Portland, OR, July 27, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial valves market generated $86.20 billion in 2019, and is estimated to reach $107.35 billion by 2027, registering a CAGR of 3.5% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, top players’ profiles, major segments, and competitive heat map.
Increase in demand for automation in control industrial valves, surge in investments for oil & gas industry in North America, and rise of the food & beverage processing industry in developing countries drive the growth of the global industrial valves market. However, increased tariff on trade of raw materials hinder the market growth. On the other hand, increase in demand for high technology valves creates new opportunities in the coming years.
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Covid-19 scenario:
- During the coronavirus pandemic, the demand for industrial valves has not been affected much due to its application in the essential service sectors that include oil and power, water and wastewater, and food and beverages.
- Though the demand has not been impacted, the manufacturing activities have been impacted during the global lockdown. Manufacturers have complied with government norms and continued production activities with minimum number of workers.
The report offers a detailed segmentation of the global industrial valves market based on material, valve type, application, and region.
Based on valve type, the ball valves segment contributed to the largest share in 2019, accounting for nearly one-fifth of the total share, and is estimated to maintain its dominant position during the forecast period. However, the butterfly valves segment is expected to register the highest CAGR of 5.1% from 2020 to 2027.
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Based on application, the oil and power segment accounted for the largest share in 2019, holding more than one-third of the total share, and is expected to maintain the largest share throughout the forecast period. However, the food and beverage segment is estimated to portray the highest CAGR of 4.9% during the forecast period.
Based on region, North America contributed the highest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 4.9% from 2020 to 2027.
Leading market players analyzed in the research include AVK Holding A/S, Schlumberger Limited, Avcon Controls Private Limited, Emerson Electric Co., Crane Co., Forbes Marshall, Flowserve Corporation, Metso Corporation, IMI plc, and The Weir Group plc.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.