The global industrial valves market size was estimated at USD 58.31 billion in 2014. Rising automation on account of increased industrialization and expansion of existing facilities are projected to drive the market over the forecast period. Growing demand for flow control equipment is expected to favorably impact market growth. Smart valves with intelligent control systems are expected to gain significant importance which is expected to expedite their development.
Increased adoption of diagnostics and smart technology in industrial valves for monitoring process variables which include upstream & downstream pressure stem position, temperature, and the flow rate is expected to fuel demand over the next seven years.
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Advancement of smart valves with integrated embedded processor and network capability for subsea oil & gas has increased the reliability and responsiveness of the systems, which is expected to be a high impact rendering driver.
Growing production and exploration spending in oil & gas industry have spurred the demand owing to technological innovations, enabling access to resources in deep waters or unusual reservoirs such as high temperature, high-pressure, under-pressured, and unconventional or depleted reservoirs.
Increased pipeline installations and growth in unconventional oil & gas applications across downstream segment is expected to induce substantial growth prospects for the industrial valves market. Growing prominence of automation in process industry has led to the increment in the demand for automated control valves.
Some factors which may hinder growth included emoting of coal usage and shutdowns of conventional coal-fired plants. Fluctuations in the raw material prices may reduce the usage and adoption of the technology. Additionally, compliance with stringent government regulations for conventional power plants may hamper industry growth.
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