Surge in demand from the oil & gas industry, increase in utilization of power in industrial processes, and rise in need for automation in process industries drive the growth in the global butterfly valves market
PORTLAND, Oregon, June 10, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Butterfly Valves Market by Type (High Performance Butterfly Valve and Lined Butterfly Valve), Mechanism (Centric Butterfly Valve and Eccentric Butterfly Valve), Function (On/Off Valve and Control Valve), and End Users (Oil & Gas, Electric Power, Chemical, Water & Waste Water, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025." According to the report, the global butterfly valves market is estimated to garner $13.66 billion by 2025, from $8.28 billion in 2017, registering a CAGR of 6.3% from 2018 to 2025.
Surge in demand from the oil & gas industry, increase in utilization of power in industrial processes, and rise in need for automation in process industries drive the growth in the market. However, high level of competition from local players and possibility of choking and cavitation hinder the market growth. On the other hand, increase in demand for industrial infrastructure and untapped potential in emerging economies create new opportunities in the market.
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High-performance butterfly valve segment to be lucrative
Based on motor type, the high-performance butterfly valve segment held the major market share in 2017, accounting for nearly two-thirds of the total revenue. This segment is estimated to register the fastest CAGR of 6.8% from 2018 to 2025, owing to flow path, high capacity, and ability offered by them to pass solid & viscous media. The research also analyzes the lined butterfly valve segment.
Oil & gas industry to maintain its lead position throughout the forecast period
On the basis of end user, the oil & gas industry accounted for nearly two-fifths of the total share in 2017, and will maintain its lead position throughout the forecast period. This is attributed to rise in demand for the upstream exploration, midstream transmission, and downstream refining. However, the water & waste water segment would grow at the highest CAGR of 9.3% from 2018 to 2025, owing to rise in adoption for transportation through pipelines, desalination projects, treatment in different processing industries, and water treatment factories. The report also explores electric power, chemical, and other end users.
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Asia-Pacific to maintain its leadership status by 2025
Asia-Pacific accounted for more than one-third of the total market share in terms of revenue in 2017, and will maintain its leadership status by 2025. In addition, the region would register the highest CAGR of 7.5% during the forecast period. This is a lucrative region, owing to surge in adoption of pipeline transportation and power projects in major economies such as India, Japan, and China. The report also analyzes regions including North America, Europe, and LAMEA.
Leading industry players
The key market players analyzed in the research include Emerson Electric Co., Cameron, Flowserve Corporation, AVK Group, Alfa-Laval Corporate AB, Weir Group, Crane Co., KSB Group, Curtiss-Wright Corporation, and Velan Inc.
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