Summary
Global Industrial Valves Market-Segmented By Type , Application and by Geography-Trends and Forecasts ( 2017-2022 ).
Description
The global market for industrial valves is expected to grow from USD 60.41 billion in 2015 to USD 78.55 billion by 2020 , at a CAGR of 5.36 %.
A valve is a mechanical device that helps in the regulation and control of the flow of fluids , including liquids , gases and slurries . Valves are a major component of the system that controls the flow of these substances . Valves find extensive application in all industries that deal with flowing fluids . The major demand for valves come from oil & gas sector , with power , water & wastewater management , chemicals , pharmaceuticals among others . Industrial valves are classified by mode of action as quarterturn valves , multi-turn valves , and automatic regulator and control valves . Based on types , industrial valves are classified as ball valve , butterfly valve , globe valve , gate valve , plug valve etc .
There is a rising demand for industrial valves from growing economies , where growing populations and rapid urbanization are propelling a growth in infrastructural projects . These countries , which include the likes of China , India and Brazil , are evidencing a growth in infrastructural projects , like power generation plants and desalination plants , all of which require fluid control equipment .
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Market Dynamics of the Global Industrial Valves Market : Drivers :
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Growth of industrial & infrastructural activities in developing economies Rising demand from the power industry Increase in demand for desalination activities
Restraints :
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Volatile oil & gas industry Economic slowdown in China Stagnant industrial growth in the developed countries
An economic slowdown in China has affected the demand from various industries , and industrial valves are no exception . The fall in oil and gas prices are also dealing a blow to the demand for industrial valves from the upstream petroleum industry . Nevertheless , even though the exploration and production sectors have taken a hit , the refineries seem to be enjoying a period of profits , especially as the low oil
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