According to a recent report published by Zion Research, the global industrial valves market accounted for USD $65 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% between 2016 and 2021.
In North America, growing production of oil sands and shale gas offers great potential for growth of industrial valves market. Technological innovation, replacement of old and inefficient valves with more efficient valves for oil and gas transportation are the major factors anticipated to impact industrial valves market positively in North America.
Latin America is estimated to witness significant growth in the forecast period. The growth of industrial valves market in Latin America is mainly attributed to increased growth of oil and gas sector in Brazil.