The major factors driving the growth of this market include growing demand from oil & gas production-related facilities in the GCC countries, increasing demand for energy in APAC, increasing focus on smart cities in emerging economies such as China, India, and Brazil, revenue shift in the industry, and rising demand for automation from manufacturing and process industries for predictive maintenance and monitoring.

The industrial valves market is expected to be valued at USD 84.30 Billion by 2023, growing at a CAGR of 3.6% between 2017 and 2023.

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The ecosystem for industrial valves comprises manufacturers such as AVK Holding (Denmark), Avcon Controls Private Limited (India), Cameron – Schlumberger (US), Crane Co. (US), Emerson (US), Flowserve (US), Forbes Marshall (India), IMI Plc. (UK), Metso (Europe), Neway Valves (China), Velan Inc. (Canada), Samson AG (Germany), Spirax Sarco (UK), and The Weir Group Plc. (UK).

The research methodology used to estimate and forecast the size of the industrial valves market begins with obtaining data on key vendor revenues through secondary research. Some of the secondary sources used in this research include information from various journals and databases such as IEEE journals, Factiva, Hoover’s, and OneSource. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall market size for industrial valves from the revenue of the key players. This data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The analysis of the market includes extensive primary research to gather information, verify, and validate critical conclusions arrived at after an extensive secondary research.

The market in APAC is expected to grow at the highest CAGR during the forecast period. The high growth can be attributed to the increasing demand from the oil & gas, chemical, and water & wastewater industries. Developing economies such as China and India hold significant position in the chemical processing industry. Demand generated from chemical, oil & gas, and water & wastewater is likely to spearhead the growth rate of APAC in the industrial valves market.

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