Valves market will exhibit growth at a healthy pace in the next few years. The market was valued at is expected to reach US$92.65 bn in terms of revenue by 2020, expanding at a CAGR of 5.6% from 2016 to 2020.
Albany, NY -- (SBWIRE) -- 12/08/2016 -- The global valves market features a highly fragmented competitive landscape, with none of the top five vendors, namely Emerson Electric Co., Pentair Plc, Cameron International, Flowserve Corporation, and GE Oil & Gas, capturing more than 5% of the overall market in 2015, observes a recent report by Transparency Market Research. Collectively, these companies had a nearly 10% stake in the highly competitive global valves market. To gain an edge, key companies have resorted to product innovations, expansion across lucrative regional markets, and mergers and acquisitions.
Transparency Market Research estimates that the global valve market will exhibit a CAGR of 5.6% from 2016 to 2020 in terms of revenue. If the number holds true, the market, which valued at US$71.21 bn in 2015, is expected to rise to US$92.65 bn by 2020. In terms of volume, the market is expected to grow at a CAGR of 4.6% during the forecast period. Of the key materials used for manufacturing valves, the segment of stainless steel dominated the market, accounting for a nearly 54% in 2015. Geographically, Asia Pacific leads the global valves market in terms of both volume and revenue. The shale gas boom in the U.S. will enable the North America valves market to witness sizeable traction in the next few years.
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Rising Demand across Wastewater Treatment Industry to Benefit Market
The global valve market is chiefly driven by rising demand across industries such as food and beverages, semiconductor and electronics, and wastewater management. The increasing importance of wastewater management owing to the rising global demand for good quality surface and ground water has led to the development of advanced wastewater treatment facilities across several industries across the globe. Moreover, stringent environmental laws implemented by government bodies, especially across Europe and Asia Pacific, are also encouraging developments across the wastewater treatment industry. This, in turn, is boosting the demand for a variety of valves.
The increased usage of valves across the food and beverages industry, with the aim of maintaining production integrity and standards and increasing time efficiency of a number of operations and processes is also a key driver of the global valves market. The demand for valves has, especially, seen a significant rise in the processed food industry, where the industry is challenged with the demanding task of manufacturing products faster than ever before.
Slump in Oil and Gas Industry to Negatively Impact Market
The global oil and gas industry is one of the key consumers of valves. The recent downturn witnessed by the global oil and gas industry owing to oversupply and reduced demand has had a huge impact on the growth of the valves market as well. Owing to the crash, which is considered one of the toughest seen by the industry in the past many decades, oil and gas companies have been cutting costs, wrapping up many ongoing projects, and investing in very few new projects. This is leading to a huge decline in the demand for a variety of valves.
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Moreover, the recent slowdown in the manufacturing sectors across some of the world's most prominent manufacturing economies such as Russia and China has also adversely affected the global valves market. The manufacturing sector is one of the key consumers of a variety of valves. Thus, the development of the manufacturing sector is a key determinant of the development of the valves market as well.