NEW YORK — Feb. 2, 2016 — According to a new report from ReportLinker, worldwide demand for industrial valves will reach $98.5 billion by 2019, climbing 4.3 percent each year.
Growth in chemical and other process manufacturing output, electric power generation and construction activity will contribute to the rise in demand. Sales will also grow as developing countries expand water infrastructure and other nations make efforts to upgrade and improve water systems.
As the use of “smart” valves and actuators as well as other better performing, higher priced items grows, dollar gains will increase.
Asia, the Africa/Mideast region, Central and South America, and Eastern Europe will experience higher demand than Western Europe, Japan, South Korea and the U.S., noted the report. China is predicted to account for 23 percent of global valve sales, while the smaller Indian market will also register large percentage gains.
The U.S. market is expected to be stimulated by improving economic conditions and business investment growth. The Western Europe and Japan markets will also expand, but growth will be hindered some by “below average increases in process manufacturing output and associated fixed investment expenditures.”
Specific market activity
Since automatic valves offer advantages such as improved safety, reduced operating costs and the ability to use them in inaccessible and remote locations, these valves are forecast to grow at faster than standard hand-operated valves.
The report said the process manufacturing valve market will be the largest market for industrial valves around the world. This market is expected to expand faster than other markets including oil and gas, water infrastructure and other miscellaneous applications such as construction, electric utilities and mining. New specialty valves and increases in manufacturing process output will stimulate this growth. Because of low oil and gas prices, the oil and gas market will experience the slowest growth, but new drilling activity and related infrastructure construction will support the market.
You can find the entire report here.