Having the attendance of major players such as Velan Inc., Alfa Laval, Delta Pacific Valves Ltd., GWC Valve International Inc, Goodwin Plc, Cameron International, Pentair Plc., Camtech Valves, Valvitalia S.P.A, and Neway Valve (Suzhou) Co., Ltd., the global industrial valves market is set to garner with a rapid development in the years to come.
Analysts at Zion Market Research claim that in 2015, the global industrial valves market added up for USD 65.0 Billion. They claim that the global industrial valves market is likely to cross USD 88.4 Billion by 2021, increasing at a CAGR of almost 5.3% from 2016 to 2021.
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Increasing Urbanization In Developing Nations Such As China, India, And Brazil Is The Main Reason For The Flourishing Growth Of Global Industrial Valves Market
“Developing nations such as China, India, and Brazil are incessantly branching out their industrial infrastructure, thereby flourishing the development of global industrial valves market,” claim the Zion Market Research analysts. Increasing urbanization has resulted in global industrial valves market to develop rapidly from the last couple of years. Rising offshore gas and oil projects all over the world, reduced operating costs, rising demand from process & manufacturing sector due to enhanced safety, and enduring efforts to extend water infrastructures in developing nations are the major reasons likely to favor the development of global industrial valves market.
On the other hand, vagueness in crude oil costs that makes the project fiscally unstable might hinder the growth of global industrial valves market in the coming years. Nevertheless, increasing requirement of energy from all sections is likely to open up new opportunities of development for the global industrial valves market in the years to come.
Rising efforts by market players to offer more to users and meet the increasing demand is also one of the major reasons that boost the global industrial valves market. For instance, in August 2018, Velan Inc.’s completely controlled subsidiary situated in Italy has been offered essential contracts for the supply of 3 different kinds of valves. The contract also states to supply these valves to MODEC Offshore Production Systems. Now, MODEC Offshore Production Systems is a firm located in Singapore. These orders have a total sales value of almost $18 Million and are planned for delivery by early 2019, thereby driving the profit for global industrial valves market.
Employment Of Gate Valves In Different Application Industry To Drive The Development Of Global industrial valves market
In 2015, Ball valve added up for 20% of the income share of the global industrial valves market. Ball valves are straight-through & quarter-turn valves employed in conditions where tight shut-off is needed. Employment of gate valves in application industry such as gas & oil industry, manufacturing, pharmaceuticals, marine, and automotive is likely to experience noteworthy growth for the global industrial valves market in the forecast period.
The global industrial valves market is segmented as follows:
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