The industrial valves 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. 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.
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.
Asia Pacific Anticipated to Be the Leading Revenue Contributor to the Industrial Valves Market
APAC is projected to be the leading market for industrial valves during the forecast period. There is an increase in power generation, which is a direct result of the rapidly growing population and industrialization. The growth of energy & power, oil & gas, construction, chemicals, and pharmaceuticals industries and the increasing demand for new and improved wastewater treatment systems are some of the major factors fueling the growth of the industrial valves market in this region.
Some of the key manufacturers of industrial valves are Wier group (UK), Flowserve Corporation (US), Emerson Electric Corporation (US), IMI Plc (UK), and Cameron –Schlumberger (US).
About MarketsandMarkets™
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
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments:
Post a Comment