The demand for petroleum products has skyrocketed across the globe, both in developed and emerging economies. With the introduction of newer technologies,
Valley Cottage, NY -- (SBWIRE) -- 10/05/2017 -- Over the years, preference for valves, particularly automatic functioning valves has been on a rise worldwide. Increasing industrial automation and the need for cutting down the operational cost of manually-operated valves have been triggering the adoption of industrial valves across several industrial verticals. Future Market Insights' recent study on the global industrial valve market projects that by the end of 2017, over 420 Mn pcs. of industrial values will be sold across the globe.
Although, the report expects the global industrial valve market to grow at a sluggish place. According to the report, titled "Industrial Valve Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017-2027)," the global market for industrial valves will record global sales of a little over 600 Mn units over the forecast period. The market, which is estimated to reach US$ 59 Bn value by the end of 2017, is poised to showcase a CAGR of 3.7% and bring in US$ 87.6 Bn by 2027-end. In terms of volume, as well, the global industrial valve market is expected to register a 4% CAGR over the forecast period.
Global Industrial Valve Market: Key Restraints
In North America, new water & wastewater treatment projects are being stalled, which has decline the adoption of industrial valves in this region
Listless growth in the US power market has curtailed the need for industrial valves, which play a key role in construction of new power plants
Canada's oil rigging activities are facing a decline, which has adversely impacted the sales of industrial valves in this country
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Declining oil prices, lack of standardisation, and availability of cheaper alternatives, are also common restraints observed in industrial valve markets across several regions. In terms of volume, the Asia-Pacific excluding Japan (APEJ) region is expected to exhibit a relatively higher CAGR compared to other regions. The APEJ industrial valve market is expected to exhibit a volume CAGR of 4.2% over the forecast period, primarily due to high demand for industrial valves in residential projects. Meanwhile, North America will remain a lucrative market for industrial valves, accounting for more than 30% of global revenues through 2027.
Global industrial valve market is also expected to exhibit the highest growth in oil & gas industry. The market value share of industrial valves in oil & gas industry is expected to grow from 32.3% in 2017 to 32.9% in 2027- making it the largest end-user industry in global industrial valves market. In terms of valve function, automatic industrial valves will be in great demand in the global market, and are predicted to bring in revenues worth nearly US$ 30 Bn by 2027-end. With respect to types of valves, gate valve is expected to gain a significant growth in its market value share owing to its demand in wide range of industries. Throughout the forecast period, over 40% of market value will be collectively accounted by global sales of gate valves and globe valves.
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The report also reveals that demand for industrial valves made from stainless steel will gain traction. In 2017 and beyond, over 60% of global industrial valve revenues will be attributed stainless steel and cast steel raw materials. The report further profiles key players in the global industrial valve market which include Flowserve Corporation, Emerson, AVK Holding A/S, KSB Aktiengesellschaft, Zhejiang FuGe Fluid control equipment CO.,LTD., Cameron International Corp., Neway Valve, LESER GmbH & Co. KG Hamburg, CIRCOR International, Inc., KITZ Corporation, ABO valve, Tecofi, Guichon Valves, Robvalve, Polna corp. s.r.o, Gunric Valves (Pty) Ltd, John Mills Valves, Achech Europe, Orion Valves, Exotica Valves.
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