MarketsandMarkets forecasts 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.
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By material, the cryogenic segment is expected to grow at the highest growth rate during the forecast period
Among the material segment, the cryogenic material segment is expected to grow at the highest CAGR during the forecast period. The uptrend in the oil & gas industry and the increased focus on cleaner fuels will boost the market for natural gas production and transportation, which, in turn, will boost the demand for cryogenic valves during the forecast period.
By Size, the 1” to 6” holds the largest share of the industrial valve market
The 1” to 6” valve segment is expected to hold the largest market share. This growth is attributed to the increasing demand for transportation and energy & power– based applications; as a result, there is an increase in the use of 1”- 6” valves in oil & gas, energy & power, water & wastewater, chemical, and other industries.
By valve type, the plug valve segment to record the highest CAGR during the forecast period
The plug valve segment is expected to witness a faster growth rate in this market, mainly due to due to the competitive trend in the APAC and European chemical companies in the coming years. In addition, Eccentric plug valves are used for a wide range of flow control and isolation applications, including clean and dirty water, sewage, sludge and slurries, air, and other services.
By Industry, the oil & gas segment holds the largest share of the industrial valve market
The oil & gas segment is expected to hold the largest market share. This growth is attributed to the 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 will boost the demand for these valves during the forecast period.
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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