Zion Research has published a new report titled “Industrial Valves Market by Type (Gate, Butterfly, Ball, Check, and Globe) Market for Oil & gas, Chemical, Power, Water & Wastewater and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021.” According to the report, the global industrial valves market accounted for USD $65.0 billion in 2015 and is expected to reach USD $88.4 billion by 2021, growing at a CAGR (compound annual growth rate) of around 5.3 per cent between 2016 and 2021.
Oil & gas production is one of the major driving factors for escalating demand for industrial valves in North America.
Developing countries such as Brazil, India, and China are continuously expanding their industrial infrastructure. Rising urbanization has led the industrial valve market to grow rapidly from the past few years. Increasing offshore oil and gas projects across the globe, rising demand from manufacturing & process industry due to improved safety and reduced operating costs, and ongoing efforts to expand water infrastructures in developing countries are the major factors expected to favor the growth of the industrial valve market.