PORTLAND, Ore., Oct. 15, 2020
Increase in demand for automation in control industrial valves, surge in investments for oil & gas industry in North America, and expansion of the food & beverage processing industry in developing countries fuel the growth of the market.
PORTLAND, Ore., Oct. 15, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Industrial Valves Market by Material Type (Cast Iron, Steel, Alloy-Based, and Others), Valve Type (Ball Valves, Butterfly Valves, Gate Valves, Globe Valves, Plug Valves, Check Valves, and Diaphragm Valves), and Application (Oil & Power, Water & Wastewater, Chemical, Food & Beverages, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027."According to the report, the global industrial valves industry was pegged at $86.20 billion in 2019, and is expected to hit $107.35 billion by 2027, registering a CAGR of 3.5% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in demand for automation in control industrial valves, surge in investments for oil & gas industry in North America, and expansion of the food & beverage processing industry in developing countries fuel the growth of the global industrial valves market. On the other hand, increased tariff on the trade of raw materials curbs the growth to some extent. However, rise in demand for high technology valves is expected to create lucrative opportunities in the industry.
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The steel segment to retain its dominance by 2027-
Based on material type, the steel segment contributed to more than one-fourth of the global industrial valves market revenue in 2019, and is expected to rule the roost by the end of 2027. The same segment would also grow at the fastest CAGR of 4.2% during the study period. Development of industrial infrastructure and the high durability features of steel valves drives the growth of the segment.
The ball valves segment to rule the roost-
Based on valve type, the ball valves segment accounted for nearly one-fifth of the global industrial valves market share
in 2019, and is projected to lead the trail from 2020 to 2027. Advantages such as highly efficient flow control, ease of control, compact size, versatile design, reliability in high pressure and temperature applications, and others promote the demand for ball valves, thereby, driving the segment growth. The butterfly valves segment, on the other hand, would showcase the fastest CAGR of 5.1% till 2027. The increase in use of shale gas as an energy source leads to rise in the demand for butterfly valves, which drives the segment growth.
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North America to dominate in terms of revenue-
Based on geography, North America held the major share in 2019, garnering more than one-third of the global industrial valves market. The growing oil & power industry in Canada, and the U.S. aid in increasing the focus of major industrial valve manufacturers on oil & power related valves production which drives the industrial valves market. Simultaneously, the region across Asia-Pacific would register the fastest CAGR of 4.9% throughout the forecast period. This is due to the fact that the developing countries in the province such as India, Vietnam, Indonesia, and others exhibit lucrative opportunities for the market.
Frontrunners in the industry-
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