The report "Industrial Valves Market With COVID-19 & Oil Price Crisis Impact Analysis By Function (On-off/Isolation, Control), Material, Type, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment), and Region - Global Forecast to 2025", size was valued at USD 48.1 billion in 2020 and is projected to reach USD 85.7 billion by 2025. It is expected to grow at a CAGR of 12.3% during the forecast period. Increasing demand for valves from the pharmaceuticals industry due to the outbreak of the COVID-19 pandemic, growing focus on the development of smart cities globally, rising need for connected networks to maintain and monitor industrial equipment, and surging requirement for establishing new nuclear power plants and revamping existing ones are the key driving factors for the industrial valves market.
Download PDF Brochure:- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=256097136
Opportunity: Implementation of valves in water & wastewater treatment plants to handle sanitation-related issues with the rapid spread of COVID-19
In the COVID-19 pandemic situation, water utilities are under close observation to provide safe drinking water and sanitation. The outbreak of coronavirus has created insecurity among people. Water & wastewater treatment is among the essential services, and hence, the plants are operational for all residential services. The pandemic has made people more concerned about sanitation and clean water. Thus, investments in establishing water treatment plants are expected to propel the growth of the industrial valves market.
Additionally, the aging infrastructure in the water & wastewater treatment industry is the primary concern in several countries. For instance, the US has a wide network of old pipelines that are used for transporting water and wastewater. Valves used in old infrastructure are also on the verge of replacement as they have surpassed their operational life. Hence, it is important to replace such valves for improved performance and better worker safety. Thus, the rising concern of people for better sanitation and increasing fresh investments in water supply and sanitation projects creates significant opportunities for the providers of valves having applications in the water & wastewater treatment industry.
Challenge: Adverse impact of COVID-19 pandemic on key end-user industries such as oil & gas and energy & power
From a single case in China to a global pandemic in less than 3 months, the outbreak of COVID-19 has forced governments worldwide to take drastic measures to protect public health in 2020. This global health crisis has also dented economic growth prospects and upended the oil market. The oil market has been supported by additional production adjustments put in place by OPEC and non-OPEC countries in the Declaration of Cooperation for the first quarter of 2020. In the last week of March and the entire April, all the indices have deteriorated in terms of economy, stocks, equities, financial instruments, metals, commodities, and oil. Since the beginning of 2020, crude oil prices are decreasing dramatically. Consumer demand has declined following the continued spread of the virus and its negative impact on the economy, which, in turn, has led to the disagreement between of the largest oil producers, Russia and Saudi Arabia, in early March. All these factors are expected to lead to a setback in the industrial valves market in the oil & gas industry.
The pandemic has affected the oil & gas industry badly, with oil prices slashing like never before. Key oil-producing companies are running out of storage space for extracted oil, and the demand is on a declining trend. This has resulted in a huge gap between supply and demand. Oil & gas is one of the key industries for industrial valves. The pandemic has an adverse impact on the growth of the industrial valves market.
During the last two months, i.e., March and April, in 2020, the electricity demand curve has changed in the affected regions. The demand for residential use electricity is high; however, the commercial and industrial use of electricity is almost near to null, except for essential services. The power sector has been adversely affected by the COVID-19 pandemic. The energy & power industry will see a decline in industrial production in 2020. This, in turn, is expected to affect the global industrial valves market because usually, a large power plant uses hundreds of valves to manage the flow of water and steam.
The lockdown in many countries has led to the shutdown of most commercial activities, except essential ones, across the world. People are instructed to remain within the confines of their homes and work from home as far as possible. Consequently, the electricity demand in the industrial and commercial sectors has reduced significantly, while from the residential area, the demand has increased. Such a decline in demand has directly affected the industrial valves market. New projects have come to a standstill, along with which the demand for valves used or required for new facilities has been affected.
North America to account for the largest share of the industrial valves market by 2025
North America is a large consumer and a producer of natural gas, and the market in this region is dominated by the US supply and demand dynamics. The US was the world’s largest producer and consumer of natural gas in 2019. This factor, along with the shale gas boom in North America, contributed to the significant growth of the oil & gas industry in the region until 2019. However, right from the beginning of 2020, the entire world has been strongly hit by the COVID-19 pandemic, a health and an economic crisis. The US is among the most affected countries in the world. The COVID-19 pandemic has plummeted the oil demand drastically. The Energy Information Administration (EIA) reported that the global oil demand was 11.4 million b/d, lower in March 2020 than the annual average in 2019. It further forecasts the demand to be 17.1 million b/d, lower in April 2020. For the year, the EIA estimates that the demand will be 95.5 million b/d (5.2% lower than that in 2019). This is anticipated to be the largest drop since the EIA began keeping records. This drop in demand is likely to have an adverse impact on the growth of the industrial valves market in 2020.
A few of the key players in the industrial valves market are Emerson (US), Cameron – Schlumberger (US), Flowserve (US), IMI Plc. (UK), Metso (Europe), Spirax Sarco (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (UK), and BRAY International (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. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments:
Post a Comment