Market Insights
The industrial valve market is garnering substantial traction. The market growth attributes to the increasing usages of industrial valves in burgeoning industries, such as oil & gas, energy & power, construction, and chemicals. Besides, the rise in demand for maintenance operations in refineries substantiates the market growth. Moreover, increasing usages of industrial valves in the O&G and energy industry escalates the market growth, creating a vast demand.
According to Market Research Future (MRFR), the global industrial valve market forecast is projected to grow to USD 90.77 BN by 2023, registering 4.53% CAGR during the anticipated period (2018-2023). In its industrial valves market research, MRFR also states that in 2017 the market was valued at USD 70.53 billion. The industrial valve market continues to demand better service and value. To meet this demand, industry players form strategic partnerships with suppliers.
Additionally, increasing investments in the development of these valves, alongside the upscale of nuclear power plants, boost the market size. Furthermore, ongoing industrialization in developing countries such as India and continued advancement to increase output in manufacturing units influence market growth. Conversely, fluctuating prices, and the demand-supply gap in raw materials required for production are the major factors estimated to impede market growth.
Get Free Sample Copy of Report @ https://www.marketresearchfuture.com/sample_request/7536
Industrial Valve Market – Segmentation
Industrial Valve market Forecast research by MRFR highlights the key segments in the report, namely type, material, size and end-user verticals.
The types of industrial valves are butterfly valves, pinch valve, check valves, ball valves, globe valves, plug valves and gate valves. Over the next few years, the plug valve type can gain the highest expansion rate given the soaring demand for these in the chemical industry of Asia Pacific as well as Europe.
The key materials available in the market include cast iron, cryogenic, stainless steel, alloy-based, brass, and others. The highest expansion rate can be of the cryogenic material segment in the coming years, on account of the high demand for cryogenic plug valves in the chemicals and oil & gas industries for isolation applications.
The size-based market categories include less than 1”, 1" to 25", 25" to 50", and 50" and more.
Some of the significant end-use verticals mentioned in the study are construction, food and beverages, energy & power, pulp and paper, chemicals, water and wastewater treatment, oil & gas, and more. The oil and gas end-user can take the lead in the market, as a result of the increasing spending on capacity expansion within the oil & gas industry in Africa as well as the Middle East. Another reason could be the escalating demand for better maintenance processes in the refineries across the oil & gas industry. But, it is expected that the energy & power sector can accrue the fastest growth rate during the appraisal period.
Regional Analysis
The global market for industrial valve market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the industrial valve market is done for North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific accounted for the highest market share in the industrial valve market in 2017, and it is expected to register the highest CAGR during the forecast period. The growth in the market in this region is attributable to factors including ongoing infrastructure development, the rapid pace of industrialization, and growing investments in end-use industries such as energy & power, oil & gas, water & wastewater treatment, chemicals, and construction. Furthermore, the demand from oil-producing region—Middle-East and Africa (MEA)—is expected to remain high owing to the rise in production.
Global Industrial Valve Market – Competitive Analysis
Highly competitive, the global industrial valve market appears fragmented due to the presence of several well-established players. Industry players incorporate strategies, such as mergers & acquisitions, collaborations, expansion, and product or technology launch.
Industrial valves manufacturers invest in R & D to develop a technology, brand building and expand their reach to support their competitive position. Managing the cost of raw materials is a top priority for manufacturers. To counter this challenge, firms seek new ways to mitigate risks associated with raw materials instability.
Major Players:
Players leading the global industrial valve market include Schlumberger Limited (US), Emerson (US), IMI PLC (US), Weir Group (UK), Flowserve Corporation (US), Crane Co. (US), Kitz Corporation (Japan), AVK Holding A/S (Denmark), Neway Valve (Suzhou) Co., Ltd (China), Samson AG (Germany), Conbraco Industries Inc. (US), Velan Inc. (Canada), Dwyer Instruments, Inc. (US), Forbes Marshall (India), Avcon Controls (India), PR Valves LLC (US), Dwyer Instruments (US), and Danfoss A/S (Nordborg), and others.
Get Complete Report @ https://www.marketresearchfuture.com/reports/industrial-valve-market-7536
Industry/ Innovation /Related News:
September 1, 2020 ---- Valco Instruments Company Incorporated (VICI) announced the acquisition of Beric Valves, a leading producer of the cast and forged steel gate in the United States and its territories. The acquisition would add Beric Valves to Valco’s family of PVF products and its ability to provide high-quality valves at competitive prices.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
Media Contact:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
0 Comments
If u have any doubts, Please let me know