Anywhere there are pipes, there will be control valves to increase or decrease the flow of the liquid or gas being transported. Thus, in essence, a simple domestic-use water tap is a control valve, since it regulates the flow of water. However, industries utilize specialized control valves, since how much liquid or gas is flowing through a channel is absolutely vital here. Thus, with the growth in various industries around the world, the demand for these simple yet advanced components is only going to increase.
P&S Intelligence cites the expansion of industries, especially the oil and gas sector, to predict a steady 6.3% growth for the control valves market during 2018–2023. At this rate, the sale of such simple machines will be worth $16,057.5 million in 2023, compared to $11,137.0 million in 2017. Since the oil and gas sector deals with fluids and gases all day long, it requires a vast number of valves. Be it oil wells, pipelines that take the commodity to and from the refinery, or those massive ultra-large crude carrier (ULCC)-grade merchant vessels that ferry oil around the world, almost all upstream, midstream, and downstream oil and gas processes depend on control valves.
 |
| To learn more about this report: https://bit.ly/3qvRSbv |
The demand for electricity and automotive fuels is growing on account of the booming population. Since oil and gas, along with coal, still occupy a substantial share in the global energy mix, 67%, combined, in 2017, as per the International Energy Agency (IEA), exploration and production (E&P) activities continue to surge, though at a slower pace than 10–15 years ago. Till the world transitions completely to a hydrocarbon-free economy, oil and gas E&P activities can be expected to rise. Apart from on land, a large number of oil wells are being dug into the ocean floor, which is ultimately driving the demand for control valves.
Till now, Asia-Pacific (APAC) has been the largest control valves market, as it is the largest region in terms of industrial output. Additionally, the rapid economic growth in India, China, and other regional developing countries, rising demand for electricity, and large-scale infrastructure development here are leading to the increasing requirement for control valves. Another important end-use industry for control valves in the region is water and wastewater management. With the high levels of water pollution, new sewage and industrial effluent plants are being constructed, thereby pushing up the sales of control valves.
Hence, with growth in industries, the demand for control valves will keep rising.
Read More: https://www.psmarketresearch.com/market-analysis/control-valves-market
No comments:
Post a Comment