In the next five years, the growth of the industrial valve market will increase by several percentage points. The oil and gas sectors are going to be responsible for the biggest market for growth. By the year 2019, it is estimated that the global valve market will grow to be over $70 billion.
What are Industrial Valves?
These are devices that control and regulate the flow of substances through industrial piping systems. They control or stop gas, oil, and other fluids. They also help direct the movement of the fluid and can control when that flow starts as well as when it stops.
These devices are used mostly in the oil and gas industries, but they are also frequently employed in power, chemical and mining industries, too. The types of valves used in these sectors include ball valves, globe and butterfly type valves.
Why is the Market Growing?
The increased demand across the globe for oil, gas, chemicals and power are what are driving the growth. Markets are segmented based on industry and the type of applications in which the valves are used. Companies are boosting the growth of the market by developing and expanding products to add to the requests where the valves can be utilized. They are also growing as a result of the demand for the valves which keeps propelling this market forward.
Different regions in the world are enjoying different types of growth, too. In the Middle East, these devices are essential in the growing trend of turning the area into a refined product supplier instead of a raw goods supplier. In the production and refinement of these raw products, they will continue to use valves which will keep growth moving in the next five years.
Africa and Central America will also be expanding and increasing the demand for industrial valves. They are emerging as renewable and nuclear energy markets which will also further the growth in industrial valve use. In the United States, wastewater treatment plants used by many municipalities will also add to the demand.
Now is a good time to invest in these markets. They should be increasing in value over the next five years. Keep on top of the developments in the global industrial valve market by continuing to review all information you can obtain online about it. There are many segments within the primary market which are also poised for individual growth in the next few years.