The Growth of Industrial Valve Market Globally
The demand and supply for industrial valves are anticipated to grow at a global level. This is due to a multiple fold increase in commercial construction and automation projects. Due to aggressive industrialization which has led to the development of expansive and sophisticated projects, all types of industrial valves are witnessing heightened use. Industrial valves are designed and manufactured to control the flow of material (fluid or gas) inside pipelines through closing, opening or partially allowing the flow. These valves usually contain a pneumatic device which works by taking regulatory action after getting a signal from the control panel. As per experts, the investment costs of valves make up a significant portion of the total investment costs for the industrialists in setting up a manufacturing industry.
Major Factors Which Drive The Market Growth Of Valves Worldwide
Valves are widely employed to optimize production at low costs and find application in a wide range of industries to ensure moderate to high fiscal growth. A major factor in the growth of the industrial valve market can be identified to be the rise in the oil demand globally. Control valves are extensively used in the oil industries and the rise in mining and use of crude oil and its distillates directly impact the demand and supply of industrial valves.
Another driving factor in the industrial valve market is the growing demand from the chemical and power industry verticals. While the oil and gas industries have dominated the industrial valves market for the past few years, the valves market is expected to continue expanding in size owing to the increased oil and chemical activities across the globe.
Alongside this, there is an increase in the demand for automatic valves in the near future. The Asia Pacific region is undertaking aggressive manufacturing, production, and import of industrial valves. Countries such as India and China are participating in the expansion of the industrial valves market with the most influential and dominant revenue structure. The market for automatic valves is also increasing, which is leading industrial valves manufacturers to come up with more sophisticated technological improvements.
Global Market For The Industrial Valves
APAC region dominates the global industrial valves market. Growing industries of oil, gas, industrial chemicals, and water-dominant industries are directly impacting the trading activities of valves worldwide. Countries such as China, India, Japan, and Indonesia are actively using valves in hospitals, chemical industrial plants, commodity-manufacturing plants, and large-scale restaurants and breweries. An increase in the capacity of the petrochemical industry in developing countries is additionally diversifying the application of valves across developing as well as developed countries.
Major players in the industrial valves include big brands such as Schlumberger Limited (previously Cameron International), Flowserve Corporation, Emerson Electric Co., and Crane Co.
With the rapid rise in the global population, industries are employing faster and more efficient ways of manufacturing products. This is making them make use of valves wherever possible to increase output, in lesser time and with higher precision. The upcoming industry operating on water treatment facility is shaping new uses of industrial valves. All these factors alongside government support are aiding the growth of industrial valves market across the globe.