According to a recently published TechSci Research report, ‘Global Industrial Valves Market By Type, By Application, By Region, Competition Forecast and Opportunities, 2011 -2021’, the global industrial valves market is projected to cross US$78 billion by 2021, on account of growing energy and water demand, coupled with expanding coal and gas power infrastructure. Moreover, recovering oil prices, increasing exploration and production activities and surging investments in the refining industry are the other major factors anticipated to boost global demand for industrial valves over the next five years.
The oil and gas sector dominated the global industrial valves market in 2015. Global oil and gas companies are continuously exploring deep sea beds. The days of so-called ‘easy oil’ are over, making it harder to meet demand without complicated and expensive projects. The International Energy Agency estimates that oil supply will have to rise by 39% to reach 116 million bpd by 2030 to meet the rising energy demand. Moreover, according to the German Mineral Resources Agency, more than 50% of new oil and natural gas reserves have been discovered in offshore fields beneath the sea bed over the last 10 years. In January 2016, oil prices crashed down to US$27 per barrel levels. However, the impact of low crude oil prices on the sales of industrial valves across the globe has been nullified to a huge extent by the rise in oil refining activities across the globe. With an anticipated recovery in crude oil prices, demand for industrial valves is expected to remain high during the forecast period.
Among the valve types, globe valves grabbed the largest share in the global industrial valves market in 2015, followed by ball valves, gate valves, butterfly valves and plug valves. "Robust water and wastewater infrastructure play a critical role in the economic growth of any country. In addition to growing water and wastewater infrastructure in developing nations, developed regions such as the US and European countries are also suffering from ageing pipeline infrastructure. With a growing need to develop and expand water and wastewater infrastructure, the demand for industrial valves is expected to increase over the next five years, globally," said Karan Chechi, Research Director with TechSci Research.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/13092016/growth-in-industrial-valves-market-4074/