Transparency Market Research recently published a report on the global valves market. The study forecasts the market to grow steadily during the forecast period due to the rising demand from the end-use industries. The stringent government regulations across different countries have also supported the global valves market’s expansion during the forecast period of 2018 to 2026. The rising industrialization and development of advanced solutions have also been highly instrumental in the market’s expansion states TMR.
The Global Valves Market to Rise at a Steady 7% CAGR
TMR’s report forecasts the global valves market to progress at a healthy CAGR of 7%. Progressing at this pace, the market is anticipated to rise from its historical valuation of US$ 60,906.1 Mn in 2016 to reach the mark of US$ 117,865.0 Mn in 2026. The market is expected to be impacted by the changes in the industry-related and macroeconomic factors.
The valves market is highly competitive with the presence of mid-sized and large manufacturers. Leading companies operating in the market are focusing on developing advanced and cost-efficient valves that offer enhanced pressure control. They are also trying to penetrate the regional markets through acquisitions, collaborations, and partnerships.
Prominent companies operating in the global valves market include General Electric Company, Scientific AVK Holding A/S, Schlumberger Limited, KITZ Corporation, and Goodwin International Ltd.
The Oil and Gas Industry to Lead the Valves Market
The oil and gas industry is a leading contributor to the global valves market’s growth during the forecast period. The reason for this is attributable to the growing automation in the oil and gas industry. There has been an inundation in the use of robots to perform complex industrial tasks. The trend of plant automation is highly prevalent in the oil and gas industry. Such processes essentially require valves to ensure efficiency. These factors have highly contributed to the valves market’s growth.
Not just oil and gas but the wastewater treatment, automobile, pulp and paper, and manufacturing industries are also experiencing a high demand of valves. As a result, manufacturers are expanding their production capacities to gain competitive edge over other players and to cater to the rising demand.
Rising demand for pipeline infrastructure has also highly driven the market’s growth. The production of natural gas from shale is the leading reason behind the rise in pipeline constructions, thereby steering the market’s growth. The emergence of advanced and efficient valve manufacturing technologies has also contributed to the market’s growth due to an increase in investment for the development of new technologies. The rising import and export of crude oil and refined products has also contributed to the market’s growth during the forecast period
Asia Pacific to Hold a Major Share in the Valves Market
Asia Pacific is expected to be a leading contributor to the valves market’s growth during the forecast period. The reason for this is attributable to the growing oil and gas industry and rising investments in the oil and gas sector. Japan, China, and India account for a major share in the market’s growth in this region. This is mainly because of the growing industrial sector and increase in the production of industrial valves. The market’s growth in China is driven by high demand from the chemical plants. Apart from this, the increasing fuel demand and rising sales of passenger cars has also contributed to the global valves market’s expansion.
The study presented here is based on a report by Transparency Market Research (TMR), “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.”
The global valves market is segmented based on:
- 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
- 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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