers, and retailers who have established networks and expertise in the industry. By utilizing indirect sales channels, manufacturers can broaden their market presence and tap into new customer segments without the need for extensive infrastructure investments. This approach also allows for greater market penetration in regions where direct sales may not be feasible. As the thermal shut off valves market continues to grow, the importance of indirect sales channels remains significant, facilitating access to a larger customer base while contributing to overall revenue growth.

By Material Type

Stainless Steel:

Stainless steel is one of the most widely used materials for manufacturing thermal shut off valves, owing to its excellent corrosion resistance and durability. This material is particularly beneficial in industries such as oil and gas, chemical processing, and water treatment, where exposure to harsh environments is common. The inherent strength of stainless steel ensures that valves can withstand high-pressure applications, making them a preferred choice for critical operations. Additionally, the ease of maintenance and cleaning associated with stainless steel products enhances their appeal, contributing to their significant share in the thermal shut off valves market. As industries increasingly prioritize reliability and longevity, stainless steel thermal shut off valves continue to gain traction.

Carbon Steel:

Carbon steel is another prominent material used in thermal shut off valves, recognized for its strength and cost-effectiveness. This material is commonly utilized in applications where high pressure and temperature are prevalent, such as in power generation and oil and gas industries. Carbon steel valves offer a robust solution for thermal management applications, though they may require protective coatings to enhance their corrosion resistance. The affordability of carbon steel products makes them an attractive option for many manufacturers, contributing to their widespread use in various sectors. As energy demands grow, the role of carbon steel thermal shut off valves remains significant, catering to the needs of diverse industrial applications.

Brass:

Brass is a versatile material used in specific thermal shut off valve applications, particularly where aesthetics and corrosion resistance are important. Brass valves are often employed in plumbing, HVAC, and other residential or commercial applications, where they provide reliable performance combined with a visually appealing finish. While brass may not be suitable for high-pressure environments, its durability and resistance to corrosion make it an excellent choice for certain applications. The demand for brass thermal shut off valves is expected to remain steady, particularly in sectors where aesthetics and functionality converge. As manufacturers seek to diversify their product offerings, brass valves can play a meaningful role in the overall thermal shut off valves market.

Cast Iron:

Cast iron is known for its durability and strength, making it a suitable material for thermal shut off valves used in heavy-duty applications. This material is commonly found in water and wastewater treatment facilities, as well as in industrial manufacturing processes, where robust performance is essential. Cast iron valves can withstand high temperatures and pressures, providing reliable thermal management solutions. However, they may be heavier than other materials, which could impact installation and maintenance. Despite this, the demand for cast iron thermal shut off valves is expected to persist as industries prioritize strength and reliability in their operations. As a result, cast iron continues to hold a vital position in the thermal shut off valves market.

Others:

In addition to the primary materials mentioned, other materials such as plastic and exotic alloys are also utilized in specific thermal shut off valve applications. Plastic valves offer lightweight and corrosion-resistant solutions, particularly in low-pressure environments or where chemical resistance is required. Exotic alloys, on the other hand, are employed in extreme applications where high-performance characteristics are necessary, such as in aerospace or specialized chemical processing. The segment of "others" in the material type category reflects the growing innovation in thermal management solutions, catering to unique industry requirements. As technological advancements continue to shape the market, the demand for diverse materials in thermal shut off valves is expected to grow, providing manufacturers with opportunities to develop customized solutions.

By Region

The North American thermal shut off valves market is anticipated to maintain its dominance, accounting for over 35% of the global share by 2035. The region's robust industrial base, particularly in oil and gas, chemical processing, and power generation, contributes significantly to this market share. Additionally, the presence of key manufacturers and ongoing investments in infrastructure modernization and safety measures are expected to propel the demand for thermal shut off valves in North America. With a projected CAGR of 7.2% from 2025 to 2035, the North American market is poised for substantial growth as industries increasingly prioritize automation and advanced thermal management solutions.

Europe is also witnessing considerable growth in the thermal shut off valves market, driven by stringent regulations surrounding industrial safety and environmental standards. The region's focus on transitioning towards sustainable energy sources is fostering investments in modernizing existing facilities and developing new projects, particularly in the power generation and chemical sectors. The European market is projected to grow at a CAGR of 6.5% from 2025 to 2035, reflecting the rising demand for efficient thermal management systems. As European countries invest heavily in green technologies and seek to enhance operational efficiency, the thermal shut off valves market is expected to expand accordingly, ensuring compliance with safety and environmental requirements.

Opportunities

The thermal shut off valves market presents a wealth of opportunities driven by several factors, including technological advancements and the shift towards automation in various industries. One significant opportunity lies in the integration of IoT technologies, which enables real-time monitoring and control of thermal systems. By equipping thermal shut off valves with smart sensors and connectivity features, manufacturers can offer enhanced functionality, allowing for predictive maintenance and improved operational efficiency. As industries increasingly prioritize data-driven decision-making and automation, the demand for IoT-enabled thermal shut off valves is expected to grow, opening new avenues for innovation and market expansion.

Furthermore, the rising global emphasis on sustainability and energy efficiency presents significant opportunities for thermal shut off valve manufacturers. As governments and industries strive to reduce their carbon footprints and comply with environmental regulations, the demand for energy-efficient thermal management solutions is on the rise. Manufacturers that focus on developing valves that enhance energy efficiency and reduce emissions can capitalize on this trend, positioning themselves as leaders in the market. Additionally, the growing interest in renewable energy sources, such as solar and wind, creates opportunities for tailored thermal shut off solutions in these emerging sectors, further broadening the market landscape.

