Pune, India, June 2017 – The overall industrial valves market is expected to be valued at USD 84.30 billion by 2023, growing at a CAGR of 3.60 per cent between 2017 and 2023.The growing demand for oil and gas production-related facilities in the GCC countries and high demand for energy in APAC are expected to generate a higher demand for industrial valves. The key restraining factors for the growth of the industrial valves market are high cost of fabrication, downtime due to repairing of valves, and slowdown in oil-gas and mining industries.

The industrial valves market for the oil and gas industry is expected to account for the largest market share by 2023 as a result of increasing oil and gas projects, replacement of structurally obsolete valves, and continuous increasing demand from oil and gas industries from emerging economies.

The industrial valves market for energy and power is expected to grow at the highest rate during the forecast period. The energy and power industry is expected to contribute significantly in the industrial valves market due to the increased power consumption in the APAC region and large application of valves in hydro and thermal power generation plant. Industrial valves are also used in nuclear power plants, especially in processes such as feed water, cooling water, chemical treatment, and steam turbine control systems.

Asia Pacific is expected to hold the largest share of the industrial valves market during the forecast period. This region is abode of many industrial valve manufacturing companies. The industrial valves market in Asia Pacific (APAC) is expected to grow at a high rate during the forecast period. The high growth of the market in this region can be attributed to the increasing demand for pipelines in oil-gas, water-wastewater applications and ongoing power generation activities.