ALBANY, New York, Aug. 14, 2019 /PRNewswire/ -- Transparency Market Research have recently published a new market research report that provides all the dynamics and insights about the global valves market. According to the research report, the valves market was initially valued at US$60,906.1 Mn in the year 2016. The research analysts at TMR expect that the market will experience a solid CAGR of 7.0% over the course of the given forecast period of 2018 to 2026. With such a high rate of growth, the global valves market is expected to reach a valuation worth US$117,865.0 Mn by the end of 2025. The research report expects that the global market will continue to be affected by a host of industry-centric and macroeconomic factors.
The global valves market consists of both large and medium-sized suppliers and manufacturers. The vendors in the global market are presently concentrating on launching highly efficient valves with enhanced capabilities for pressure control. In addition to this, the leading companies in the international market are inclining towards aggressive marketing strategies such as acquisitions, mergers, and partnerships to bolster their business portfolio in the global market.
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Some of the prominent players plying their trade in the global valves market include names such as Schlumberger Limited, KITZ Corporation, Flowserve Corporation, AVK Holding A/S, Industrial Scientific, Goodwin International Ltd., General Electric Company, and Rotork Plc. among others.
Ball Valves Segment to Continue Leading the Market
In terms of type of product, the global valves market was dominated by the ball valves segment. This segment is expected to develop with a healthy CAGR of 6% over the course of the given forecast period of 2018 to 2026. The primary reason for such a high rate of growth of this segment is the increasing application and utilization of these ball valves in the residential industry for controlling the flow of water, gas systems, and in room heating among others. Some industry verticals such as wastewater management, pulp & paper, and chemicals also use these ball valves.
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The segment of butterfly valves is projected to develop at a healthy CAGR of 7.0% during this forecast period. These butterfly control valves have numerous applications in the industrial vertical such as in-brine flow control, desalination systems, petroleum production and refining, and reverse osmosis, among others.
Asia Pacific to Show 8.5% CAGR On Account of Increased Spending on Industrial Infrastructural
From a geographical point of view, the global valves market is segmented into key regions such as Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Of these the global market is expected to be led by Asia Pacific during the given forecast period. This growth of Asia Pacific region is expected to be achieved with the help of CAGR of 8.5%. This growth of the market is due to the emergence of developing economies such as India and China, who are spending more on the industrial infrastructure. The Europe and North America markets are also projected to witness healthy growth rates in the coming years. A primary reason for their high growth rates is the technological advancements in the valves manufacturing sector. Additionally, adoption of aggressive tactics by the players in the region is also helping them to propel the growth of the valves market in these regions.
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There are several factors that are responsible for the growth of the global valves market. One of the major driving factors is the growing number of activities for the exploration of oil & gas resources. These activities are mainly taking place in the regions of North America and the Middle East and Africa. These valves are a vital component in both on-shore and offshore activities for oil and gas exploration. Thus, increasing exploration activities is helping boost the growth of the market.
This review is based on the research report published by Transparency Market Report titled "Valves Market (Product Type - Pressure Reducing Valves, Safety/Relief Valves, Control Valves, Globe Valves, Plug Valves, Gate Valves, Ball Valves, Butterfly Valves, Diaphragm Valves; Industry - Oil and gas (LNG, petroleum - Upstream, Midstream, Downstream), Power (Fossil - Coal and Oil, Natural Gas), Nuclear Power, Chemicals, Marine, Construction, Pulp and paper, Mining, Water and Wastewater Treatment) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026."
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Market Segmentation: Global Valves Market
- Pressure Reducing Valves
- Safety/Relief Valves
- Control Valves
- Globe Valves
- Plug Valves
- Gate Valves
- Ball Valves
- Butterfly Valves
- Diaphragm Valves
- Other Valves
- Oil & Gas
- Coal & Oil
- Natural Gas
- Nuclear Power
- Other Power
- Pulp & Paper
- Water & Waste Water Treatment
In addition, the report provides analysis of the valves market with respect to the following geographic segments:
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- United Arab Emirates (U.A.E.)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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