Threats

Despite the growth potential of the thermal shut off valves market, several threats could impact its development. One of the primary challenges is the volatility in raw material prices, which can significantly affect manufacturing costs and profitability. Fluctuations in the prices of metals, such as stainless steel and carbon steel, can lead to increased production expenses, forcing manufacturers to reassess pricing strategies and potentially impacting competitiveness. Additionally, the emergence of substitute products or alternative technologies can pose a threat to traditional thermal shut off valve applications, as industries explore innovative solutions that may offer enhanced performance or reduced costs. Keeping abreast of market trends and emerging technologies will be crucial for manufacturers to mitigate these threats and maintain their market positions.

Moreover, the increasing complexity of regulatory environments across different regions can act as a restraining factor for thermal shut off valve manufacturers. Navigating these regulations requires significant resources and expertise, and failure to comply can result in penalties or loss of market access. Companies must invest in understanding and adhering to local, national, and international standards, which can be resource-intensive. Additionally, the global shift towards digitalization and smart technologies necessitates that manufacturers continuously innovate their product offerings, requiring ongoing investment in research and development. The need to stay competitive in a rapidly evolving market landscape heightens the pressure on manufacturers, making it essential to develop flexible strategies to adapt to challenges and seize opportunities.

Competitor Outlook

• Emerson Electric Co.
• Honeywell International Inc.
• Swagelok Company
• Val-Matic Valve & Manufacturing Corp.
• Pentair plc
• Schneider Electric SE
• Bray International, Inc.
• Tyco International plc
• Crane Co.
• SPX FLOW, Inc.
• Metso Corporation
• KSB SE & Co. KGaA
• Flowserve Corporation
• McDonnell & Miller
• AVK Holding A/S

The competitive landscape of the thermal shut off valves market is characterized by a diverse range of players, each striving to capture market share through innovation, expansion, and strategic partnerships. Major companies are focusing on enhancing their product portfolios by integrating advanced technologies into their thermal shut off valves. The emphasis on sustainability and energy efficiency has prompted manufacturers to develop solutions that not only meet industry standards but also provide added value to customers. Furthermore, mergers and acquisitions are increasingly common as companies seek to strengthen their market positions and leverage synergies to enhance their operational capabilities.

Emerson Electric Co. stands out as a leader in the thermal shut off valves market, renowned for its innovative solutions and commitment to enhancing process safety and efficiency. With a strong emphasis on research and development, Emerson continues to introduce cutting-edge technologies that integrate IoT and automation into their thermal management systems. As industries increasingly prioritize smart solutions, Emerson's focus on developing advanced thermal shut off valves positions the company as a key player in the market. Moreover, their global presence and established customer relationships further bolster their competitiveness in the evolving landscape.

Honeywell International Inc. is another significant player that leverages its extensive expertise in automation and control technologies to offer advanced thermal shut off valve solutions. The company's focus on energy efficiency and sustainability aligns with market trends, enabling Honeywell to address the evolving needs of various industries. By investing in innovative technologies, such as digital monitoring and predictive analytics, Honeywell enhances the functionality and reliability of its thermal shut off valves, ensuring they remain at the forefront of market developments. The company's commitment to customer-centric solutions and industry leadership positions it as a formidable competitor in the thermal shut off valves market.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Crane Co.
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Pentair plc
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 SPX FLOW, Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 AVK Holding A/S
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Swagelok Company
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 KSB SE & Co. KGaA
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Metso Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 McDonnell & Miller
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Emerson Electric Co.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Flowserve Corporation
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Schneider Electric SE
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Tyco International plc
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Bray International, Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Honeywell International Inc.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Val-Matic Valve & Manufacturing Corp.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Thermal Shut Off Valves Market, By Application
    • 6.1.1 Oil & Gas
    • 6.1.2 Chemical
    • 6.1.3 Power Generation
    • 6.1.4 Water & Wastewater Treatment
    • 6.1.5 HVAC
  • 6.2 Thermal Shut Off Valves Market, By Product Type
    • 6.2.1 Electric Thermal Shut Off Valves
    • 6.2.2 Pneumatic Thermal Shut Off Valves
    • 6.2.3 Manual Thermal Shut Off Valves
    • 6.2.4 Hydraulic Thermal Shut Off Valves
    • 6.2.5 Self-Actuated Thermal Shut Off Valves
  • 6.3 Thermal Shut Off Valves Market, By Material Type
    • 6.3.1 Stainless Steel
    • 6.3.2 Carbon Steel
    • 6.3.3 Brass
    • 6.3.4 Cast Iron
    • 6.3.5 Others
  • 6.4 Thermal Shut Off Valves Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Thermal Shut Off Valves Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Thermal Shut Off Valves market is categorized based on

By Product Type

• Electric Thermal Shut Off Valves
• Pneumatic Thermal Shut Off Valves
• Manual Thermal Shut Off Valves
• Hydraulic Thermal Shut Off Valves
• Self-Actuated Thermal Shut Off Valves

By Application

• Oil & Gas
• Chemical
• Power Generation
• Water & Wastewater Treatment
• HVAC

By Distribution Channel

• Direct Sales
• Indirect Sales

By Material Type

• Stainless Steel
• Carbon Steel
• Brass
• Cast Iron
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Emerson Electric Co.
• Honeywell International Inc.
• Swagelok Company
• Val-Matic Valve & Manufacturing Corp.
• Pentair plc
• Schneider Electric SE
• Bray International, Inc.
• Tyco International plc
• Crane Co.
• SPX FLOW, Inc.
• Metso Corporation
• KSB SE & Co. KGaA
• Flowserve Corporation
• McDonnell & Miller
• AVK Holding A/S