Global Industrial Valves Market Is Set for a Rapid Growth
Zion market research has published a new report titled “Industrial valves market by type (gate, butterfly, ball, check, and globe) market for oil & gas, chemical, power, water & wastewater and other applications: global industry perspective, comprehensive analysis and forecast, 2015-2021.” According to the report, the global industrial valves market accounted for USD 65.0 Billion in 2015 and is expected to reach USD 88.4 billion by 2021, growing at a CAGR of around 5.3% between 2016 and 2021.
Developing countries such as India, China & Brazil are continuously expanding their industrial infrastructure. Rising urbanization has led industrial valve market to grow rapidly from past few years. Increasing offshore oil and gas projects across the globe, rising demand from manufacturing & process industry due to improved safety and reduced operating costs, ongoing efforts to expand water infrastructures in developing countries are the major factors expected to favor the growth of industrial valve market.
On a contrary, uncertainty in crude oil prices which makes the project economically unstable may hamper the market growth over the years to come. Nonetheless, rising demand of energy from all sectors is expected to open up new growth opportunities in the coming years.
Ball valve accounted 20% of the revenue share of the overall market in 2015. Ball valves are quarter-turn, straight-through valves used in situations where tight shut-off is required. Use of gate valves in application sector such as oil and gas industry, pharmaceuticals, manufacturing, automotive, and marine is expected to experience significant growth in the forecast period.
Along with 22% revenue share oil & gas application segment emerged as the largest application segment in 2015. Increasing pipeline installations and need for monitoring & controlling from centralized location has prompted the growth & demand of industrial valves. Ongoing efforts to expand water infrastructures in developing countries are expected to show significant growth in water & wastewater application segment.
Ongoing efforts to expand water infrastructures in India, China, and Indonesia coupled with increasing demand from chemical and mining industries is fueling the growth of the market in Asia Pacific region. Africa is considered as a one of the most attractive markets for industrial valves due to rising power sector. Oil & gas production is one of the major driving factors for escalating demand for an industrial valve in North America.
Key players profiled in the report include Yaang Pipe Industry Co., Limited, Alfa Laval, Velan Inc., GWC Valve International Inc, Delta Pacific Valves Ltd., Cameron International, Goodwin Plc, Camtech Valves, Pentair Plc. , Neway Valve (Suzhou) Co., Ltd. and Valvitalia S.P.A amongst others.
Source: China Industrial Valves Manufacturer – Yaang Pipe Industry (www.ugsteelmill.com)