Valve Market Analysis, Growth Opportunities and Recent Trends by Application 2019 to 2022
02nd May 2019 – The Global Valve Market is subject to witness a substantial growth due to the shifting trend towards automation & digitalization of various industrial processes. In addition, rapid expansion of existing facilities and petroleum refining plants are estimated to drive the growth of market over the forecast period. Development of advanced flow control tools is projected to have positive impact on market growth in the near future. Globally, the valve market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest in research and development of the industrial valves.
Introduction of smart valves along with intelligent control systems is gaining traction among industry participants due to their capability to detect and correct leakages in the valves with help of advanced feedback mechanism, thereby escalating market demand for smart valves with intelligent control systems. Development of advanced diagnostics and smart technology in valves market for measuring various procedure variables that include upstream & downstream pressure stem position, temperature, and the flow rate, is propelling market growth over the forecast period.
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The recent technological advancement such as integrated embedded processor and advanced networking framework for subsea oil & gas sector with development of novel products such as high impact rendering driver are projected to boost market value in the upcoming years.
Technological innovation in oil & gas industry has enabled access to resources in deep waters and unusual reservoirs with adverse atmospheric conditions such as high temperature, high-pressure, and low-pressured or depleted reservoirs. High-end demand for pipeline installations across downstream segment is anticipated to offer numerous growth prospects for the industrial valves market participants in the near future. Growing preference towards automated control valves is attributed automation of various industrial process in the recent years.
However, factors such as reduced of coal usage and declined number of conventional coal-fired plants are expected to pose critical challenges for sustained market growth. In addition, volatility in the cost of raw material is negatively affecting the market growth to a certain extent. Stringent government laws & regulations in regards to greenhouse gas emission from conventional power is limiting market growth.
The market is broadly categorized into five major segment based on products type such as ball valve, butterfly valve, gate valve, globe valve, and check valves. Ball valve is considered as one of the fastest growing segment in the valve market with substantial revenue generation in the last couple of years. Growing popularity of the ball valves is attributed to increasing adoption for flow control and situations where tight shut-off is required. Additionally, ball valves are also used in ships, chlorine manufacturing, and fire safe protection services. The butterfly valves has also witnessed massive growth, in the last few years, due to its high-end application in the oil & gas industry.
The product segments discussed in the data reports include:
• Check valves
• Oleohydraulic and pneumatic transmissions valves
• Pressure-reducing valves
• Relief and safety valves
The reports help answering the following questions:
• What is the current size of the valve market in the world and in the top 10 global countries?
• How is the valve market divided into different product segments?
• How are the overall market and different product segments growing?
• How is the market predicted to develop in the future?
• What is the market potential compared to other countries?
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The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in manufacturing sector, rapid growth of oil & gas sector, massive demand from power generation industry, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the valve market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing construction activities, soaring demand for chemical industry, market expansion for petroleum refining plants, and significant investment by leading industry players considering potential growth opportunities in the region. European region witnessed economic slowdown in the valve market over last few years. However, rise in the number of offshore sites and high-end demand from booming oil & gas from Russia is expected to favor market growth in the region.