PUNE, India, June 5, 2017 /PRNewswire/ --
Industrial valves market size will reach $84.30 billion by 2023, growing at a CAGR of 3.60% between 2017- 2023. Oil & gas industry to hold the largest share while Energy & power industry is expected to grow at the highest rate with Asia Pacific to holding largest share of market
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"The overall industrial valves market is expected to grow at a CAGR of 3.60%"
The overall industrial valves market is expected to be valued at USD 84.30 billion by 2023, growing at a CAGR of 3.60% between 2017 and 2023.The growing demand for oil & gas production-related facilities in the GCC countries and high demand for energy in APAC are expected to generate a higher demand for industrial valves. The key restraining factors for the growth of the industrial valves market are high cost of fabrication, downtime due to repairing of valves, and slowdown in oil & gas and mining industries.
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"The industrial valves market for the oil & gas industry to hold the largest share during the forecast period"
The industrial valves market for the oil & gas industry is expected to account for the largest market share by 2023as a result of increasing oil &gas projects, replacement of structurally obsolete valves, and continuous increasing demand from oil & gas industries from emerging economies.
"Energy & power is expected to grow at the highest rate during the forecast period"
The industrial valves market for energy & power is expected to grow at the highest rate during the forecast period. The energy &power industry is expected to contribute significantly in the industrial valves market due to the increased power consumption in the APAC region and large application of valves in hydro and thermal power generation plant. Industrial valves are also used in nuclear power plants, especially in processes such as feed water, cooling water, chemical treatment, and steam turbine control systems.
"Asia Pacific to hold the largest share and is expected to witness the highest growth in the industrial valves market"
Asia Pacific is expected to hold the largest share of the industrial valves market during the forecast period. This region is abode of many industrial valve manufacturing companies. The industrial valves market in Asia Pacific (APAC) is expected to grow at a high rate during the forecast period. The high growth of the market in this region can be attributed to the increasing demand for pipelines in oil & gas and water & wastewater applications and ongoing power generation activities.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key people in the industrial valves market.
The break-up of primary participants for the report has been shown below: By Company Type: Tier 1 - 20 %, Tier 2 - 55%, and Tier 3 - 25%, By Designation: C-Level Executives -50%, Directors - 25%, and Managers - 25% and By Region: North America -60%, Europe - 20%, APAC - 10%, and RoW - 10% .
The report also profiles the key players in this market. The prominent players profiled in this report are AVK Holding (Denmark), Avcon Controls Private Limited (India), Cameron - Schlumberger (US), Crane Co. (US), Emerson (US), Flowserve (US), Forbes Marshall (India), IMI Plc. (UK), Metso (Europe), Neway Valves (China), Velan Inc. (Canada), Samson AG (Germany), Spirax Sarco (UK), and Weir (UK).
Order a copy of Industrial Valves Market by Material Type (Cast Iron, Steel, Cryogenic, Alloy Based), Size, Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Industry (Oil & Gas, Water & Wastewater, Energy & Power), and Geography - Global Forecast to 2023 Research Report at: http://www.reportsnreports.com/purchase.aspx?name=379178 .
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