Global Industrial Valves Market - Segmented by Type, by Product, by Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global industrial valves market is expected to register a CAGR of around 4% during 2018 to 2023 (the forecast period). Asia-Pacific accounted for the largest market in 2017. Asia-Pacific is also expected to register the fastest growth during the forecast period.
Growth of Industrial and Infrastructural Activities in Developing Economies
Growth in an economy largely depends on the extent of industrialization and the infrastructural growth of that economy. In this context, industrialization requires the transportation of necessities within and out of an industry, with safety and productivity as top priorities. Industrial valves provide the most viable option for this purpose. In most end-user industries, there is a growing drive toward plant automation, in a bid to enhance productivity and reduce downtime. The trend expects to provide significant impetus to the demand for valves, especially for quarter-turn valve products that are easier to automate. The urbanization of developing economies will provide a major stimulus to the industrial and infrastructural projects. This will, in turn, prove to be beneficial for the global industrial valves market.
Ball Valves to Contribute Significantly to the Market Growth
Ball valves have a quarter-turn rotational motion that uses a ball shaped disk to allow/ stop the flow of fluids. Due to their restricted motion, they offer excellent shut off capabilities. Due to its simple operation, it minimizes the valve operation time as well as the risk of fluid leakage. Comparatively, ball valves are durable, well-performing, leak-proof, and reliable even after long periods of disuse. Due to these characteristics, ball valves are often preferred for shut off application over gates, and globe valves in applications, like batch processes. Energy, cement, iron & steel, and oil refineries are some of the major users of the ball valves. The market for ball valves is expected to grow at a faster rate in developing economies, like China and India, in comparison to established markets of the United States, Germany, and Japan, mainly because of the conversion of unorganized market in developing economies to organized market.
Asia-Pacific to Dominate the Market
The Asia-Pacific region presents a mix of some of the fastest developing, as well as the most developed economies, in the world today. The demand for valves in this region is driven by growing population, increasing urbanization, and rapid industrialization. There is a growth in the need for basic facilities, like power and clean water, as the population increases. This is leading to a development of desalination plants and new power generation facilities. Rapid urbanization and industrialization have also led to a rise in the demand for petroleum products in this region. This is prompting countries to improve their upstream and downstream oil & gas activities, like production and refining. This has, in turn, increased the demand for valves from this region.
Major Players: Alfa Laval, Crane Co., AVK Holding A/S, Emerson Electric Co., Flowserve Corporation, KITZ Corporation, ITT Inc., and Schlumberger Limited, amongst others.
Reasons to Purchase this Report
Impact of the growth of industrial & infrastructural activities in developing economies on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The type, product, and application that are expected to dominate the market
The region that is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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