According to the report, the global industrial valves market accounted for US$65.0 billion in 2015 and is expected to reach US$88.4 billion by 2021, growing at a CAGR of around 5.3% between 2016 and 2021.
Developing countries such as India, China and Brazil are continuously expanding their industrial infrastructure. Rising urbanisation 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 and 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 favour the growth of industrial valve market.
On a contrary, uncertainty in crude oil prices, which makes 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 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 and gas application segment emerged as a largest application segment in 2015. Increasing pipeline installations and need for monitoring and controlling from centralised location has prompted the growth and demand of industrial valves.
In North America, growing production of oilsands and shale gas offers great potential for growth of industrial valves market. Technological innovation, replacement of old and inefficient valves with more efficient valves for oil and gas transportation are the major factors anticipated to impact industrial valves market positively in North America.
Europe is expected to offer slower growth rate compared to other regions. However, increasing demand from Russia in the midstream segment of oil and gas is expected to favour the market growth.
Middle East and Africa is considered to be one of the fastest growing regions for this market. Increasing demand of petrochemical products like paints, polymers and plastics in Africa coupled with rising manufacturing as well as process industries in Middle East region is expected to fuel demand of industrial valves in coming years.
Latin America is estimated to witness significant growth in the forecast period. The growth of industrial valves market in Latin America is mainly attributed to increased growth of oil and gas sector in Brazil.
Read the full report here.
Edited from source by Stephanie Roker
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