Albany, NY -- (SBWIRE) -- 10/12/2017 -- Transparency Market Research (TMR), in one of its recent reports, describes that the global valves market is fragmented due to the presence of large and mid-sized valve manufacturers and suppliers that have a wide geographical reach and regional players that operate in local markets.
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In order to stay competitive, vendors in the valves market are currently focused on introducing newer products with enhanced features. Partnerships, acquisitions, and expanding geographical presence are some other growth strategies adopted by players in this market. Companies such as Honeywell International Inc., Bürkert Fluid Control Systems, and Emerson Electric Co. that are leading in this market have established their presence across several countries worldwide.
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According to a new report by TMR, the global valves market is likely to be worth US$108,950.3 mn by 2025 increasing from US$60,906.3 mn in 2016 at a CAGR of 6.8% between 2017 and 2025.
Butterfly Valves Product Type Segment to Display Leading CAGR until 2025
The ball valves product type segment held the leading market share in 2016 thus contributing the leading revenue to the market. However, the segment of butterfly valves is anticipated to display the leading CAGR of 8.3% between 2017 and 2025.
Amongst end-users, water and waste water treatment accounted for the leading revenue of almost 21% to the global valves market in 2016. Growth in North America, which is one of the key regional markets, is mainly driven by increasing demand for pipeline infrastructure.
Increasing Energy Production from Oil and Gas Reserves Stirs up Valves Production
Rising industrialization in several parts of the world is the primary factor driving the global valves market. This is because valves are used to control the flow of fluids and gases in a number of industries. Valves control the flow of fluids and gases to prevent them from leaking or escaping from the pipes or pipeline systems.
The increasing demand for power from the oil and gas industry is indirectly benefitting the valves market. The Asia Pacific region is a major market for valves due to the increasing energy production from oil and gas reserves in the region to serve the energy needs of the rapidly growing population. Growing demand for energy from the transportation sector in emerging countries such as India and China is fuelling the growth of valves market in the region.
High Cost of Fabrication Challenges Growth
The growth of the valves market is negatively impacted due to several factors. The high cost of fabrication of valves is one of the key challenges impeding the market's growth. The design and material used to manufacture valves depends on the application, which is further posing a challenge to this market. In addition, the time-consuming and critical nature of process of manufacture of valves due to the requirement of right combination of materials in the right proportion that depends on the application is also a challenge to the growth of the valves market.
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Furthermore, the valves market is displaying slow rate of product innovation due to the presence of unorganized local valve manufacturers and suppliers. This is posing a challenge for companies that have global presence as it directly affects their profit margins.
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