According to TechSci Research report “Global Industrial Valves Market By Type, By Application, By Region, Competition Forecast and Opportunities, 2011 – 2021”, global industrial valves market is projected to cross $78 billion by 2021.
Report URL :- https://www.techsciresearch.com/report/global-industrial-valves-market-by-type-globe-butterfly-ball-gate-plug-and-others-by-application-oil-gas-power-municipal-refining-chemical-and-others-by-region-competition-forecast-and-opportunities-2011-2021/773.html
1. M a r k e t I n t e l l i g e n c e . C o n s u l t i n g
Global Industrial Valves Market By Type,
By Application, By Region, Competition
Forecast and Opportunities, 2011 – 2021
12. I n d u s t r y B r i e f
12
Industrial Valves Market to Cross $78 Billion by 2021
Anticipated revival of oil prices, increasing energy needs and growing necessity to develop water & wastewater
infrastructure to drive global industrial valves market through 2021
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 $78 billion by 2021, on account of growing energy and water demand, coupled with expanding coal & gas power
infrastructure. Moreover, recovering oil prices, increasing exploration & production activities and surging investments
in refinery industry are the other major factors anticipated to boost demand for industrial valves over the next five
years, globally.
Oil & Gas sector dominated global industrial valves market in 2015. Global oil & 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, an adviser to energy importing nations,
estimates oil supply will have to rise by 39% to reach 116 million barrels of oil per day 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 ten years. In January 2016, oil
prices crashed down to $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 rise in oil refining activities across the globe. With
anticipated recovery in crude oil prices, demand for industrial valves is expected to remain high during forecast period.
Among 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 valve. “Robust water & wastewater infrastructure play a critical role in
economic growth of any country. In addition to growing water & wastewater infrastructure in developing nations,
developed regions such as the US and European countries are also suffering from aging pipeline infrastructure. With
growing need to develop and expand water & waste water infrastructure, the demand for industrial valves is expected
to increase over the next five years, globally.” Said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.