By: Ashish Massey --
01 January, 2017
The global valves market, currently estimated at $80 billion, is forecasted to be around $95 billion by 2019, marking a CAGR of 4.4 percent.
Oil and gas, refining, chemical, and power generation are the major demand driving industries for valves. The emergence of smart valves mainly in the oil and gas industry is expected to increase the revenues of the valves market.
APAC, Africa and LATAM arethe emerging markets for valves due to higher investments in infrastructural, industrial and water projects in these developing economies.
In 2016 alone, oil and gas exploration firms are expected to spend more than $10 billion on valves. The chemical industry is expected to generate sales of over $6 billion. The valves market is expected to be big for basic chemical applications in Asia. In the U.S. and Europe, the market is expected to be major for applications in fine chemicals.
Key end-user segments in these regions, the oil and gas, power generation and water and wastewater industries are expected to drive the demand for valves boosting their market potential.Key reasons affecting the demand for valves are:
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