DUBLIN, Nov. 2, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/frnpmt/global_butterfly) has announced the addition of the "Global Butterfly Valve Market 2015-2019" report to their offering.
The market research analysts expect the global butterfly valves market to grow significantly, posting a CAGR of over 6% in the forecast period, which is driven by the booming oil and gas industry in Latin America, Africa, and the Middle East. The increasing demand from the oil and gas industry will drive the demand for butterfly valve due to an increase in exploration and upgradation activity.
New oil and gas discoveries in the African region is expected to increase its contribution to the global oil supply. Moreover, the growing population, urbanization, and expanding middle class are also boosting the oil and gas industry in Africa. For instance, six out of 10 major discoveries in the global oil and gas industry in 2013 were made in Africa. Therefore, the rising demand for oil and gas has led to widespread exploration activities in Africa, triggering the demand for industrial valves in the region, and thus propelling the growth of the overall butterfly valve market.
Oil and gas industry dominated the global butterfly valves market in 2014 with over 23% share, and this is expected to grow during the forecast period. New oil and gas exploration activities coupled with heavy investments in pipelines and refineries in the Americas, the Middle East, Africa, and APAC are the major factors influencing the market growth.
APAC is expected to maintain the highest market share throughout the forecasting period with a 39% market share. Factors such as urbanization has surged construction activities in the region, boosting the consumption of chemicals. Also, the rapid industrialization of developing countries such as India and China has propelled the demand for oil and gas and electricity in the APAC region.
The valves and actuators industries are seeking for vendors that can provide complete solutions rather than following the traditional multi-vendor approach to meet requirements. Therefore, valve manufacturers are increasingly trying to enhance their product portfolio either through strategic M&A or by developing new products themselves.
Segmentation of the global butterfly valve market by end-user
Key vendors in this market are:
Other prominent vendors include
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