The Industrial Valve market to grow from USD 67.5 billion in 2017 to USD 85.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast period. The major factors that are expected to be driving the market are increased need for industrial valves from oil and gas production, Smart city development initiative across the world, and high demand for predictive maintenance techniques from manufacturing industries. The objective of the report is to define, describe, and forecast the market size based on material, function type, size, valve type, industry, and region.
Driver: Smart city development initiative across the world
With a rapidly growing population and urbanization, industrial infrastructure is developing at a substantial rate. This increasing industrial expansion is expected to provide immense opportunities for investments and organic/inorganic growth to the players in the industrial valve market. Some of the notable investments that reinforce the positive outlook in Middle Eastern and APAC regions include joint venture projects between Saudi Arabian Oil Company (Saudi Arabia) and Dow Chemical Company (US), Saudi Arabian Oil Company (Saudi Arabia) and Sumitomo Chemical (Japan), and SABIC (Saudi Arabia) and ExxonMobil Chemical Company (US).
Furthermore, the Government of India’s initiative toward developing smart cities as an urban renewal and retrofitting program is providing a great opportunity for developing industrial infrastructure. With this initiative, the government is aiming to provide essential services to citizens by integrating information and communication technology and IoT technology in a secure way. The total cost of this project is around USD 19,805.6 million. This, in turn, is likely to drive the demand for industrial valves.
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).
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