According to a recent report from Sandler Research, the increasing demand from the oil and gas industry will drive the demand for butterfly valve at a compound annual growth rate (CAGR) of over 6% in the forecast period 2015-2019, due to an increase in exploration and upgrading activity. The geographic areas expected to drive this growth is Latin America, Africa, and the Middle East.
The global butterfly valve market has been segmented in the following end-user categories:
Oil and gas industry
Water and wastewater industry
Power industry
Chemical industry
Others
The report further states that the oil and gas industry dominated the global butterfly valves market in 2014 with over 23% share, and this is expected to grow during the forecast period. New oil and gas exploration activities coupled with heavy investments in pipelines and refineries in the Americas, the Middle East, Africa, and APAC are the major factors influencing the market growth.