Valves Market: Snapshot
Valves are used to control the flow of fluids and gases in number of industries. Rising industrialization globally has given rise to the demand of industrial valves. Often, valves are used to contain flammable, hazardous fluids and gases. Valves control the pressure of such fluids and gases such that they do not escape or leak from the pipes or the pipeline systems. Valves can be manually and automatically operated. The strong need for efficient workplace safety has increased as many industrial processes produce flammable gases and fluids. The need for efficient work place safety is expected to fuel the demand for valves globally.
The Global Valves market is anticipated to grow at a CAGR of 7.0 % during the forecast period 2018 to 2026. The Global Valves market was valued at US$ 60,906.1 Mn in 2016. The Valves market is also fueled by strict government regulations, policies and acts imposed by governments across different countries globally.
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Valves Market: Growth Drivers
Valves market is mainly driven by increasing demand for pipeline infrastructure. This is majorly attributed to the growing natural gas production from the shale formations that has spurred growth in pipeline constructions, thus propelling the growth of the valves market. Further increasing number of merger & acquisition involving advanced valve manufacturing technologies has been identified as one of the major trends in regions such as North America & Europe. This is attributed to the strategic investments of the companies in technology sector.
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The rise in the U.S. upstream spending is primarily driven by the factors such as rising oil field services costs and increased drilling activity. Moreover, based on various oil and gas CAPEX announcements, Oil & Gas Journal (OGJ), stated that upstream spending will surge by 37.8% upto US$ 120 Bn.
Valves have been an integral part of process automation system in industries, as they determine the efficiency of the plant. Valves in industries such as manufacturing, oil & gas, water and wastewater treatment, pulp & paper, chemicals, automobile, and food & beverage have witnessed rapid increase in adoption with introduction of process automation. Crucial performance areas for valves on automated plants include complex piping systems, fluctuating temperature pipes, and process pressure control.
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The global valves market comprises of large as well as mid-sized valve manufacturers and suppliers. Companies such as Honeywell International, Inc., Emerson Electric Co. and Bürkert Fluid Control Systems have been able to establish strong presence in various countries across the world. The vendors present in Valves market are currently focusing on introducing efficient valves with increased pressure control capacities. Moreover, the vendors are adopting partnership and acquisition strategies to proficiently compete in the regional market.
Key Vendors in Valves Market
Some other significant players engaged in Valves market in Global include Industrial Scientific AVK Holding A/S, Rotork Plc, General Electric Company, Goodwin International Ltd, Schlumberger Limited, Flowserve Corporation and KITZ Corporation.