Transparency Market Research recently published a report on the global valves market. The study forecasts the market to grow steadily during the forecast period due to the rising demand from the end-use industries. The stringent government regulations across different countries have also supported the global valves market’s expansion during the forecast period of 2019 to 2027. The rising industrialization and development of advanced solutions have also been highly instrumental in the market’s expansion states TMR.
Global Valves Market is Expected TO Grow With a CAGR of 7%
As per the analysis of Transparency Market Research, global valves market was valued US$ 69.7 billion and expected to grow with a CAGR of 7% from 2019 to 2027 and reach the market size of US$ 128.1 bn in 2027.
The market is highly competitive in nature with the presence of small and medium players. Major players operating in this market are adopting strategies including merger & acquisition, product innovation & developments. Moreover, some players are offering advanced and cost-efficient valves that offer enhanced pressure control.
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Key companies operating in the global valves market include General Electric Company, Scientific AVK Holding A/S, Schlumberger Limited, KITZ Corporation, and Goodwin International Ltd.
The Oil and Gas Industry to Lead the Valves Market
It has been estimated that oil and gas segment accounted for the largest market in global valves market and expected to maintain its dominance over the forecast period. Factor attributing to the market growth is automation in the oil and gas industry. There has been an inundation in the use of robots to perform complex industrial tasks. The trend of plant automation is highly prevalent in the oil and gas industry. Such processes essentially require valves to ensure efficiency. These factors have highly contributed to the valves market’s growth.
Another factor attributing to the market growth is growing demand for pipeline infrastructure. Demand of natural gas at global level is one of the key reasons behind the rise in pipeline constructions, thereby steering the market’s growth. The emergence of advanced and efficient valve manufacturing technologies has also contributed to the market’s growth due to an increase in investment for the development of new technologies.
Beside oil & gas segment, some of the key end use industries where valves have higher usage are wastewater treatment, automobile, pulp and paper, and manufacturing industries are also experiencing a high demand of valves. Companies are increasing their production capacity to meet the growing market demand.
