Major factors driving the growth of the Industrial Valves Market in APAC

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.

Market Dynamics

Drivers

• Increased need for industrial valves from oil and gas production-related facilities in GCC countries
• Elevated energy demand in APAC
• Smart city development initiatives across the world
• High demand for automation and predictive maintenance techniques from manufacturing industries
• Stringent environmental and safety regulations to make the energy sector more resilient

Restraints

• Lack of standardized certifications and government policies
• Slowdown in oil and gas extraction
• Downtime due to repair and maintenance

Opportunities

• Integration of IIoT technology in industrial valves
• Use of 3D printers in the manufacturing sector 
• Constant need for valve replacement
• Increase in the number of refineries and petrochemical plants
• Rise in the discovery of global offshore oil reserves

Challenges

• Minimization of lead times
• High cost of fabrication
• Existence of manufacturers providing low-priced valves 
• Duplication of technology

Report Objectives:

The base year considered for the study is 2017, and the forecast period is from 2018 to 2023. The objective of the report is to provide a detailed analysis of the industrial valve market by material, valve type, valve size, industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the industrial valve market.

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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https://www.marketsandmarkets.com/Market-Reports/industrial-valve-market-256097136.html

 

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