The global valves market is treading growth with industrial expansion and automation of industrial units in developing economies. Valves are used to control the flow of fluids and gases in number of industries. They control the flow of fluids and gases to prevent them escaping or leaking from pipes or pipeline systems.
The increasing need for workplace safety is expected to fuel the demand for valves. This is because the flow of flammable gases and fluids produced in industrial processes can be controlled using valves.
The global valves market is expected to rise at a CAGR of 6.8% between 2017 and 2025. This will result in the market to reach a valuation of US$108,950.3 mn by 2025 increasing from US$60,906.3 mn in 2016.
The global valves market has been studied on the basis of product type, industry, and geography in this report. The product type segments into which the valves is divided are pressure reducing valves, control valves, plug valves, ball valves, diaphragm valves, safety/relief valves, globe valves, gate valves, butterfly valves, and other valves. In 2016, ball valves held the leading share thus contributing the leading revenue to the overall valves market. However, butterfly valves is expected to display the leading CAGR of 8.3% from 2017 to 2025.
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On the basis of industry, the global valves market is segmented into oil and gas, power, chemicals, marine, construction, pulp and paper, waste and wastewater treatment, mining, and others. Valves are integral component of these industries, thus expanding industrial activities is expected to boost the demand for different types of valves. In 2016, waste and waste water treatment industry contributed the leading revenue of almost 21% to the global market. With the rising number of water treatment plants across the world, the demand for different types of valves is on the rise. Valves are used in water treatment plants for several applications such as water faucets control, water flow control, and water flow distribution.
On the other hand, oil and gas industry is expected to expand at a CAGR of 6.68% for the forecast period between 2017 and 2025. However, with increasing application of valves in areas such as fluid and gas pressure control, and temperature control among others, the demand for valves is expected to be on the rise in mining, chemicals, and pulp and paper industries.
Rise in Natural Gas Production Boosts Demand for Valves in North America
The global valves market has been segmented into the regional segments of North America, Asia Pacific, Europe, the Middle East and Africa, and South America. The regional market of North America, among these, is primarily driven by increasing demand for pipeline infrastructure. The rising natural gas production in the region from shale formations has spurred the growth of pipeline construction thus propelling the growth of the North America valves market. In addition, trends of mergers and acquisitions among manufacturers and suppliers of valves in the region is having a positive impact on the valves market in this region.
The valves in Europe receives ample growth opportunities from the mining industry. Product innovation and design improvements in existing products is presenting favorable growth opportunities to the valves in Europe. This is because several governments in the region are taking initiatives to help small and medium-sized businesses in the development of newer products.
Asia Pacific valves is mainly driven by the rising demand for valves in manufacturing sector.