The global butterfly valve market is envisioned to receive impetus due to increasing focus on the development of smart cities, high demand for energy, and advancement of oil and gas production facilities. Furthermore, the swelling automation demand in processing and manufacturing industries for monitoring and predictive maintenance is foretold to boost market growth in the future years. The escalating usage of power in industrial processes could be another factor improving the demand in the market. The expensive cost of fabricating industrial valves could reflect on market growth in a negative way. However, researchers foresee 3D and IIoT-based developments and innovations to help overcome the challenges.
The global butterfly valve market could be classified as per product and end user. Prognosticated to collect a colossal share of the market, the oil and gas industry could rank higher in the near future.
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The report offers a brilliant account of how the global butterfly valve market is progressing in the recent years and factors that could enhance growth in future. Segmentation and competitive landscape studies provided by the analysts are expected to help market participants to secure a strong position in the industry.
Global Butterfly Valve Market: Trends and Opportunities
Increasing upgrade and exploration activities in the oil and gas industry seems to augur well for the rise in the demand for butterfly valve. Emerging regions of the world such as the Middle East, Africa, and Latin America could offer a lucrative landscape for the world butterfly valve market to ensure a decent progress in growth in parallel to the boom in the oil and gas industry. The global oil supply is anticipated to be thoroughly contributed to with the rise of new oil and gas discoveries in Africa. Hefty investments in refineries and pipelines in the oil and gas industry could be another factor augmenting the demand for butterfly valve.
Africa is predicted to bolster the growth of the oil and gas industry on the back of some substantial factors which include expanding middle class, urbanization, and rising population. The recent past had witnessed a major count of oil and gas discoveries made in Africa. Oil and gas investments are not only observed to favor Africa but also other regions such as Asia Pacific and the Americas.
Global Butterfly Valve Market: Geographical Analysis
The international butterfly valve market is foreseen to reward Asia Pacific with a higher share in the coming years. In fact, the region may already be seated in a dominant position taking precedence over other important regions such as the Americas and Europe, the Middle East and Africa (EMEA).
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Asia Pacific is envisaged to witness a strong boost in the demand for power, oil, and gas due to aggressive industrialization. China and India could be among the leading emerging economies of the region involved in rapid industrialization. There could also be a high consumption of chemicals in the region owing to the surge in construction activities because of urbanization and other factors.
Global Butterfly Valve Market: Companies Mentioned
Curtiss-Wright, Crane, Cameron, AVK Group, and Alfa Laval are some of the leading names of the industry. The international butterfly valve market could witness the rise of players that are able to provide complete solutions to the valves and actuators industry since the conventional multi-vendor approach to meet requirements may diminish in the foreseeable future.