The industrial valve market is likely to witness rapid growth in the
coming years due to the increased need for industrial valves from oil
and gas production-related facilities in GCC countries, elevated energy
demand in APAC, smart city development initiative across the world, high
demand for predictive maintenance techniques from manufacturing
industries, and stringent environmental and safety regulations to make
the energy sector more resilient. The industrial valve market was valued
at USD 67.49 billion in 2017 and is expected reach USD 85.19 billion by
2023, at a CAGR of 3.96% during the forecast period.
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A few tier I players in this market have started
offering IoT-enabled valves and solutions. As of 2017, key industry
players, such as Metso (Finland) and Emerson Electric Company (US), have
introduced IoT in their industrial valve products and services and are
striving to push their adoption in the market. However, by 2020–2022,
tier II players from this industry would also integrate these
technologies to offer reliable and connected valves to every end-user
industry.
Among all applications, the oil & gas industry is
expected to account for the largest size of the industrial valve market
during the forecast period. Recent uptrend in the oil & gas
industry has boosted the demand for and increased the production of oil
and gas in the Middle East and North America. Growing production of oil
sands and shale gas fuels the demand for industrial valves in North
America, and the increased investments in natural gas exploration and
refineries are likely to boost the demand for these valves during the
forecast period. Additionally, technological advancements and the
adoption of more innovative valves for oil and gas transportation are
the major factors that are likely to have a positive impact on the
industrial valve market growth.
Cryogenic valves are expected to be the fast-growing
segment in the industrial valve market, based on material, during the
forecast period. Cryogenic plug valves are expected to be highly
installed in the oil & gas and chemicals industries for the
isolation application, that is, to separate cryogenic media from other
media. The oil & gas, energy & power, and chemicals industries
are likely to have high demand for cryogenic ball valves due to their
ability of quarter turn on-off operation, minimal lubrication, and
capability to provide tight sealing with low torque in cryogenic fluid
handling applications and will drive the market for these valves during
the forecast period.
Plug valves will be the fastest-growing market for
industrial valves during the forecast period. The market for industrial
plug valves is expected to grow at a rapid pace in the coming years due
to the competitive trend in the APAC and European chemical companies.
Emerson (US), Cameron – Schlumberger (US), IMI PLC
(US), Flowserve (US), and Weir Group (UK) are among the major players in
the industrial valve market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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