SARASOTA, Florida (Aug. 24, 2016)—A newly published report by Zion Research states the global industrial valves market accounted for $65 billion in 2015 and is expected to reach $88.4 billion by 2021, showing a compound annual growth rate (CAGR) of around 5.3 percent between 2016 and 2021.
Zion Research has published the new report titled “Industrial Valves Market by Type (Gate, Butterfly, Ball, Check, and Globe) for Oil & Gas, Chemical, Power, Water & Wastewater and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 - 2021.”
Developing countries such as India, China and Brazil are continuously expanding their industrial infrastructure, according to the report. Rising urbanization has led industrial valve market to grow rapidly from past few years. The major factors expected to favor the growth of industrial valve market include increasing offshore oil and gas projects across the globe, rising demand from manufacturing and process industry because of improved safety and reduced operating costs, and ongoing efforts to expand water infrastructures in developing countries.
On the contrary, uncertainty in crude oil prices which makes projects economically unstable may hamper the market growth over the years to come, according to the report. Nonetheless, rising demand of energy from all sectors is expected to open up new growth opportunities in the coming years.
Ball valves accounted 20 percent of revenue share of the overall market in 2015. Ball valves are quarter-turn, straight-through valves used in situations where tight shutoff 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 percent revenue share, the oil and gas application segment emerged as a largest application segment in 2015. Increasing pipeline installations and need for monitoring and controlling from centralized locations have prompted the growth and demand of industrial valves. Ongoing efforts to expand water infrastructures in developing countries are expected to show significant growth in the water and wastewater application segment.
In North America, growing production of oil sands and shale gas offers great potential for growth of industrial valves market, according to the report. Technological innovation and replacement of old and inefficient valves with more efficient valves for oil and gas transportation are the major factors anticipated to positively impact the industrial valves market in North America.
Growing construction of nuclear power stations and increasing demand in industries such as oil and gas are expected to be high-impact rendering factors for the growth of the Asia Pacific market in the forecast period. In addition, ongoing efforts to expand water infrastructures in India, China and Indonesia, coupled with increasing demand from chemical and mining industries, are fueling the growth of the market in this region.
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 favor the market growth.
The Middle East and Africa are 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 the 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 the industrial valves market in Latin America is mainly attributed to increased growth of the oil and gas sector in Brazil.
Browse the full "Industrial Valves (Gate, Butterfly, Ball, Check, Globe) Market for Oil & Gas, Chemical, Power, Water & Wastewater and Other Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021" report at https://www.zionmarketresearch.com/report/industrial-valves-market.