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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Oil & gas industry to account for largest size of industrial valve market from 2018 to 2023
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, while
the increased investments in natural gas exploration and refineries
will 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.
Industrial valve market for cryogenic valves to grow at high CAGR from 2018 to 2023
The industrial valve market for cryogenic valves will
grow at the highest CAGR during the forecast period. The oil & gas,
energy & power, and chemicals industries are likely to have high
demand for cryogenic ball valves due to their ability for quarter turn
on-off operation, minimal lubrication, and capability to provide tight
sealing with low torque in cryogenic fluid handling applications.
Cryogenic plug valves will be highly installed in the oil & gas and
chemicals industries for the isolation application, that is, to separate
cryogenic media from other media.
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APAC is expected to hold largest share of industrial valve market from 2018 to 2023
The industrial valve market in Asia Pacific (APAC)
accounted for the largest share of the overall market in 2017 is
expected to grow at the highest CAGR during the forecast period. Major
factors driving the growth of the valve market in APAC include
increasing population and rising focus of emerging economies on
investing in industries such as energy & power, oil & gas, water
& wastewater treatment, chemicals, and construction in which
industrial valves are used.
Emerson (US), Cameron – Schlumberger (US), IMI PLC
(US), Flowserve (US), and Weir Group (UK) are among a few major players
in the industrial valve market.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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