PUNE, India, September 7, 2018 /PRNewswire/ --
According to the new market research report "Industrial Valves Market by Material Type (Cast Iron, Steel, Cryogenic, Alloy Based), Size, Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Industry (Oil & Gas, Water & Wastewater, Energy & Power), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 70.53 billion in 2018 to USD 85.19 billion by 2023, at a CAGR of 3.96% between 2018 and 2023. The key factors that are driving the growth of this market include the increased need for industrial valves from oil and gas production-related facilities in GCC countries, elevated energy demand in APAC, smart city development initiative across the world, high demand for predictive maintenance techniques from manufacturing industries, and stringent environmental and safety regulations to make energy sector more resilient.
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Oil & gas industry to account for largest size of industrial valve market from 2018 to 2023
Recent uptrend in the oil & gas industry has boosted the demand for and increased the production of oil and gas in the Middle East and North America. Growing production of oil sands and shale gas fuels the demand for industrial valves in North America, while the increased investments in natural gas exploration and refineries will boost the demand for these valves during the forecast period. Additionally, technological advancements and the adoption of more innovative valves for oil and gas transportation are the major factors that are likely to have a positive impact on the industrial valve market growth.
Browse and in-depth TOC on "Industrial Valves Market"
98 - Tables
63 - Figures
188 - Pages
Industrial valve market for cryogenic valves to grow at high CAGR from 2018 to 2023
The industrial valve market for cryogenic valves will grow at the highest CAGR during the forecast period. The oil & gas, energy & power, and chemicals industries are likely to have high demand for cryogenic ball valves due to their ability for quarter turn on-off operation, minimal lubrication, and capability to provide tight sealing with low torque in cryogenic fluid handling applications. Cryogenic plug valves will be highly installed in the oil & gas and chemicals industries for the isolation application, that is, to separate cryogenic media from other media.
APAC is expected to hold largest share of industrial valve market from 2018 to 2023
The industrial valve market in Asia Pacific (APAC) accounted for the largest share of the overall market in 2017 is expected to grow at the highest CAGR during the forecast period. Major factors driving the growth of the valve market in APAC include increasing population and rising focus of emerging economies on investing in industries such as energy & power, oil & gas, water & wastewater treatment, chemicals, and construction in which industrial valves are used.
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Emerson (US), Cameron - Schlumberger (US), IMI PLC (US), Flowserve (US), and Weir Group (UK) are among a few major players in the industrial valve market.
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