Playbooks Supplements

Valve Techbook 2017

Issue link: http://yearbook.epmag.com/i/864768

Contents of this Issue

Navigation

Page 26 of 35

EPmag.com | September 2017 | 25 VALVE TECHBOOK: MARKET OVERVIEW New study forecasts global valve marketplace to 2023. North American Outlook By Nitish Pande Contributing Editor T he industrial valve market is dominated by the oil and gas, water and wastewater, and power industries. Industrial valves are used in these industries to regulate, manage and control the flow of media (gases, liquids, fluidized solids or slurries) by opening, closing or partially obstructing various passageways, ensuring safe and efficient operation of the industrial processes. The slowdown in the oil and gas industry in 2013 severely impacted the industrial valve market, but the recovery phase of this industry is likely to have a positive impact on this sector. The increasing consumption of oil and gas as a fuel in developing economies creates a demand for increased valve pro- duction. This trend indirectly drives the industrial valve market for the oil and gas industry, and North America is likely to account for about 27% of the industrial valves market in 2017. A majority of the leading players in the indus- trial valves market are based in this region. The increased R&D in the ecosystem of valves, in terms of actuators and automation technologies, and the increasing demand for safety applications are the two crucial factors driving the market in North America. R&D is broadening the application areas of the valves in different industries such as energy and power and chemicals, especially in the U.S. The North American industrial valves market for the oil and gas industry is expected to wit- ness a CAGR of 3.9% from 2017 to 2023. At this CAGR, the said market is expected to grow from $3,587.5 million in 2016 to $4,580 million by 2023. North America is an early adopter of new tech- nologies. The innovative quotient of this region is much higher than the other regions. The region is expected to hold the lion's share in terms of the innovations related to the industrial valves in the near future. This innovation would not be in terms of design or mechanism but rather with respect to the inception of Internet of Things (IoT) in ratio- nal industrial valves. However, the introduction of IoT-enabled valves in the oil and gas industry is a challenging task. The oil and gas industry players are still reluctant to use IoT-enabled valves in their mainstream business due to security issues. How- ever, this reluctance is expected to decrease in the coming years as IoT-enabled valves transit from the "unproven technology" phase to the "proven technology" phase. ■ Nitish Pande is a research analyst at MarketsandMarkets. For more information on the company's study, "Industrial Valves Market by Material Type," visit marketsandmarkets.com. 2016 2017 2018 2019 2020 2021 2022 2023 CAGR (2017- 2023) North America 3587.5 3647.9 3740.1 3844.1 4000.8 4204.2 4410.2 4580.0 3.9% 0.0 500.0 1000.0 1500.0 2000.0 2500.0 3000.0 3500.0 4000.0 4500.0 5000.0 Market Size (USD Million) Industrial Valve Market for Oil and Gas Industry in North America (Data courtesy of investor presentations, expert interviews and MarketsandMarkets analysis)

Articles in this issue

Links on this page

Archives of this issue

view archives of Playbooks Supplements - Valve Techbook 2017