Global Stainless Steel Control Valves Market: Key Trends
Mounting manufacturing activities across the world have provided manufacturers of stainless steel control valves with substantial lucrative opportunities. The growing number of vertical industries has caused a surge in the demand for stainless steel control valves. Due to the downturn of the oil and gas industry in Asia Pacific, the chemical industry is progressively growing in the region. As a result of this, the demand for stainless steel control valves is likely to surge in the region. Increasing implementation of wastewater management plants and the growth of semiconductor and electronics manufacturing are the major drivers of growth of the global stainless steel control valve industry. However, the downturn in the oil and gas industry and the increasing adoption of polyvinylidene fluoride control valves are likely to have an adverse impact on the global stainless steel control valves market.
The global stainless steel control valves market is thus expected to expand at a CAGR of 5.0% between 2014 and 2024. In 2014, the market was worth US$240.0 mn and is projected to touch a valuation of US$371.6 mn by the end of 2024.
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Asia Pacific to Generate Highest Revenue Owing to Increasing Number of Vertical Industries
The market for stainless steel control valves in Asia Pacific is driven by the rapid development of industrial infrastructure and the growing investment in several vertical industries. In countries such as India and China, the growth in chemical and semiconductor and electronics industries is driving the demand for stainless steel control valves. With the increasing consumer base of various industries in the region, the need for swift production process is also rising. This in turn is impelling manufacturers to set up more manufacturing plants resulting in a boost in the sales of stainless steel control valves. Asia Pacific is projected to account for 43.5% of the global revenue.
North America is expected to emerge as the second largest region in terms of consumption due to the expanding power generation, wastewater management, and oil and gas industries. Leading players in various sectors in the region are investing in technological investments for the development of the vertical sectors, in turn increasing the consumption of stainless steel control valves. Moreover, the rising demand for energy is likely to increase the drilling activities in the region. These factors are likely to help maintain the stable growth of the North America stainless steel control valves market.
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stainless steel control valves market
Electric Valves to Lead in Terms of Actuation Technology
Owing to factors such as their increasing application in commercial, industrial, and residential sector, the global market for electric stainless steel control valves is anticipated to expand significantly in the upcoming years. Industrial and economic development in emerging economies such as Brazil, China, and India is expected to drive the growth of this segment. The electrical control valves market is expected to touch a valuation US$134.4 mn by 2024. The industrial sector is the largest user of electric stainless steel control valves.
Manual control valves are likely to be yet another key segment in terms of actuation technology. The use of manual stainless steel control valves in the residential sector is likely to boost the growth of this sector in the coming years. Their increasing use in the emerging economies is anticipated to drive the growth of this segment in future.
The leading manufacturers of stainless steel control valves are Flowserve Corporation, Pentair Plc., General Electric, Co, and Emerson Electric Co.
Stainless Steel Control Valves Market to Earn Handsome Revenues Owing to Extensive Use by Developing Economies
Companies of the stainless steel control valves witness significant opportunities from various mounting manufacturing activities. The developing number of vertical businesses has caused a flood in the interest for stainless steel control valves. Because of the decline of the oil and gas industry in Asia Pacific, the compound business is dynamically filling in the area. Accordingly, the interest for stainless steel control valves is probably going to flood in the district. Expanding execution of wastewater the board plants and the development of semiconductor and gadgets fabricating are the significant drivers of development of the worldwide stainless steel control valve industry.
Inferable from variables like their expanding application in business, mechanical, and private area, the worldwide market for electric stainless steel control valves is expected to extend altogether in the forthcoming years. Mechanical and financial advancement in arising economies, for example, Brazil, China, and India is relied upon to drive the development of this section. Manual control valves are probably going to be one more key section regarding activation innovation. The utilization of manual control valves in the private sector is probably going to help the development of this area in the coming years. Their expanding use in the arising economies is expected to drive the development of this section in future.
The momentum worldwide examples of growing interest for energy, rising interest for better wastewater the executives administrations, and creating request in customer devices are among the factors which have been quite influencing the utilization of stainless steel control valves (under 2 inches) in such endeavors. Electric stainless steel control valves (under 2 inches) are dynamically beneficial and engage more essential component of controls when appeared differently in relation to the next sort of valves. Extending highlight on mechanical computerization has also being vehemently influencing the utilization of stainless steel control valves.
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