CLEVELAND, Nov. 15, 2019 /PRNewswire/ -- Global demand for automatic valves is forecast to rise 4.8% per year to $46.7 billion in 2023. These products will account for an increased share of the global market, continuing a long-term trend toward greater automation across industries.
Growth will be particularly strong in the Asia/Pacific region, where industries in nations like China and India are becoming increasingly modernized. Automatic valves will also gain market share in North America and Western Europe, bolstered by strong financial resources for upgrading to more efficient products. These trends and more are analyzed in Global Industrial Valves publishedby The Freedonia Group.
Global demand for all types of industrial valves is forecast to rise 4.3% per year to $103 billion in 2023. Growth will be about equally split between standard valves and automatic valves:
Sales of standard valves will be driven by expanding economic activity in developing countries.
The increasing technological sophistication of industry will support fast gains for automatic valves.
The Asia/Pacific region is projected to account for the largest share of global industrial valve demand growth through 2023, fueled by strong advances in China, India, and Southeast Asian countries. The US will remain the world's largest national market for industrial valves, with growth in process manufacturing and oil and gas production enabling strong gains by the standards of high-income countries.
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