Global demand for industrial valves is forecast to grow 5.1 percent per annum through 2017 to more than $80 billion. Although growth will be healthy across the globe (spurred by recovery from the recent economic downturn), the drivers of growth will vary by region. Advances in developing areas such as China and India will result from industrialization, as investment in water infrastructure and electricity generation grows.
In developed areas, continued advances in manufacturing output will provide growth in the process manufacturing market. Oil producing nations such as those in the Middle East will post gains due to rising drilling activity. In the US, demand will benefit from the boom in hydraulic fracturing in the oil and gas market, as well as from the improved economy.
China emerged as the largest producer of industrial valves in 2012. China has developed the largest trade surplus in the world, and it is expected to grow through the forecast period. Germany, Italy, and Japan are also major net exporters, each with a surplus of over $1 billion in 2012.
Process manufacturing will post strong gains in valve demand, driven by growing output, especially in the chemical industry. Rising standards of living will boost capacity in process manufacturing in developing regions. In addition, the need for more efficient manufacturing operations in developed nations will spur investment in new equipment, benefiting valves. Advances in valve demand in the water infrastructure market will result from two key factors: in developing nations, access to water supply and sanitation will be increased; in developed nations, aging water infrastructure will need repair and upgrade. Valve demand in the oil and gas market will benefit from increased oil and gas production, which will require additional investment in pipeline infrastructure.
Demand for automatic valves will outpace conventional valves due to ongoing efforts by process manufacturers to improve operational efficiencies. The strongest gains will be registered in sales of separately sold automatic actuators, which are used together with standard valves to allow for automated valve functions, and are less expensive than automatic control and regulator valves with actuators pre-installed.
This upcoming Freedonia industry study, World Industrial Valves, presents historical demand data for 2002, 2007 and 2012, plus forecasts for 2017 and 2022 by valve type, world region, and for 33 countries. In addition, the study considers market environment factors, assesses the industry structure, evaluates company market share and profiles more than 40 global industry competitors, including Cameron, Crane, Emerson Electric, Flowserve, Kitz and Pentair.
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