Proliferation of Onshore Pipelines Projects is foreseen to Strengthen Industrial Valves Demand, Says Fact.MR
Published : 20 Feb 2020 Industry: Industrial Goods
A rise in consumption of oil & gas has been witnessed in developed and developing regions. Thus, major exploration & production (E&P) companies are focusing on expanding their production facilities by building new processing plants and pipelines. Industrial valves ensure better safety in such installations. In regions such as North America, Europe, and Asia, major intra-country and inter-country pipelines projects are under development to meet the growing demand for oil & gas. This increasing onshore exploration, in turn is expected to increase demand for industrial valves. The report estimates that the Industrial Valves market is foreseen to expand by ~1.5 X to reach a valuation of ~US$ 96 Bn by the end of 2029.
Key Takeaways of Global Industrial Valves Market
- Gate valves are projected to expand 1.5X as compared to 2018 and are projected to account for approximately 22% of the overall value opportunity in the global market by 2028 end. Increasing demand from petroleum industries is anticipated to increase production which also supports growth of gate valves
- The cast steel segment is expected to create an absolute dollar opportunity of US$ 10 Bn during the forecast period.
- APEJ accounts for the highest share in the industrial valves market and is expected to grow 1.5X during the forecast period
- Automatic function segment is foreseen to grow at the highest CAGR during the forecast period, and manual function segment is expected to grow 1.4X as compared to 2018
“Industry 4.0 and automation has compelled industrial valves manufacturers to move beyond traditional engineering models, by eliminating unreliable manual intervention” says the Fact.MR analyst
Prominent Players to Forge Strategic Partnerships to Sustain Growth
The report reveals some of the prominent market players such as General Electric Company, Emerson Electric, Watts Water Technologies, Weir Group, Alfa Laval, Curtiss-Wright, Circor International, and others. Leading players are continuously focusing on strategic acquisitions and geographic expansions in order to expand their business footprint. For instance,
- In March 2019, the company acquired Tactical Communications Group (TCG), LLC, which is into the design and development of software related to Tactical DataLink (TDL)
- In November 2018, Baker Hughes, a GE company, inaugurated a new steam test facility in Naples, Italy to focus on the scope and capacity of the plant, which includes a full range of consolidated safety valves and Masoneilan control valves
Find More Valuable Insights on Industrial Valves Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global industrial valves market, presenting historical demand data (2014-2018) and forecast statistics for the period 2019-2029. The study divulges compelling insights on the industrial valves market based on valve type (check valve, gate, globe, ball, plug, butterfly, safety relief and other), valve material (cast steel, carbon steel, stainless steel, bronze, and other alloys ), function (manual, and automatic), and end use (oil & gas, chemical, water & wastewater treatment power plants, paper & pulp, and others) across seven major regions.
To Get more insights on industrial valves market, visit- https://www.factmr.com/report/4545/industrial-valves-market
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial research team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed industrial goods sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.