Research and Markets has just published its new report “Global Industrial Control Valves Market 2015-2019″ report to its offering. The analysts forecast the global industrial control valves market to grow at a CAGR of 6.52 percent over the period 2015-2019.
Industrial control valves are devices that are used to regulate the flow of fluids and gases. They are also used to regulate pressure within the system. Control valves monitor flow, temperature, and pressure by utilizing signals and partially or fully open or close as per the requirement. Sensors provide changes in conditions, which are then compared to a set point.
Industrial control valve end-users are looking for vendors who can provide complete solutions, rather than following the traditional multi-vendor approach to meet their requirements. As a result, more control valve manufacturers are working to complete their product range, either by M&A or by developing new products themselves.
According to the report, increased investment in floating production, storage, and offloading units and offshore production plants creates the need for these valves, as well. Further, companies will require more industrial control valves for deepwater exploration and upgrading existing systems in the oil and gas industry.
In addition, the vast shale gas reserves in China and Australia will likely contribute to the demand for these valves. Rising exploration activities, the construction of pipelines, and the need to modernize existing plants in the Middle Eastern and Africa may aid the growth of the market.